Ramsdens annual profit up 30%; scraps final dividend due to Covid-19 pressures

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Pawnbroker Ramsdens reported a 30% rise in annual profit as it boosted foreign exchange, jewellery and pawnbroking revenue.

The company, however, didn't declare a final dividend, citing Covid-19 pressures that have forced the closure of its stores.

Pre-tax profit for the year through March increased to £8.5m, up from £6.5m on-year, as revenue rose 27% to £59.5m.

'This excellent 12-month performance was underpinned by our diversified income streams, outstanding value for-money proposition and increasing footprint,' chief executive Peter Kenyon said.

'We delivered improvements in all areas of the business and were preparing for further expansion when Covid-19 began to negatively affect our society, the UK economy and the group.'

'In order to protect our staff, customers and communities where we operate, all stores were closed on 23 March in line with government guidance.'

'We will re-open our stores in line with government guidance when it is safe to do so.'