TIDMRFX
RNS Number : 0703O
Ramsdens Holdings PLC
08 June 2022
8 June 2022
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2022
Ramsdens, the diversified financial services provider and
retailer, today announces its Interim Results for the six months
ended 31 March 2022 (the "Period").
Highlights
-- A strong performance as trading conditions started to
normalise, with Profit Before Tax of GBP2.2m (HY21: GBP0.1m
loss)
-- Gross revenue increased 51% to GBP29.3m (HY21: GBP19.3m)
-- Jewellery retail revenue up 62% to GBP13.1m (HY21: GBP8.1m).
Online jewellery retail sales increased by 48% year on year to
GBP2.0m (HY21: GBP1.3m) and now represent 15% of total jewellery
sold
-- Pawnbroking loan book at the period end was GBP7.5m (HY21:
GBP5.7m) as customers returned to normal spending habits and
required short term cash flow assistance
-- Foreign currency exchange improved as international travel
restrictions eased, driving a significant increase in gross profit
to GBP3.4m (HY21: GBP1.0m)
-- Gross profit from the purchase of precious metals increased 34% to GBP3.1m (HY21: GBP2.3m)
-- Net Assets increased GBP2.1m to GBP37.6m (HY21: GBP35.5m)
-- As a result of improving trading conditions, the Board has
approved an interim dividend of 2.7 pence per share (HY21: nil
pence per share)
-- Trading following the Period end has continued to improve.
Foreign currency volumes have increased to approximately 85% of
pre-pandemic levels, the pawnbroking loan book has continued to
grow, the weight of precious metals purchased has increased and
retail jewellery has remained strong.
Financial results for the six months ended 31 March 2022
Two prior comparable periods have been included below to
demonstrate the impact of the pandemic. The six-month period ended
31 March 2020 was substantially pre-pandemic whereas the six-month
period ended 31 March 2021 was impacted by retail lockdowns and
significant travel restrictions.
6 months 6 months ended 6 months ended
ended 31 March
2022 (unaudited)
31 March 2021 31 March 2020
(unaudited)
(unaudited)
Gross Revenue GBP29.3m GBP19.3m GBP25.3m
------------------ --------------- ---------------
Gross Profit GBP15.7m GBP10.5m GBP16.7m
------------------ --------------- ---------------
Profit/(Loss) before GBP2.2m (GBP0.1m) GBP2.3m
tax
------------------ --------------- ---------------
Basic EPS 5.6p (0.3p) 5.5p
------------------ --------------- ---------------
Peter Kenyon, Chief Executive, commented:
"We are pleased with the Group's very strong performance during
the Period, which was characterised by significant increases in
customer demand for both our jewellery proposition and our foreign
currency offer as customer behaviour continued to normalise.
Our growth strategy action plan remains on track and is working.
Of the eight new stores planned to open this financial year, three
stores were opened during the first half and have traded above
expectations.
We are also encouraged by the increased demand for Ramsdens'
foreign currency services since the Period end. We look forward to
continuing this strong momentum through the important summer
period".
S
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
Lauren Kettle
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
Emily Brooker
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 156
stores within the UK (including 3 franchised stores) and has a
growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit
broking activities.
www.ramsdensplc.com
www.ramsdensforcash.co.uk
www.ramsdensjewellery.co.uk
CHIEF EXECUTIVE'S REPORT
This interim report covers the six months ended 31 March 2022
(the "Period"), which saw consumer behaviour continuing to
transition back to that seen prior to the onset of Covid-19. The
prior comparative period (six months to 31 March 2021 - HY21)
featured trading with a retail lockdown environment for a
substantial part of the six months. With that in mind to provide
additional context, this segmental analysis also presents figures
for HY20 (the six months to 31 March 2020), which saw the majority
of trading take place prior to the onset of Covid-19.
The Group has delivered a profitable performance, supported by
the marked uptick in demand for foreign currency as international
travel restrictions eased and consumers became increasingly
comfortable with travelling abroad.
We are pleased with the Group's performance and look forward to
building on this through the remainder of the year.
FINANCIAL REVIEW
The Group reported a Profit Before Tax of GBP2.2m (HY21: loss of
GBP0.1m). Gross revenue increased by 51% to GBP29.3m (HY21:
GBP19.3m) as trading activity increased in line with the easing of
Covid-19 restrictions.
Administration expenses increased by 27% to GBP13.3m (HY21:
GBP10.4m) as stores returned to standard opening hours and variable
costs increased in line with this higher level of trading. The
cessation of Government furlough support and reduction in business
rates support increased costs by c.GBP1.2m.
