Chain strikes gold as profits hit record high

MIDDLESBROUGH pawnbroker Ramsdens is set to exceed its full-year profit expectations due to record high gold prices.

- By TOM KEIGHLEY

The high street chain reported an 18% increase in revenue to £51.6m and a 54% rise in pre-tax profits to a record £6.1m in its first-half results ending March.

This was largely driven by the firm's precious metals buying business, which saw gross profits surge by 53% to £7.6m.

The recent global economic uncertainties have led to exceptionally high gold prices, from which Ramsdens has benefited.

The company has invested in a new gold buying website and customers are attracted to selling their items.

Some of the jewellery is marketed through its network of 169 shops, while other pieces are smelted before being sold to a bullion dealer.