Ramsdens boosts profit expectations but sounds caution on jet fuel worries

Boss Peter Kenyon said it had been a strong start to the year for the North East-based retailer

High street pawnbrokers Ramsdens has upgraded full-year profit expectations, despite concerns over jet fuel shortages and volatile gold prices.

The Teesside-based chain, which also sells jewellery and holiday money, told investors that, despite global instability causing anxiety over summer holidays and volatile gold prices, it had enjoyed strong trading across its network of more than 170 sites. Bosses said pre-tax profits would now be at least £28.5m, up from prior expectations of about £24m, and could reach £31.5m if favourable gold prices continue and summer currency exchange volumes match last year.

Ramsdens has continued to benefit from the soaring price of gold, which is currently about 40% ahead of last year. That has led more customers to sell gold. Meanwhile jewellery retail revenue is about 25% ahead year-on-year, with gross margins said to be slightly improved.

The firm told investors on the London Stock Exchange that strong demand continued for pawnbroking loans – leading to record new lending in March and April. Ramsdens’ pawnbroking loan book is now 24% up on September last year, at £14.1m.

It also said newly opened shops in Hull, Sheerness and Wakefield were trading well, with new sites in Ashford and Abergavenny most recently launched. Two further locations in Hereford and Newark are set to open later this month, and another two where shop fitting work is yet to start. It means Ramsdens will open between 10 and 12 new shops in its 2026 financial year.

Peter Kenyon, chief executive, said: “We have had a strong start to the year given the economic back drop with our pawnbroking, jewellery retail and foreign currency exchange services all performing well. In addition, we have had an exceptional half year for our purchase of precious metals segment due to the continued benefits of a sustained high gold price and the increased weight being purchased.

“As a result of the continued strong performance across our diversified income streams and the additional benefit of the very high gold price, we are once again trading ahead of market expectations* and currently anticipate profit before tax for FY26 to be in a range of £28.5m to £31.5m.”