Ramsdens grows retail jewellery sales
Pre-tax profit rose by 63% to £5.2 million while EBITDA was up 43% to £6 million in the period.
Peter Kenyon, Ramsdens chief executive, said: “Ramsdens has had a strong first half of the financial year with foreign currency exchange, pawnbroking and retail jewellery all showing good growth. The sterling gold price has been ahead of expectations and continues to benefit the purchase of precious metals and pawnbroking scrap proceeds.”
Investment in jewellery stock and improved window displays helped retail revenue to grow by 40% to £3.5 million. Following investment in Ramsdens’ digital offering, online gross jewellery sales were up 331% in the period, albeit from a small base
The company said the second half of its financial year has started well with “good momentum” as its heads into the seasonally important Christmas period for jewellery retail.
Kenyon added: “Ramsdens has a clear growth strategy which is underpinned by our trusted brand, first-class team and well-invested core branch estate and the board remains confident of delivering further progress.”
Ramsdens operates 127 UK stores including four franchised shops.
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