Ramsdens Holdings – Surprise Trading Update sees shares up 11% at 449p, brokers raise TP to 550p

Mark Watson-Mitchell - 10.02.2026

The older you get, and I am very old, it is always good to have a surprise in the morning.

Today’s event is the surprise Trading Update from Ramsdens Holdings (LON:RFX), the financial services provider and retailer that I have followed for years.

The group has stated that it now anticipates its full-year 2026 profit before tax to exceed £21m, surpassing previous market expectations of £18.6m and representing a significant increase from FY25's £16.2m.

This positive outlook is driven by strong performance in the precious metals segment, benefiting from a gold price approximately 20% higher than the start of the financial year, alongside robust contributions from jewellery retail, pawnbroking with record January lending, and continued store expansion with eight to twelve new openings planned for FY26.

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:

"Ramsdens' excellent value for money proposition continues to resonate strongly with consumers whether they're looking for new or used jewellery, seeking the best rates for money to take abroad, looking to secure a short-term asset backed loan, or wanting to get cash for their unwanted gold.

Whilst still relatively early in the financial year, as a result of the strong momentum across our business, the Board now anticipates profit before tax for FY26 to be ahead of current market expectations.

We're making good progress in expanding our estate and are on track to open between eight and 12 new stores this year.

Whilst there remain uncertainties in the wider macroeconomic backdrop, our diversified business model and strong foundations give the Board every confidence in Ramsdens' opportunities to continue to grow and deliver for all stakeholders."

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 Family Office (3.31%), UBS Private Banking (3.17%), Stephen Burton (2.67%), and Michael Johnson (1.66%).

Broker Views

At Cavendish Capital Markets, analysts Rahim Karim and Jens Ehrenberg rate the group’s shares as a Buy, with an increased Target Price of 550p (490p).

For the current year to end-September 2026, the analysts now look for group revenues of £135.5m (£116.8m), with adjusted pre-tax profits of £21.1m (£16.2m), generating earnings of 46.6p (36.0p) and paying out an increased dividend of 20.0p (16.0p) per share.

For the 2027 year, they see £128.3m revenues, £16.7m profits, 36.8p earnings and a 16.0p per share dividend.

“Ramsdens has announced an unscheduled trading update indicating FY26 PBT is now expected to be at least £21m.

While much of this positive surprise is due to the purchase of the precious metals business which has benefited from prevailing gold prices, we note the continued strength in the jewellery retail and pawnbroking businesses.

This underlying momentum supports our view that the quality of the group’s offering and market positioning is underappreciated.

We reiterate our Buy rating on our increased target price of 550p.”

My View

Having more than doubled from 201p since my feature on the group three years ago, the shares, having slipped back slightly from the surprise reaction, have very strong appeal now trading at 438p.

As far as I can see – this group’s shares continue to appeal and are cheap even at the increased price.