Ramsdens annual profits set to dazzle after strong Christmas

Ramsdens, which is famous for its pawnbroking services, is expecting full-year profits to outshine expectations after “strong” trading over the Christmas period.

'We are encouraged by the strong momentum across the business,' boss Peter Kenyon said. Picture: Jon Savage.

The business, which since 2009 has been in Scotland where it has 50 branches and 230 staff, said each of its key business segments performed ahead of the prior year.

“Profits derived from the purchase of precious metals segment have been higher than previously anticipated reflecting the high gold price. The group’s pawnbroking and foreign currency segments continued to produce good results,” it said.

Chief executive Peter Kenyon welcomed the performance of the firm’s jewellery retail division, both in store and online. “This reflects the growing reach and recognition of Ramsdens as a jewellery retailer,” he said.

Kenyon - pictured in Edinburgh - welcomed the performance of the firms jewellery arm. Picture: Jon Savage.

The Aim-quoted group saw double-digit revenue growth in this segment, “reflecting the value, breadth and appeal of Ramsdens’ jewellery proposition”, while sales of premium watch brands such as Rolex and Breitling also saw robust growth.

Ramsdens in its interim results for the period ending 30 September reported pre-tax profit reaching £6.2 million, showing a 23 per cent year-on-year jump. Group revenue was up by 30 per cent to £32.5m.

Kenyon today commented: “We are encouraged by the strong momentum across the business.”