Ramsdens (RFX) Trading update summary

Financial performance and outlook

• FY26 profit before tax expected to exceed £21m, surpassing previous market expectations of £18.6m and FY25's £16.2m.

• High gold prices, up 20% since the start of the year, have driven significant outperformance in the precious metals segment.

• Jewellery retail remains strong both in-store and online, with a new website launched at the end of January.

• Pawnbroking income is at record lending levels, with conservative lending practices maintained.

• FX trading volumes are flat year-on-year, with increased adoption of click and collect and multi-currency cards at lower margins.

Operational developments

• New stores in Wakefield and Hull are performing well, with plans to open 8–12 new stores in FY26.

• Recently acquired and refurbished Isle of Sheppey store is trading in line with expectations.

• The business model remains diversified across foreign currency exchange, pawnbroking, precious metals, and jewellery retail.

• The group operates 172 UK stores and continues to expand its online presence.

• Fully FCA authorised for pawnbroking, credit broking, and payments.

Strategic outlook and confidence

• Strong momentum across all business segments supports confidence in continued growth.

• The board remains confident in the group’s ability to deliver for stakeholders despite macroeconomic uncertainties.

• Expansion plans and diversified model underpin positive outlook for FY26.