Ramsdens Hldgs Regulatory News (RFX)

Ramsdens Holdings PLC

("Ramsdens" or the "Group")

Trading Update

Ramsdens Holdings PLC, the diversified financial services provider and retailer, today announces a pre-close trading update covering the six months ended 30 September 2020 (the "Period").

The Board is pleased to report that the Group traded profitably during the Period and, as a result, anticipates reporting Profit Before Tax of approximately £9m in its next audited accounts covering the 18-month period from 1 April 2019 to 30 September 2020. The Group's balance sheet and liquidity remains strong with cash of approximately £16m at the Period end and an undrawn revolving credit facility of £10m.

In line with government guidance and in order to protect Ramsdens' colleagues, customers and the communities where the Group operates, all Ramsdens stores were closed on 24 March 2020. Ramsdens commenced a phased reopening of the store estate from 28 May 2020, starting in England. By 14 July 2020, all Ramsdens stores in England, Scotland and Wales were open and providing the full range of the Group's services.

A significant proportion of staff were furloughed whilst the Group's stores were closed. The Group claimed under the Coronavirus Job Retention Scheme to protect jobs and topped up employees' pay to 100% of their normal salaries. From August 2020, the significant majority of staff across the Group's store estate had returned to work.

Store closures and ongoing restrictions to international travel resulted in a significant reduction in revenue during the Period. Following the re-opening of the Group's stores, foreign currency commission has been approximately 30% of the comparable prior year level. However, the performance of the Group's jewellery retail segment has been encouraging and the purchase of precious metals segment has benefited from the strong gold price. During lockdown, the Group's pawnbroking customer base had a reduced need for borrowing whilst at the same time continuing to repay their loans. These loan repayments have improved the Group's cash position. The Group completed two loan book acquisitions at the end of the Period which added a combined £0.25m to the in-date loan book.

Whilst the long-term strategy of opening new stores remains paused, the Group continues to invest in relocating stores to higher footfall locations which is aiding the Group's retail performance whilst maintaining a very disciplined control over rent costs.

Peter Kenyon, CEO of Ramsdens commented:

"We are pleased with the Group's robust performance during this truly unprecedented period which reflects the resilience of Ramsdens' diversified business model.

The performance of our FX business will continue to be heavily dependent on the status of international travel restrictions. We are hopeful that when quarantine restrictions are eased or lifted, it will stimulate significant demand for international travel and, therefore, foreign currency.

We have made good further progress with jewellery retail both in store and online and have capitalised on increased consumer demand for competitively priced, high-quality jewellery and luxury branded watches.

All Ramsdens stores are operating safely and providing our full range of services to the local communities where we operate. I would like to take this opportunity to thank all our employees and our loyal customers for their support during this period. Whilst this has been a very challenging six months for us all, and although significant uncertainties still lie ahead, we remain confident that underpinned by our trusted brand, diversified business model and strong balance sheet, Ramsdens is well positioned to continue to deliver its long term objectives."

Enquiries:

Ramsdens Holdings PLC Tel: +44 (0) 1642 579957

Peter Kenyon, CEO

Martin Clyburn, CFO

Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000

Richard Crawley

Joshua Hughes

Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133

Alex Brennan

Lucy Wollam

About Ramsdens

Ramsdens is a growing, diversified, financial services provider and retailer, operating in the four core business segments of foreign currency exchange, pawnbroking loans, precious metals buying and selling and retailing of second hand and new jewellery. Ramsdens does not offer unsecured high cost short term credit.

Headquartered in Middlesbrough, the Group operates from 160 stores within the UK (including 4 franchised stores) and has a growing online presence.

In the last financial year, the Group served over 930,000 customers across its different services. Ramsdens is fully FCA authorised for its pawnbroking and credit broking activities.

www.ramsdensplc.com

www.ramsdensforcash.co.uk