TIDMRFX
RNS Number : 8793B
Ramsdens Holdings PLC
15 June 2021
15 June 2021
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2021
Resilient performance and well positioned to resume our growth
strategy
Ramsdens, the diversified financial services provider and
retailer, today announces its Interim Results for the six months
ended 31 March 2021 (the "Period").
The first UK national lockdown was introduced on 23 March 2020,
and so the comparable period for the six months to 31 March 2020
was not substantially impacted by these restrictions.
6 months ended
31 March 2020 18 months ended
6 months ended
31 March 2021 (unaudited) 30 September
(unaudited) HY21 HY20 2020 (audited)
Gross Revenue GBP20.8m GBP27.0m GBP76.9m
------------------ --------------- -----------------
Gross Profit GBP10.5m GBP16.7m GBP47.1m
------------------ --------------- -----------------
Profit/(Loss) before
tax (GBP0.1m) GBP2.3m GBP9.2m
------------------ --------------- -----------------
Net Cash GBP15.0m GBP11.1m GBP15.9m
------------------ --------------- -----------------
Highlights:
-- Resilient performance against challenging trading conditions
caused by Covid-19 restrictions, with pre-tax losses limited to
GBP0.1m (HY20: GBP2.3m profit)
-- Gross revenue decreased 23% to GBP20.8m (HY20: GBP27.0m)
-- Jewellery retail revenue increased 14% to GBP8.1m (HY20:
GBP7.1m) despite the regional lockdown periods. Online revenue
doubled year on year and now represents 17% of total jewellery
sold
-- Pawnbroking gross profit decreased 26% to GBP3.5m (HY20:
GBP4.7m) as a result of the loan book falling as customers repaid
their loans during lockdown and subdued demand for new loans
-- Foreign Currency Exchange severely impacted by the Covid-19
travel restrictions resulting in income down 78% to GBP1.0m (HY20:
GBP4.7m)
-- Gross profit from purchases of precious metals decreased 28%
to GBP2.3m (HY20: GBP3.2m), reflecting reduced high street footfall
during the regional lockdown periods
-- Administration expenses decreased 26% to GBP10.4m (HY20:
GBP14.2m) with overheads well controlled. The Company received
GBP0.9m under the CJRS furlough scheme which is presented as a
reduction to salary costs.
-- Net Assets increased GBP0.5m to GBP35.5m (31 March 2020: GBP35.0m)
-- At the Period end, net cash was GBP15.0m and the Company's
revolving credit facility of GBP10m was undrawn
Given the ongoing impact of the Covid-19 pandemic and the impact
on profitability in the Period, as well as the Group's continuing
use of Government support schemes, the Board believes it is prudent
and in the long-term interests of shareholders to preserve the
Group's available cash resources. Consequently, the Board is not
recommending an interim dividend for the Period. As restrictions
ease, the Board expects the business to return to profitability and
allow it to recommence the payment of dividends, in accordance with
its dividend policy.
Peter Kenyon, Chief Executive, commented:
"We are pleased to have delivered a resilient performance during
the Period despite the difficult trading conditions experienced.
This is a testament to the strength of Ramsdens' diversified
business model, our loyal customer base, and the commitment of our
employees, whom I would like to thank fo r their continued
dedication to serving our local communities throughout the
pandemic.
We are encouraged by the current easing of restrictions across
the UK including the re-opening of non-essential retail and the
lifting of some international travel restrictions.
Whilst the UK Government 'green list' for tourism is currently
very limited, meaning we are unable to provide guidance for this
summer's FX trading, we believe there is significant underlying
consumer demand for international travel which the Group is well
positioned to capitalise on.
Despite restrictions, during the Period we continued to focus on
delivering against our long-term growth strategy. We currently have
six new Ramsdens stores in the pipeline including debut sites in
London and the South East and will continue to appraise new site
opportunities in line with our expansion plans."
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
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 154
stores within the UK (including 3 franchised stores) and has a
growing online presence.
Ramsdens is 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 2021
(the "Period"). The Period was undoubtedly challenging, with the
Group operating for four months of the Period under lockdown
restrictions in one or all parts of the UK. This contrasts sharply
to the comparable prior period, with the majority of the six month
period to 31 March 2020 being unaffected by the Covid-19
pandemic.
Our strategic priorities during this unusual Period have been
to:
1. operate a secure and safe environment for our staff,
customers and the local communities we serve;
2. accelerate the Group's online strategic objectives;
3. maintain a healthy financial position; and
4. prepare to capitalise on changes across the sector arising
from the disruption caused by Covid-19.