The Group's balance sheet remains strong, with net assets of
GBP37.6m (HY21: GBP35.5m). The Group's main assets are cash
(including foreign currency), pawnbroking loans secured on gold
jewellery and watches, and retail jewellery stock. The reduction in
net cash at 31 March 2022 to GBP9.3m (HY21 GBP15.0m) was due to the
Group investing heavily in its jewellery stock and the rebuilding
of the pawnbroking loan book.
Capital expenditure in the Period totalled GBP0.8m (HY21:
GBP0.9m) including the cost of opening two new stores and
relocating one store. In addition, the Group invested GBP0.9m
acquiring a jewellery and pawnbroking business based in
Boscombe.
The Group has the benefit of a GBP10.0m revolving credit
facility which expires in March 2024 and had drawn GBP1.5m of this
facility at the end of the Period to support currency stock
increases.
The Board is pleased to announce an interim dividend of 2.7
pence per share (HY21: nil pence per share). The dividend will be
payable on 30 September 2022 to those shareholders on the register
on 2 September 2022. The ex-dividend date will be 1 September
2022.
REVIEW
Foreign Currency Exchange
The foreign currency exchange (FX) segment primarily comprises
the sale and purchase of foreign currency notes to
holidaymakers.
HY22 HY21 YOY HY20
Total currency exchanged GBP94m GBP20m 372% GBP181m
-------- -------- ----- ---------
Gross profit GBP3.4m GBP1.0m 236 % GBP4.7m
-------- -------- ----- ---------
Online C&C orders GBP10.0m GBP1.6m 547% GBP18.5m
-------- -------- ----- ---------
% of online FX 11% 8% 10%
-------- -------- ----- ---------
Segment as a % of total gross
profit 22% 10% 28%
-------- -------- ----- ---------
The easing of travel restrictions in the UK and abroad has
increased confidence and encouraged more people to travel. As a
result, the demand for foreign currency has increased despite the
Omicron variant of Covid-19 impacting travel in Q1.
By the end of the Period, daily foreign currency exchange
volumes had increased to approximately 60% of pre-pandemic levels.
In addition, we continue to be able to manage our margin to
minimise the impact to profitability of the lower volumes.
As we look forward, the income from this service is anticipated
to grow in line with the continued growth of international travel.
We strongly believe that customers' desire to travel abroad remains
high.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in
the UK and a simple form of asset-backed lending that dates back to
the foundations of banking. In a pawnbroking transaction an item of
value, known as a pledge (in Ramsdens' case this is jewellery and
watches) is held by the pawnbroker as security against a six-month
loan. Customers pay interest on this loan, repay the capital sum
borrowed and recover their pledged item. If a customer defaults on
the loan, the pawnbroker sells the pledged item to repay the amount
owed and returns any surplus funds to the customer. Pawnbroking is
regulated by the FCA in the UK and Ramsdens is fully FCA
authorised.
000's HY22 HY21 YOY HY20
Gross profit GBP3,694 GBP3,480 6% GBP4,706
-------- -------- ----- --------
Total loan book GBP7,506 GBP5,749 31% GBP7,747
-------- -------- ----- --------
Past Due GBP567 GBP893 (37%) GBP1,115
-------- -------- ----- --------
In date loan book GBP6,939 GBP4,856 43% GBP6,632
-------- -------- ----- --------
Percentage of GP 23% 33% 28%
-------- -------- ----- --------
The pawnbroking loan book grew in line with expectations during
the Period.
The loan to value on plain gold was approximately two thirds of
the gold price at the period end. The average loan value at 31
March 2022 was GBP286 (31 March 2021: GBP265).
With restrictions in the availability of other forms of credit,
and the squeeze on household incomes, we believe that the ease and
simplicity of pawnbroking will lead to further loan book growth in
the coming year.
Jewellery Retail
The Group retails new and second-hand jewellery to customers
both in store and online. The Board continues to believe there is
further growth potential for Ramsdens in this segment which can be
achieved by leveraging the Group's store estate and e-commerce
operations, by cross-selling to existing customers and through
acquiring new customers.
Retailing of new jewellery products complements the Group's
second-hand offering, giving customers greater choice in both
breadth of products and price. In addition, the Group continues to
build its reputation for the sale of premium second-hand
watches.
