Ramsdens sees strong growth despite high street downturn

Ramsdens is theprincipal sponsor of Sheffield United Football Club
Ramsdens is theprincipal sponsor of Sheffield United Football Club
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Jewellery retailer and financial services business Ramsdens Holdings has reported a strong year of growth despite Brexit uncertainty hitting consumer confidence and other challenges on the high-street.

The group, which is the principal sponsor of Sheffield United Football Club, said revenue rose 17 per cent to £47m in the year to March 31. The firm, which has more than 25 sites in Yorkshire, has expanded its estate to 156 stores.

Ramsdens reported growth across all business segments with the group serving more than 832,000 customers during the year.

Nearly £500m (£496m) of currency was exchanged with the group over the year, up from £485m the previous year.

Jewellery retail revenue rose 23 per cent to £9.8m.

Chief executive Peter Kenyon said: “This has been another strong year of growth and strategic progress for Ramsdens. The group’s good performance has been achieved despite external headwinds and reflects the strengths of our diversified business model, our trusted brand, and our value for money proposition."

He said the group has expanded the Ramsdens brand across both existing and new communities in the UK through store openings and acquisitions.

"We continue to see further opportunities to grow Ramsdens by capitalising on consolidation opportunities in what remains a highly fragmented market," he added.

"Customer demand for our products across our business segments remains strong and the group has a number of clear growth opportunities. The board remains confident that the group will successfully deliver its strategic objectives and make further progress in the year ahead.”

The acquisition of 18 stores and five loan books from The Money Shop, including stores in Rotherham and Bradford, was completed towards the end of the financial year.

After the year end, the group completed the acquisition of an additional four stores trading as The Money Shop and 12 loan books.