Ramsdens raises profit forecast amid record price of gold

Ramsdens Holdings has issued a further upgrade to its profit forecast for the 2026 financial year. 

The group now expects profit before tax to be between £28.5m and £31.5m, significantly ahead of the previous market consensus of £24.1m. 

The group attributed the performance to record high gold prices, which were 50% higher for several weeks in the first half of the year compared to 2025. 

This has led to a 50% year-on-year increase in the weight of gold purchased by the company’s precious metals division. 

Jewellery retail revenue increased by approximately 25%, while pawnbroking lending reached record levels in March and April. 

The pawnbroking loan book currently stands at £14.1m, a 24% increase since September. The group plans to open up to 12 new stores this year, with sites in Newark and Hereford scheduled for May.

Despite the strong performance, the board noted that currency commission fell 9% as customers migrate toward lower-margin online and card sales. 

The group also cited potential risks from gold price volatility and reports of fuel shortages impacting international summer travel.

Peter Kenyon, chief executive of Ramsdens, said: “We have had a strong start to the year given the economic backdrop 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 the precious metals segment.”

Kenyon added: “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.”