000's HY22 HY21 YOY HY20
Revenue GBP13,085 GBP8,074 62% GBP7,054
--------- ---------- --- ---------
Gross Profit GBP4,923 GBP3,168 55% GBP3,113
--------- ---------- --- ---------
Margin % 38% 39% 44%
--------- ---------- --- ---------
Jewellery retail stock GBP20,070 GBP10,810 GBP8,919
--------- ---------- --- ---------
Online sales GBP1,963 GBP1,323 48% GBP654
--------- ---------- --- ---------
% of sales online 15% 16% 9%
--------- ---------- --- ---------
Percentage of GP 31% 30% 19%
--------- ---------- --- ---------
The retail segment achieved significant growth due to the
Group's continued investment during the Period. We invested in the
presentation of our jewellery with improved in-store concept design
window displays which have resulted in a wider, clearer choice for
our customers and greater stock levels all supported by
improvements in our stock replenishment systems.
The investment in our e-commerce activities continued to deliver
improved results during the Period, increasing retail revenue by
48% to GBP2.0m (HY21: GBP1.3m). Online jewellery sales now account
for 15% (HY20: 9%) of the Group's total retail sales. Further
improvements to the customer journey and how we promote and market
the website ( www.ramsdensjewellery.co.uk ) are in the planning and
early implementation stages. The e-commerce department is managed
as a separate business unit and is profitable.
Watch sales grew 176% year on year. Watch sales attract new
customers to the Group and this product offering has received
significant investment in stock, presentation and staffing levels
during the Period, which benefits buying, lending and
retailing.
As we look forward, despite the anticipated macro challenges
that higher inflation and rising interest rates will bring, we
believe there is an ongoing opportunity for improving and growing
our jewellery retail business.
Purchases of Precious Metals
Through this service, Ramsdens buys unwanted jewellery, gold and
other precious metals from customers for cash. Typically, a
customer brings unwanted jewellery into a Ramsdens store and a
price is agreed with the customer depending upon the retail
potential, weight or carat of the jewellery. The Group has
second-hand dealer licences and other permissions and adheres to
the approved "gold standard" for buying precious metals.
Once jewellery has been bought from the customer, the Group's
dedicated jewellery department decides whether or not to retail the
item through the store network or online. Income derived from
jewellery, which is purchased and then retailed, is reflected in
jewellery retail income and profits. The residual items are smelted
and sold to a bullion dealer for their intrinsic value and the
proceeds are reflected in the accounts as precious metals buying
income.
000's HY22 HY21 YOY HY20
Revenue GBP7,779 GBP5,623 38% GBP7,499
-------- --------- --- ---------
Gross Profit GBP3,112 GBP2,330 34% GBP3,214
-------- --------- --- ---------
Average gold price in GBP GBP16.44 GBP16.45 GBP14.41
-------- --------- --- ---------
Percentage of GP 20% 22% 19%
-------- --------- --- ---------
As customer behaviour and spending patterns have normalised,
more people have sold their unwanted jewellery. As the Group's
foreign currency volumes have improved, so too has the opportunity
to cross sell this service, leading to improved gold buying volumes
during the Period.
The Sterling gold price has remained high as a result of the
Ukraine / Russia war and the strength of the US dollar. This is
also encouraging more customers to sell unwanted jewellery as the
selling price is more favourable.
In the short to medium term, we expect the gold price to remain
high and as a result to benefit this area of the business.
Other services
In addition to the four core business segments, the Group also
provides additional services in cheque cashing, Western Union money
transfer, credit broking and receives franchise fees.
000's HY22 HY21 YOY HY20
Revenue GBP557 GBP540 3% GBP1,029
------ ------- --- ---------
Gross Profit GBP557 GBP540 3% GBP937
------ ------- --- ---------
Percentage of GP 4% 5% 6%
------ ------- --- ---------
This remains a steady source of income to the Group.
OPERATIONAL REVIEW
Our retail estate continues to be actively managed. Lease
renewals have generally resulted in rent reductions, greater
flexibility or sometimes both. On occasion it has been necessary to
relocate to take advantage of lower rents in a much better footfall
location. Our store in Carlisle was relocated in the Period, with
two further stores, in Newcastle and Durham, relocated in May. A
further four stores are in the legal and planning process for
relocating later in 2022.
During the Period, new stores were opened in Chatham and Glasgow
and a new store was acquired in Boscombe. We anticipate opening
five new stores in the second half of the financial year and have a
healthy pipeline of targeted new stores for FY23 and beyond.
