Pawnbroker Ramsdens has seen a big increase in operating profits thanks to a strong rebound in its travel money business and jewellery sales.
The Middlesbrough-based plc, which operates 158 stores and two franchised locations across the country, said its foreign exchange performance came despite the summer airport chaos that engulfed the travel industry and limited its sales opportunities. Pawnbroking lending increased from £6.1m to a record high of £8.6m during last year but accounted for less of the group's gross profit, which is now 33% foreign currency.
In annual results to the end of September 2022, the high street lender said rebounding consuming spending following the lifting of Covid restrictions had fuelled demand for short-term finance among customers. The average loan value was £303, up from £264 the year before. As cost-of-living pressures squeeze households, the firm said it expected demand to ramp up this year.
