North East pawnbroker and finance firm Ramsdens has hiked up full-year profit expectations on the back of strong performance.
The Middlesbrough company, which has 157 stores in the UK alongside its growing online business, said its foreign currency business had rebounded almost to pre-pandemic levels in the year ended September 30. In a stock market announcement it said: “As a result of this, the group expects to report annual profit before tax ahead of expectations.”
The firm, which operates in jewellery, foreign currency, precious metals and pawnbroking segments, announced in a pre-close trading update that foreign currency gross profit grew significantly, from £3.3m in 2021 to approximately £12.6m, driven by a recovery in volumes and improved margins.