The Group has, like other businesses, experienced staffing
challenges with higher-than-normal staff turnover and challenges in
recruitment. The Ramsdens team is happy and engaged, as evidenced
by our staff survey results, but the impact of Covid-19 has caused
many to review their lifestyle choices. While Ramsdens' head office
staff have greater flexibility in their working arrangements, high
street retail presents challenges in this regard, with relatively
fixed opening hours and a need to be in-store. We have awarded
significant pay rises to reward loyal staff and to retain Ramsdens'
position as an attractive place to come and work.
I would like to take this opportunity to thank each and every
staff member for their dedication, commitment, willingness to
strive for continuous improvement, and their steadfast focus on
delivering fantastic service to our customers every day.
OUTLOOK
We believe that FY22 is a transitional year, with an expected
return to substantially normal trading conditions by the end of the
financial year, albeit against a trading environment that is
experiencing a number of wider global macroeconomic events. Despite
these challenges, the Board is confident in the Group's ability to
withstand the inflationary impact to the cost base and anticipates
delivering growth across all of the Group's income streams over the
medium term.
The Board is confident that Ramsdens is well-placed to continue
to grow and deliver our strategy to create value for all
stakeholders.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive
income
For the six months ended 31 March 2022
6 months 6 months 12 months
Ended ended ended
31 March 31 March 30 September
2022 2021 (restated) 2021
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 2 29,265 19,326 40,677
Cost of sales (13,532) (8,781) (18,415)
---------- ------------------- --------------
Gross profit 2 15,733 10,545 22,262
Other income - - 284
Administrative expenses (13,287) (10,446) (21,510)
---------- ------------------- --------------
Operating profit 2,446 99 1,036
Finance costs 3 (230) (232) (472)
---------- ------------------- --------------
Profit / (loss) before tax 2,216 (133) 564
Income tax expense (465) 29 (198)
Total comprehensive income
/ (loss) for the period 1,751 (104) 366
---------- ------------------- --------------
Basic earnings per share in
pence 4 5.6 (0.3) 1.2
Diluted earnings per share
in pence 4 5.6 (0.3) 1.2
Unaudited condensed consolidated statement of changes in
equity
For the six months ended 31 March 2022
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2022 2021 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Opening total equity 36,143 35,555 35,555
Total comprehensive income
for the period 1,751 (104) 366
---------- ---------- -------------
Transactions with shareholders:
Share capital issued 2 6 6
Dividends paid (377) - -
Share based payments 155 103 254
Deferred tax on share based
payments (51) (42) (38)
---------- ---------- -------------
Total transactions with
shareholders (271) 67 222
---------- -------------
Closing total equity 37,623 35,518 36,143
---------- ---------- -------------
Unaudited condensed consolidated statement of financial
position
At 31 March 2022
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2022 2021 (restated) 2021
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 5,343 5,207 5,195
Intangible assets 850 807 714
Investments - - -
Right-of-use assets 9,055 8,286 8,164
Deferred tax assets - 76 80
---------- ----------------- --------------
15,248 14,376 14,153
Current Assets
Inventories 21,279 11,576 15,151
Trade and other receivables 11,853 9,797 10,379
Cash and short term deposits 10,718 14,996 13,032
---------- ----------------- --------------
43,850 36,369 38,562
---------- ----------------- --------------
Total assets 59,098 50,745 52,715
---------- ----------------- --------------
Current liabilities
Trade and other payables 9,885 6,169 7,673
Lease liability 2,206 1,745 2,159
Interest bearing loans 1,423 - -
and borrowings
Income tax payable 403 70 61
---------- ----------------- --------------
13,917 7,984 9,893
---------- ----------------- --------------
Net current assets 29,933 28,385 28,669
---------- ----------------- --------------
Non-current liabilities
Lease liability 7,313 7,049 6,442
Accruals and deferred
income 93 133 119
Deferred tax liabilities 152 61 118
---------- ----------------- --------------
7,558 7,243 6,679
---------- ----------------- --------------
Total liabilities 21,475 15,227 16,572
---------- ----------------- --------------
Net assets 37,623 35,518 36,143
---------- ----------------- --------------
Equity
Issued capital 5 316 314 314
Share premium 4,892 4,892 4,892
Retained earnings 32,415 30,312 30,937
---------- ----------------- --------------
Total equity 37,623 35,518 36,143
---------- ----------------- --------------
Unaudited condensed consolidated statement of cash flows
