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Ramsdens - Fifth eps upgrade in 12 months

July 2023

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Chief executive Peter Kenyon was in good cheer when I spoke to him post Ramsdens’ H1 results - and with good reason too as it seems almost every single part of the business is on fire with 30%+ revenue growth. In the light of the results, forecasts were raised for the fifth time in 12 months. As I said in my recent write up on H&T (HAT; 435p), these are two very different businesses. Whilst it might have seemed upgrades were driven by Ramsdens’ pawnbroking side (which has lifted off due to the cost of living pinch) or the FX business (driven by holidays), in fact it has been the precious metal buying and jewellery retailing sides that are outperforming. The gold buying activity is obviously benefiting from the high gold ...

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