(Sharecast News) - Pawnbroker and foreign exchange company Ramsdens Holdings said on Monday that it has continued to trade well in the first half of the year.
In an update ahead of its results for the six months to 30 September, the company said its profit performance has been in line with the board's expectations, reflecting "the strength of the group's business model and diversified income streams" in what remains "a challenging consumer environment".
Also during the half, Ramsdens' management decided to scrap some of its slower-moving jewellery stock to take advantage of a relatively high gold price. As a result, it will report an additional, non-recurring gross profit of around £600,000 in its interim results.
Ramsdens said the stores acquired from The Money Shop have performed well and it continues to appraise acquisition opportunities in this "highly fragmented" market. It added that the widely-publicised recent collapse of one of the group's largest competitors has again highlighted the importance of its "outstanding and highly-trusted customer proposition".
Pawnbroker Albermarle & Bond went bust last month.
Chief executive officer Peter Kenyon said: "The board remains confident that the group will continue to successfully deliver its strategic objectives and make further progress during the second half of the year."
At 0950 BST, the shares were up 1.3% at 196p.
Ramsdens Hldgs (RFX)15 Mar 2024 13:11