For the six months ended 31 March 2022
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2022 2021 (restated) 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating activities
Profit / (loss) before tax 2,216 (133) 564
---------- ----------------- -------------
Adjustments to reconcile profit
before tax to net cash flows:
Depreciation and impairment
of property, plant & equipment 655 506 1,074
Depreciation of right-of-use
assets 1,116 1,080 2,223
Profit on disposal of right-of-use
assets - - (45)
Amortisation and impairment
of intangible assets 64 76 218
Loss on disposal of property,
plant and equipment 10 10 140
Share based payments 155 103 254
Finance costs 230 232 472
Working capital adjustments:
Movement in trade and other receivables
and prepayments (1,249) 1,257 565
Movement in inventories (5,736) (417) (3,992)
Movement in trade and other
payables 2,186 (273) 1,217
---------- ----------------- -------------
(353) 2,441 2,690
Interest paid (230) (232) (472)
Income tax paid (60) (1,066) (1,135)
---------- ----------------- -------------
Net cash flows from operating
activities (643) 1,143 1,083
---------- ----------------- -------------
Investing activities
Proceeds from sales of property,
plant and equipment - 10 10
Purchase of property, plant
and equipment (798) (888) (1,574)
Purchase of intangible assets - (13) (62)
Acquisitions (909) - -
---------- ----------------- -------------
Net cash flows used in investing
activities (1,707) (891) (1,626)
Financing Activities
Dividends paid (377) - -
Share capital issued 2 6 6
Payment of lease liabilities (1,089) (1,135) (2,304)
Bank loans drawn down 1,500 - -
Repayment of bank borrowings - - -
---------- ----------------- -------------
Net cash flows from financing
activities 36 (1,129) (2,298)
---------- ----------------- -------------
Net (decrease) in cash and
cash equivalents (2,314) (877) (2,841)
Cash and cash equivalents
at start of period 13,032 15,873 15,873
---------- ----------------- -------------
Cash and cash equivalents
at end of period 10,718 14,996 13,032
---------- ----------------- -------------
Unaudited notes to the interim condensed financial
statements
For the six months ended 31 March 2022
1. Basis of preparation
The interim condensed financial statements of the group for the
six months ended 31 March 2022, which are neither audited or
reviewed, have been prepared in accordance with the International
Financial Reporting Standards ('IFRS') accounting policies adopted
by the group and set out in the annual report and accounts for the
year ended 30 September 2021. As permitted, this interim report has
been prepared in accordance with the AIM rules and not in
accordance with IAS 34 "Interim financial reporting". While the
financial figures included in this preliminary interim earnings
announcement have been computed in accordance with IFRS's
applicable to interim periods, this announcement does not contain
sufficient information to constitute an interim financial report as
that term is defined in IFRS's.
The financial information contained in the interim report also
does not constitute statutory accounts for the purpose of section
434 of the Companies Act 2006. The financial information for the
period ended 30 September 2021 is based on the statutory accounts
for period ended 30 September 2021 which have been filed with the
Registrar of Companies and are available on the group's website
www.ramsdensplc.com. The auditors, Grant Thornton UK LLP, reported
on those accounts: their report was unqualified, did not draw
attention to any matters by way of emphasis and did not contain a
statement under section 498 (2) or (3) of the Companies Act 2006.
The financial information for the 6 months ended 31 March 2021 is
based on the unaudited interim financial information for that
period. Due to a change in accounting policy for pawnbroking loans
in the course of realisation, certain figures have been restated
for this period as detailed in note 7.
The Board have conducted an extensive review of forecast
earnings and cash over the next twelve months, considering various
scenarios and sensitivities given the Covid-19 situation and
uncertainty around the future economic environment. At 31 March
2022 the Group had cash resources of cGBP11m and a GBP10m RCF
facility expiring in March 2024, of which GBP1.5m was drawn.
The Group's activities include services deemed essential
services by the government and therefore the Group's stores are
likely to be able to open in the event of a further lockdown. The
Group's essential services include pawnbroking, foreign currency,
money transfer and cheque cashing. The Group has a strong asset
base and the ability to generate cash quickly through the sale of
jewellery stock for its intrinsic value or by restricting new
pawnbroking lending. The Group has shown resilient trading through
the last year of Covid-19 restrictions, assisted by government
support.
