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- Annual revenue up 14 per cent to £95.6mn
- Pre-tax profit up 12 per cent to £11.4mn
- EPS of 26.1p supports 8 per cent higher dividend of 11.2p
- Closing net cash of £7.4mn better than forecast
- Analysts upgrade 2025 earnings estimates
Middlesbrough-based diversified financial services group Ramsdens Holdings (RFX:242.5p) has reported record pre-tax profit for the 2024 financial year and that’s after raising guidance last summer (‘This surprise upgrade presents a golden opportunity’, 12 August 2024). Moreover, analysts upgraded their forecasts for the new financial year following a buoyant first-quarter trading update.
Precious metal buying has been a notable performer, buoyed by a record high gold price. Customers looking to mitigate cost of living pressures by selling unwanted items of jewellery to raise cash helped drive up divisional gross profit by 29 per cent to £11.8mn (23 per cent of total) on revenue up a third to £31.1mn. Jewellery purchased is either sold through Ramsdens’ chain of 169 retail stores, or smelted and sold to a bullion dealer for its intrinsic value. Divisional gross profit in the first quarter of the new financial year has surged 40 per cent on 5 per cent higher weight of gold purchased, too.