High street pawnbroker Ramsdens has marked the 'normalisation of customer spending habits' and more foreign travel by saying it expects to hit a £2million profit in its latest results.

Ramsdens Holdings PLC announced the trading update for the interim period up to 31 March 2022.

Foreign currency volumes continued to recover in line with the easing of international travel requirements and restrictions with margins being maintained.

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Jewellery retail revenue has grown by more than 50% year on year, driven by strategic investments in stock and improved merchandising.

The pawnbroking loan book continues to recover and as at 31 March 2022 was £7.5m (March 2021: £5.7m), 'reflecting the normalisation of customer spending habits and the growing need for short-term finance'.

Precious metal buying volumes increased, with March volumes returning to pre-pandemic levels, aided by the high gold price.

Peter Kenyon, CEO of Ramsdens said: "We are pleased with the Group’s very strong performance during the first half of a financial year marked by the continued easing of restrictions and consumers’ transition to normality.

"Demand for Ramsdens’ foreign currency services in particular is expected to grow significantly as more people travel abroad this summer."

He praised staff, who had been given pay rises above inflation, and said the company planned to open eight new stores in this financial year.

 

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