The Board have a reasonable expectation that the Company and
Group have adequate resources to continue in operational existence
for the foreseeable future. Accordingly, they continue to adopt the
going concern basis in preparing the interim condensed financial
statements.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2022
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2022 2021 (restated) 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue
Pawnbroking 4,248 4,062 7,526
Purchases of precious metals 7,779 5,623 10,369
Retail Jewellery sales 13,085 8,074 18,252
Foreign currency margin 3,596 1,027 3,408
Income from other financial
services 557 540 1,122
---------- ------------------ -------------
Total revenue 29,265 19,326 40,677
---------- ------------------ -------------
Gross profit
Pawnbroking 3,694 3,480 6,678
Purchases of precious metals 3,112 2,330 4,240
Retail Jewellery sales 4,923 3,168 6,965
Foreign currency margin 3,447 1,027 3,257
Income from other financial
services 557 540 1,122
---------- ------------------ -------------
Total gross profit 15,733 10,545 22,262
---------- ------------------ -------------
Other income - - 284
Administrative expenses (13,287) (10,446) (21,510)
Finance costs (230) (232) (472)
---------- ------------------ -------------
Profit / (loss) before tax 2,216 (133) 564
---------- ------------------ -------------
Income from other financial services comprises of cheque cashing
fees, agency commissions on miscellaneous financial products and
franchise fees.
The Group is unable to meaningfully allocate administrative
expenses or financing costs between the segments because these
expenses include the cost of staff and stores which undertake all
services. Accordingly, the Group is unable to disclose an
allocation of items included in the Consolidated Statement of
Comprehensive Income below Gross profit, which represents the
reported segmental results.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2022
2. Segmental Reporting (continued)
6 months 6 months 12 months
ended Ended ended
31 March 31 March 30 September
2022 2021 2021
Unaudited Unaudited Audited
Other information GBP'000 GBP'000 GBP'000
Capital additions (*) 1,013 1,742 1,636
Depreciation and amortisation
(*) 1,845 1,672 3,515
Assets
Pawnbroking 10,837 8,557 9,173
Purchases of precious metals 120 768 1,172
Retail Jewellery sales 21,590 11,005 14,306
Foreign currency margin 5,903 3,345 5,314
Income from other financial
services 150 175 139
Unallocated (*) 20,498 26,895 22,611
---------- -------------
59,098 50,745 52,715
---------- ---------- -------------
Liabilities
Pawnbroking 531 434 492
Purchases of precious metals 1 3 21
Retail Jewellery sales 4,845 3,061 3,433
Foreign currency margin 1,626 70 1,335
Income from other financial
services 357 469 541
Unallocated (*) 14,115 11,190 10,750
---------- -------------
21,475 15,227 16,572
---------- ---------- -------------
(*) The Group is unable to meaningfully allocate this
information by segment because all segments operate from the same
stores and the assets and liabilities are common to all
segments.
Fixed assets are therefore included in unallocated assets and
lease liabilities are included in unallocated liabilities.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2022
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2022 2021 2021
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest on debts and borrowings 42 42 84
Interest on right-of-use assets 188 190 388
Total finance costs 230 232 472
---------- ---------- --------------
4. Earnings per share
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September
2022 2021 2021
Unaudited Unaudited Audited
Profit for the period (GBP'000) 1,751 (104) 366
Weighted average number of shares
in issue 31,476,540 30,930,245 31,161,762
Earnings per share (pence) 5.6 (0.3) 1.2
Fully diluted earnings per share
(pence) 5.6 (0.3) 1.2
5. Issued capital and reserves
Ordinary shares issued and fully paid No. GBP'000
At 30 September 2021 31,393,207 314
Share capital issued 250,000 2
At 31 March 2022 31,643,207 316
During the period 250,000 (2021: 555,554) ordinary 1p shares
were issued at par pursuant to the Group's Long Term Incentive Plan
(LTIP).
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2022
6. Dividends
The final dividend for the year ended 30 September 2021 of 1.2p
per share was paid 10 March 2022 totaling GBP377,000.
7. Change in accounting policy
As detailed in notes 2 & 28 in the Annual Report for the
year ended 30 September 2021 the Group changed its accounting
policy for the treatment of pawnbroking loans in the course of
realisation. This change was made after the publication of the
interim results to 31 March 2021, therefore certain figures for
that period, shown as a comparative period in these financial
statements, have been restated under the new accounting policy. The
main impact is a reduction in both revenue and cost of sales for
the pawnbroking segment, however this change has no effect on gross
profit or net assets. Pawnbroking loans in the course of
realisation are recognised in the statement of financial position
as trade receivables rather than as inventories under the previous
accounting policy.
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END
IR VDLFBLQLXBBV
(END) Dow Jones Newswires
June 08, 2022 02:01 ET (06:01 GMT)
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