Ramsdens delivers profitable H1 performance

Financial services provider Ramsdens said on Friday that strong momentum across all of its segments had driven a profitable first-half performance.

Ramsdens stated that during the period, it delivered "a strong performance" across each of its four segments and, as a result, now expects to report interim pre-tax profits of approximately £2.0m.

The AIM-listed group said foreign currency volumes continued to recover in line with the easing of international travel requirements and restrictions, with margins being maintained through the period, while jewellery retail revenue grew by more than 50% year-on-year and the company's pawnbroking loan book continued to recover and was sitting at £7.5m as of 31 March.

Chief executive Peter Kenyon said: "We are pleased with the group's very strong performance during the period, the first half of a financial year marked by the continued easing of restrictions and consumers' transition to normality.

"Whilst being mindful of the impact of current macroeconomic events and well-publicised inflationary pressures, the Board is encouraged by the growing demand for Ramsdens' services and believes that the strong momentum reported today will continue over the coming months. Demand for Ramsdens' foreign currency services, in particular, is expected to grow significantly as more people travel abroad this summer, and we are confident that the group's ongoing strategic investment in its jewellery proposition will continue to deliver strong results both in store and online."

As of 0945 BST, Ramsdens shares were up 2.59% at 180.55p.