FINANCIAL REVIEW
Despite all of the challenges, the Group broadly broke even with
a reported Loss Before Tax of GBP0.1m (HY20: profit of GBP2.3m).
Gross profit for the Period decreased 37% to GBP10.5m (HY20:
GBP16.7m) as a result of the impact of Covid-19 restrictions.
Administration expenses were reduced by 26% to GBP10.4m (HY20:
GBP14.2m) with overheads well controlled and the UK Government CJRS
furlough grants of GBP0.9m presented as a reduction to salary
costs.
The Group's balance sheet remained strong with net assets of
GBP35.5m (HY20: GBP35.0m), broadly consistent with the position
reported at 30 September 2020 (GBP35.6m). The Group's main assets
are cash (including foreign currency), pawnbroking loans secured on
gold jewellery and watches, and retail jewellery stock. Net cash as
at 31 March 2021 was GBP15.0m. The Group also has the benefit of a
GBP10.0m revolving credit facility, which is currently undrawn. The
facility was extended for a further year during the Period and
expires in March 2024.
Capital expenditure in the Period of GBP0.9m (HY20: GBP0.5m)
includes the cost of relocating stores, store refurbishments and
the purchase of two store freehold properties for GBP0.15m.
Given the ongoing impact of the Covid-19 pandemic, no
profitability in the Period and the Group continuing to receive UK
Government support in the form of furlough to protect jobs, the
Board believes it is prudent and in the long-term interests of
shareholders to preserve its available cash resources.
Consequently, the Board is not recommending an interim dividend. As
Covid-related restrictions ease, the Board expects the business to
return to profitability and allow it to recommence the payment of
dividends, in accordance with its dividend policy.
SEGMENTAL REVIEW
Foreign Currency Exchange
The foreign currency exchange (FX) segment primarily comprises
the sale and purchase of foreign currency notes to holiday-makers.
Ramsdens also offers prepaid travel cards and international
bank-to-bank payments.
HY21 HY20 YOY
Total Currency exchanged GBP20m GBP181m (89%)
-------- --------- ------
Income GBP1.0m GBP4.7m (78%)
-------- --------- ------
Online click & collect orders GBP1.6m GBP18.5m (91%)
-------- --------- ------
% of online FX 8% 10% (2%)
-------- --------- ------
Percentage of GP 10% 28% (18%)
-------- --------- ------
The restrictions on international travel due to the Covid-19
pandemic and the associated quarantine regulations put in place by
governments across the globe have severely impacted the demand for
international holidays and, as a result, the demand for foreign
currency exchange.
The Group has successfully managed commission margins in order
to minimise the impact on profitability of the reduction in total
currency exchanged.
As we look forward, the income from this service is anticipated
to grow with the easing of restrictions and the return of
international travel. We strongly believe that customers' desire to
travel abroad remains high. While we have seen more people use card
payments in the UK, we are confident that the need for foreign
currency cash will remain high given the popular holiday
destinations and known spending patterns while abroad.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in
the UK and a simple form of asset backed lending dating 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 FCA authorised.
000's HY21 HY20 YOY
Gross profit GBP3,480 GBP4,706 (26%)
--------- --------- ------
Total loan book GBP5,749 GBP7,747 (26%)
--------- --------- ------
Past due GBP893 GBP1,115 (20%)
--------- --------- ------
In date loan book GBP4,856 GBP6,632 (27%)
--------- --------- ------
Percentage of GP 33% 28% 5%
--------- --------- ------
The various national lockdowns have impacted the borrowing
patterns of our customer base, in reducing their borrowing needs
alongside an increase in customers repaying their loans. If, as we
expect, the borrowing pattern is similar to that following lockdown
in 2020, we will see normal lending volumes return in the summer
and the loan book will rebuild over time. The typical pawnbroking
customer is cautious; they know that the item pledged is their
store of wealth and that this enables them to borrow when
needed.
The average loan value as at 31 March 2021 was GBP265 (30
September 2020: GBP248). The loan book is considered to be of high
quality with a low loan to value ratio of approximately two thirds
of the gold price at the Period end. Where loans are not repaid,
the current high gold price enables an improved recovery of
interest where goods that are not appropriate for retailing are
scrapped.
The online pawnbroking facility has continued to be popular
amongst customers to make loan repayments. This facility allows the
customer to save interest by repaying when they have the funds and
prior to any store visit. Only a limited number of customers have
chosen to borrow via the website because the goods still need to be
posted to Ramsdens.
