Ramsdens (RFX) H1 2026 earnings summary

Executive summary

• Achieved record profit before tax of £16.7m for H1/FY26, surpassing the previous full-year result, driven by high gold prices and strong growth in precious metals, jewellery retail, and pawnbroking segments.

• Revenue rose 62% year-over-year to £83.7m, with gross profit up 48% to £40.1m and all core segments showing robust growth.

• Store network expanded to 175 locations, with new openings, acquisitions, and digital initiatives supporting growth.

• Interim ordinary dividend increased by 33% to 6.0p per share, plus a special dividend of 3.0p per share, reflecting exceptional performance.

• Net assets increased to £70.2m as of 31 March 2026, reflecting a robust balance sheet.

Financial highlights

• Profit before tax increased 173% to £16.7m; basic EPS up 173% to 37.9p.

• Precious metals segment gross profit up 130% to £17.5m; jewellery retail gross profit up 31% to £10.4m; pawnbroking gross profit up 18% to £7.3m.

• Inventory investment increased to £49.96m–£50.0m, mainly to support new store openings and higher gold prices.

• Net cash from operating activities was £3.2m, with net cash position reduced to £2.8m due to working capital investments and dividend payments.

• ROE for the 12 months to 31 March 2026 was 32%.

Outlook and guidance

• Full-year FY26 profit before tax expected between £30m and £33m, ahead of previous consensus.

• Store rollout accelerating, with over ten new stores targeted for FY26 and at least eight annually thereafter.

• Board remains confident in delivering growth strategy and shareholder value, while monitoring gold price volatility and economic uncertainties.