Ramsdens Holdings - yet again another positive upgrade, shares 375p, TP 550p

Mark Watson-Mitchell - 18.03.2026

The £125m-capitalised Ramsdens Holdings (LON:RFX) has this morning announced a further upgrade to its full-year profit expectations for FY26, now anticipating profit before tax to be at least £24m and potentially up to £28m, driven by strong trading across its core income streams and a sustained high gold price.

The average gold price year-to-date is approximately 50% higher than the prior year, contributing to increased purchase volumes in the precious metals division.

Jewellery retail revenue is up 25% year-on-year, and the pawnbroking loan book has grown 18% to £13.5 million.

While foreign currency commissions are down 5% due to a shift to lower-margin online sales, overall currency exchange volumes remain stable.

The company is on track to open eight to twelve new stores in FY26.

Management Comment

CEO Peter Kenyon stated that:

"Ramsdens continues to perform well across its diversified business model reflecting the strength of our trusted brand, value for money proposition and outstanding team.

In addition to underlying progress across the business, we continue to benefit from the high gold price, which is significantly boosting both customer demand and profits within our purchase of precious metals segment.

As a result, we are once again trading ahead of market expectations and currently anticipate profit before tax for FY26 to be in a range of £24m to £28m."

Broker's View

At Cavendish Capital Markets, its analysts Rahim Karim and Jens Ehrenberg have a Buy note out on the group's shares, with a 550p Target Price.

They state that:

"Ramsdens has announced its second unscheduled trading update in two months, indicating that it now expects FY26 PBT to be between £24-28m (previously >£21m).

While much of this upgrade 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 and 550p target price."

My View

Further to my recent reports on the group, these shares still offer very good upside at 375p.

mark@sqcresearch.com