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Highlights

  • FY25 profit before tax is expected to be at least £13 million, ahead of previous forecasts.

  • Precious metals segment gross profit rose 50% YoY, driven by high gold prices.

  • Jewellery and pawnbroking segments delivered double-digit profit growth in H1 FY25.

Ramsdens Holdings PLC (LSE:RFX) has raised its full-year profit expectations following the trading momentum in the first half of FY25, supported by growth across its core revenue streams and the continued benefit of elevated gold prices.

In a trading update for the six months ended 31 March 2025, the diversified financial services and retail group announced that profit before tax for FY25 is now expected to reach at least £13 million, up from £11.4 million in FY24 and ahead of prior forecasts.

The Group continues to leverage its multi-service business model, which includes foreign currency exchange, pawnbroking, jewellery retail, and the purchase of precious metals, to drive consistent performance across its segments.

A Look at Performance in Precious Metals and Jewellery

The standout contributor in the first half was the purchase of precious metals segment, where gross profit surged by 50% compared to the same period last year. This impressive growth was underpinned by the sustained strength of gold prices and a 5% increase in the volume of gold purchased. The recent launch of Ramsdens' dedicated gold-buying website in March 2025 is expected to further enhance customer reach and support future growth in this segment.

In the pawnbroking division, gross profit climbed by 10%, performing in line with expectations. The Group’s ongoing digital strategy continues to support growth, with its new pawnbroking website, launched in November 2024, already helping to attract new customers.

Meanwhile, jewellery retail gross profit rose by 15%, exceeding internal forecasts. The scrapping of aged stock had no significant impact on momentum, as strong trading activity continued to drive performance across Ramsdens' store network.

Foreign Currency and Store Network

Gross profit from foreign currency exchange remained consistent with the prior year. The Group noted that Easter falls later in 2025, a factor that may influence seasonal demand. The multi-currency travel card continues to be well received, and the company has successfully launched its International Money Transfer service, further expanding its FX offerings.

As of 31 March 2025, Ramsdens operated 169 stores, including one franchised location. During the reporting period, the company opened new stores in Grantham and Burton, both of which are trading well. The Group also closed its kiosk at Teesside Airport and merged two central Glasgow locations to optimise operations.

Looking ahead, Ramsdens remains focused on capitalising on its diversified services, digital investments, and market conditions—particularly the ongoing high gold prices—to deliver sustainable growth.

The Board expressed confidence in meeting and potentially exceeding its updated profit forecast as it moves into the second half of FY25.