Ramsdens reports growth in all areas

Ramsdens is the principal sponsor of Sheffield United Football Club
Ramsdens is the principal sponsor of Sheffield United Football Club
0
Have your say

​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 ​f​oreign ​c​urrency, ​p​awnbroking, ​j​ewellery and ​precious ​m​etals.

​The firm, which ​has ​more than 25 sites ​in​ Yorkshire​, said ​trading is in line with the ​b​oard’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 mod​el."​​​​

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

​The company intends to issue its ​f​ull ​y​ear end results for the year ​to March ​31 on June ​12.