Ramsdens Holdings – look out for the Finals tomorrow, shares 415p, brokers TP 480p

Mark Watson-Mitchell - 13.01.2026

Tomorrow morning, Wednesday, 14th January, will see Ramsdens Holdings (LON:RFX) releasing its Annual Results, covering the year to end-September last.

Yesterday the group’s shares put on a healthy 4.40% gain, to close 17.50p up at 415p, which is more than double my feature price of 201p three years ago and is now at an All-Time-High, perhaps the precursor to good news.

In early October 2025, the financial services business issued its Pre-Close Trading Update, stating that it anticipated that its FY25 profit before tax will be slightly ahead of analyst expectations, which were previously at £15.4m.

That positive outlook was driven by strong performance across its core income streams and the benefit of high gold prices.

The purchase of precious metals segment saw a 50% increase in gross profit year-on-year, supported by a 15% increase in the weight of gold purchased.

The pawnbroking loan book grew by 8% to £11.5m.

Jewellery retail gross profit increased by approximately 15% year-on-year.

The company's multi-currency card has nearly 40,000 cards in issue, up from 17,000 at the end of FY24.

The Business

Ramsdens is a growing, diversified, financial services provider and retailer, operating in the four core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second-hand and new jewellery.

Based in Middlesbrough, the Group, which does not offer unsecured high-cost short-term credit. operates from 169 stores within the UK and has a growing online presence.

Management Comment

With the Trading Update CEO Peter Kenyon stated that:

"FY25 has been another good year of progress for Ramsdens, as we continue to reap the benefits of our diversified income streams.

Whilst we have benefited from the sustained high gold price within our purchase of precious metals segment, we've also continued to make good progress across our other income streams.

In particular, our continued success in jewellery retail highlights a growing awareness of our value-for-money proposition.”

Commenting upon the Group’s Outlook, it noted that for the current year, underpinned by a strong trusted brand and diversified income streams, it is very well placed to make continued progress.

Following its recent success and having confidence in its high street model, it expects to open between eight and 12 new stores per year from this year onwards.

The Equity

There are some 32.05m shares in issue.

The larger holders include Hargreaves Lansdown Asset Management (9.59%), TrinityBridge (9.57%), Downing (7.97%), Otus Capital Management (4.88%), Rowan Dartington (4.48%), Peter Kenyon, CEO (3.56%), Stichting Value Partners Fimily Office (3.31%), UBS Private Banking (3.17%), Stephen Burton (2.67%), and Michael Johnson (1.66%).

Broker Views

Analysts Rahim Karim and Jens Ehrenberg, at Cavendish Capital Markets, rate the group’s shares as a Buy, with a Target Price of 480p.

For the current year to end-September 2026, the analysts look for Group revenues of £120.3m (est £114.6m), with adjusted pre-tax profits of £16.2m (est £15.9m), generating earnings of 36.2p (est 35.6p) and paying out an increased dividend of 14.5p (est 14.0p) per share.

For the 2027 year, they see £126.4m revenues, £16.5m profits, 36.8p earnings and a 15.0p per share dividend.

Following last October’s Update, analysts Ross Luckman and Rae Maile, at Panmure Liberum, rated the shares as a Buy with an increased Target Price of 450p (385p).

Their estimates for 2025 are for £115.0m sales, £15.7m profits, 35.1p earnings and a 14.0p dividend.

For the current year, the analysts look for £119.0m sales, £15.9m profits, 35.4p earnings and 14.2p in dividends per share.

They noted that:

“The continued strength of the gold price underpins Ramsdens’ performance in the last year, but it is far from the only positive feature.

Across the business, the company has performed well with the benefits being seen following investment in stock levels, in e-commerce and in staff training.

The positive business momentum and management’s confidence in continued delivery is apparent into the new financial year too with an acceleration in expected store openings.

Upward pressure on estimates more than justifies recent share price strength, especially given on-going corporate activity in the broader sector.

Our target price increases to 450p (from 385p) and we reiterate our BUY recommendation.”

My View

The business mix of Ramsdens really appeals to me, while its gold dealing adds lustre.

This £134m-capitalised group is increasing its ‘net cash at bank’ levels as it progresses, even after allowing for its new store opening ambitions.

Having more than doubled from 201p since my feature on the group three years ago, the shares have very strong appeal now trading at 415p.