Ramsdens reports growth in all areas

Ramsdens is the principal sponsor of Sheffield United Football Club

?Jewellery retailer and financial services business Ramsdens? ?has reported strong trading in what it described as a challenging retail environment.

The group, which is the principal sponsor of Sheffield United Football Club, said its performance reflects the strength of its diversified business model with growth across its four key income streams of foreign currency, pawnbroking, jewellery and precious metals.

The firm, which has more than 25 sites in Yorkshire, said trading is in line with the board’s initial expectations for the year.

Chief executive Peter Kenyon said: “This has been another good year for Ramsdens, reflecting the strengths of our trusted brand and diversified business model.

"Our business has been tested in a challenging retail environment, an exceptional hot summer in the UK and a continued backdrop of Brexit uncertainty, and I am delighted to report that we have achieved our targets despite these challenges."

In addition to organic growth, the group said it was pleased with the acquisition of 18 The Money Shop stores last month. The acquisition included two stores in Yorkshire, in Rotherham and Bradford, and Ramsdens said the deal supported its strategy of extending its presence across the UK.

Mr Kenyon said: "We were delighted to announce an important acquisition in March and welcome our new colleagues and customers to Ramsdens. We are pleased with the integration process so far.

"The acquisition is further expanding the reach of the Ramsdens brand and our trusted offering across communities in the UK and demonstrates the growth opportunities available to the group in the fragmented UK market."

Analyst Ben Williams at Liberum said: "A positive pre-close trading update tells us that trading has matched expectations and that the integration of the recent acquisitions is also on track.

"That the company has achieved these forecasts against this retail backdrop is a remarkable achievement showing, as they say, the strengths of a diversified business model."

Ramsdens said it is confident it will make further progress on its strategic objectives in the forthcoming year.

The company intends to issue its full year end results for the year to March 31 on June 12.