Ramsdens Holdings - record results see brokers increase their Target Prices, shares now 420p, TP 490p

Mark Watson-Mitchell - 14.01.2026

An excellent set of results were announced this morning by Ramsdens Holdings (LON:RFX), the financial services group.

It reported a record year for the twelve months to end-September 2025, with profit before tax increasing by 43% to £16.2m on revenue of £116.8m, up 22% from the previous year.

This strong performance was driven by growth across all four key income streams, particularly the purchase of precious metals segment which saw a 52% increase in gross profit to £17.9m, benefiting from the sustained high gold price.

The company also announced a recommended total dividend of 16.0p per share, a 43% increase year-on-year.

The trading update for the first quarter of FY26 indicates continued positive momentum, with the purchase of precious metals and pawnbroking segments performing strongly, and the company expects FY26 profit before tax to exceed £18m.

While still early in the new financial year, the group reports that trading performance to date has been positive.

It offers multiple investment opportunities due to its strong cash generation and a tried-and-tested growth strategy.

The gold price has remained high in Q1 and this, coupled with the continued momentum seen across the Group, has resulted in the Board currently expecting profit before tax for FY26 to exceed £18m.

Management Comment

CEO Peter Kenyon stated that:

"Our record performance in FY25 once again demonstrates the strength of our diversified business model, trusted brand and exceptional team.

Group revenue exceeded £100m for the first time, resulting in a pre-tax profit increase of 43% to £16.2m, marginally ahead of market expectations.

As a consequence of this strong performance and the Board's confidence in the future, we are also delighted to recommend a 43% increase to the total dividend for FY25.

We have a highly relevant customer proposition and are looking forward to opening eight to 12 new stores in the year ahead whilst also continuing to strengthen our online proposition, which is offering more customers opportunities to use our trusted services.

I would like to thank the whole Ramsdens team for their continued hard work and dedication to supporting our customers, whether they are treating themselves or a loved one to some jewellery, looking to raise cash from their own jewellery through a loan or sale, or exchanging currency to enjoy a holiday.

We look forward to another year of good progress in FY26."

Broker's View

At Cavendish Capital Markets, analysts Rahim Karim and Jens Ehrenberg have upped their Buy rating on the group's shares with an increased Target Price to 490p (480p).

For the current year to end-September 2026, they estimate revenues of £129.4m (£116.8m), increasing adjusted pre-tax profits by £18.6m (£16.2m), generating earnings of 41.1p (36.0p) and a dividend of 18.0p (16.0p) per share.

My View

It was not just the increase in gold prices that improved this group's performance last year, but also improvements in its basic pawnbroking and retail side.

The group's shares in early morning dealings are currently 420p, up 10p on the back of the better-than-expected results.