Ramsdens Holdings profit surges to £2.2m in 2022 H1

Ramsdens Holdings has revealed profits before tax of £2.2m for the six months ended 31 March 2022, up from a £0.1m loss over the same period in 2021.

Gross revenue increased 51% to £29.3m (HY21 £19.3m), while Jewellery retail revenue was
up 62% to £13.1m (HY21: £8.1m).

Online jewellery retail sales increased by 48% year on year to £2.0m (HY21: £1.3m) and now represents 15% of total jewellery sold.

Meanwhile, gross profit from the purchase of precious metals increased 34% to £3.1m (HY21: £2.3m), and net assets increased £2.1m to £37.6m (HY21: £35.5m).

As a result of improving trading conditions, its board has approved an interim dividend of 2.7 pence per share (HY21: nil pence per share).

Peter Kenyon, chief executive, said: “We are pleased with the Group’s very strong performance during the Period, which was characterised by significant increases in customer demand for both our jewellery proposition and our foreign currency offer as customer behaviour continued to normalise.

“Our growth strategy action plan remains on track and is working. Of the eight new stores planned to open this financial year, three stores were opened during the first half and have traded above expectations.”

He added: “We are also encouraged by the increased demand for Ramsdens’ foreign currency services since the period end. We look forward to continuing this strong momentum through the important summer period.”