Profits up and new stores planned by pawnbroker

HIGH street pawnbroker Ramsdens has hailed the diversity in its model as it reports a significant leap in half-year revenue and profits.

- TOM KEIGHLEY

The Teesside-based chain, which runs 175 shops across the country, continues to benefit from high gold prices but has also pointed to its multi-service offer which includes new and used jewellery and watches and travel money. New, unaudited half-year results for the London Stock Exchange-listed firm show revenue of £83.7m in the six months to the end of March, up from £51.6m in the same period last year.

Meanwhile pre-tax profits soared to £16.7m, compared with £6.1m, and operating was £17.1m, up from £6.5m. The growth was driven by a 130% increase in gross profits for the group's precious metals buying operation to £17.5m, a 31% increase in gross profits in its jewellery retail business to £26.1m and 18% growth in gross pawnbroking profit to £7.3m.