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Ramsdens trades profitably in six months ended 30 September
14th Oct 2020 09:23
(Sharecast News) - Financial services provider Ramsdens Holdings said on Wednesday that it had traded profitably during the six months ended 30 September.
Ramsdens now anticipates pre-tax profits for the 18 month period ended 30 September to be in the vicinity of £9.0m, while the group's balance sheet and liquidity were said to be "strong" with cash of approximately £16.0m at the period end and an undrawn revolving credit facility of £10.0m.
The AIM-listed group did acknowledge that store closures and ongoing restrictions to international travel had resulted in "a significant reduction" in revenue during the period, with foreign currency commission coming in at approximately 30% of that seen a year earlier.
However, Ramsdens said the performance of its jewellery retail segment had been "encouraging" and its purchase of precious metals segment had benefited from the strong gold price.
Loan repayments in its pawnbroking unit also improved the group's cash position during the half.
Chief executive Peter Kenyon said: "Whilst this has been a very challenging six months for us all, and although significant uncertainties still lie ahead, we remain confident that underpinned by our trusted brand, diversified business model and strong balance sheet, Ramsdens is well-positioned to continue to deliver its long term objectives."
As of 0920 BST, Ramsdens shares were up 13.87% at 126.96p.
Ramsdens now anticipates pre-tax profits for the 18 month period ended 30 September to be in the vicinity of £9.0m, while the group's balance sheet and liquidity were said to be "strong" with cash of approximately £16.0m at the period end and an undrawn revolving credit facility of £10.0m.
The AIM-listed group did acknowledge that store closures and ongoing restrictions to international travel had resulted in "a significant reduction" in revenue during the period, with foreign currency commission coming in at approximately 30% of that seen a year earlier.
However, Ramsdens said the performance of its jewellery retail segment had been "encouraging" and its purchase of precious metals segment had benefited from the strong gold price.
Loan repayments in its pawnbroking unit also improved the group's cash position during the half.
Chief executive Peter Kenyon said: "Whilst this has been a very challenging six months for us all, and although significant uncertainties still lie ahead, we remain confident that underpinned by our trusted brand, diversified business model and strong balance sheet, Ramsdens is well-positioned to continue to deliver its long term objectives."
As of 0920 BST, Ramsdens shares were up 13.87% at 126.96p.