Revised outlook add more than £2m to the North East chain’s expected pre-tax profits
A Ramsdens shop in the Galleries Shopping Centre, Bristol
Continued high gold prices are feeding profits at pawnbroking, jewellery and travel money chain Ramsdens.
Bosses at the Teesside-based firm have revised pre-tax profit expectations up, saying new record high gold prices in 2026 have helped boost its purchasing of precious metals business. It told investors the volume of gold bought in the new financial year, and particularly since the start of 2026, has been strong.
Ramsdens now expects pre-tax profits for the year to be more than £21m, a significant increase on the £18.6m previously expected. In 2025 the listed business posted pre-tax profits of £16.2m.
Jewellery retailing continued to perform well in stores, and online via a new website launched in recent weeks. New stores in Wakefield and Hull were also said to be trading well, with Ramsdens on track to open between eight and 12 new sites in its 2026 financial year, expanding its network of nearly 170 shops. The growth is due to support job created on Teesside, where Ramsdens expanded its head office operations in recent years.
Investors were also told of momentum across Ramsdens’ pawnbroking operation with lending at record levels in January. Meanwhile foreign currency exchange continued in line with the first quarter with volumes flat year-on-year as customers increasingly opted for Ramsdens’ prepaid multi-currency cards.
Peter Kenyon, chief executive, said: “Ramsdens’ excellent value for money proposition continues to resonate strongly with consumers whether they’re looking for new or used jewellery, seeking the best rates for money to take abroad, looking to secure a short-term asset backed loan, or wanting to get cash for their unwanted gold. Whilst still relatively early in the financial year, as a result of the strong momentum across our business, the board now anticipates profit before tax for FY26 to be ahead of current market expectations.
“We’re making good progress in expanding our estate and are on track to open between eight and 12 new stores this year. Whilst there remain uncertainties in the wider macroeconomic backdrop, our diversified business model and strong foundations give the Board every confidence in Ramsdens’ opportunities to continue to grow and deliver for all stakeholders.”
The boosted outlook follows full year results to the end of September 2025 in which Ramsdens saw revenue grow 22% to £116.8m and an increase in operating profit from £12.4m to £17m, with pre-tax profits up 43% from £11.4m to £16.2m.
Ramsdens said at the time that its pawnbroking loan book was worth £12.8m and that jewellery retailing – including its new and second stock and high end watches – saw profits jump 18% to £15.7m.