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 and by cross-selling to existing customers and acquiring
new customers.
Retailing of new jewellery products complements the Group's
second-hand offering to give our customers greater choice in
breadth of products and price, and enables the Group to attract
some customers who prefer not to buy second-hand. New jewellery
items now account for 39% (HY20: 31%) of jewellery retail
revenue.
000's HY21 HY20 YOY
Revenue GBP8,074 GBP7,054 14%
---------- --------- -----
Gross Profit GBP3,168 GBP3,113 2%
---------- --------- -----
Margin % 39% 44% (5%)
---------- --------- -----
Jewellery retail stock GBP10,810 GBP8,919 21%
---------- --------- -----
Online sales* GBP1,560 GBP779 100%
---------- --------- -----
% of sales online* 17% 9% 8%
---------- --------- -----
Percentage of GP 30% 19% 11%
---------- --------- -----
* based on total jewellery sold which includes ex-pledge
items
Store sales have been limited through the Period due to varying
restrictions during the lockdown periods. However, we have seen an
increase in demand for higher value items, in particular premium
watches where sales were up 13%. The ongoing development of the
premium watch sales offering continues to generate higher cash
margin per product sold but at a lower percentage margin. The Board
continues to believe that watch sales represent incremental revenue
and profit for the Group.
The investment in our online retail jewellery website,
www.ramsdensjewellery.co.uk continues to deliver improved results.
The total jewellery sold through our ecommerce activities doubled
to GBP1.6m (HY20: GBP0.8m) for the Period. We are continuing to
make further investments in improving the customer experience,
retargeting campaigns, pay per click campaigns, affiliate schemes
and search engine optimisation. The ecommerce department is managed
as a separate business unit and is profitable.
We believe there is an ongoing opportunity for improving and
growing our jewellery retail business. Our investment in
strengthening the retail team, each with a product category focus,
is supporting ongoing growth. Additionally, t he Group has focused
on enhancing the appeal of its jewellery stock offering through
better displays, range expansion and regular replenishment of the
new jewellery range, increased investment in pre-owned premium
watches, and undertaking targeted promotional activity to reinforce
the Ramsdens brand's value-for-money reputation.
Purchases of Precious Metals
Through the precious metals buying and selling 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 assesses 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 HY21 HY20 YOY
Revenue GBP5,623 GBP7,499 (25%)
--------- --------- ------
Gross Profit GBP2,330 GBP3,214 (28%)
--------- --------- ------
Percentage of GP 22% 19% 3%
--------- --------- ------
In comparing the two six month periods, the average sterling
gold price increased by 14% in HY21.
The weight of gold purchased has decreased primarily due to the
reduced high street footfall as a consequence of the lockdowns plus
a reduced need for additional cash and a lower volume of foreign
currency customers to whom we have traditionally cross-sold this
service. We anticipate the weight purchased will increase as
trading conditions normalise. In the near term, we believe the gold
price will remain high, assisting margins.
Other services
In addition to the four core business segments, the Group also
provides additional services in cheque cashing, Western Union money
transfer and credit broking and it receives franchise fees.
000's HY21 HY20 YOY
Revenue GBP540 GBP1,029 (48%)
------- --------- ------
Gross Profit GBP540 GBP937 (42%)
------- --------- ------
Percentage of GP 5% 6% (1%)
------- --------- ------
Whilst this has been a steady source of income, cheque cashing
was and continues to be a service in decline and represents a large
proportion of the reduction in gross profit in this segment.
OPERATIONAL REVIEW
The retail estate continues to be actively managed. In the main,
landlords have been realistic to the current high street situation.
Where appropriate, lease renewals have generally resulted in rent
reductions, greater flexibility or sometimes both. Two stores were
closed and merged with nearby stores where we could not agree
reasonable lease terms with our landlords. Four stores were
relocated to take advantage of better locations with higher
footfall and two stores were refurbished to provide a better
customer experience. During the next twelve months, we anticipate
relocating a further six stores and refurbishing six stores.
Our new store opening strategy has recommenced. We have a strong
pipeline of target locations and have advanced six locations into
various stages of the planning and legal process. This expansion
includes - for the first time - locations in London and the South
East and we have recruited Deborah Papas, an experienced pawnbroker
and jeweller, to head up this geographic expansion opportunity
which we believe presents a greater opportunity to acquire
independent pawnbrokers. The first store in Kent is scheduled to
open in July.
We have promoted Claire Gebski to head up our staff engagement
and staff development. This important role will ensure that we
continue to focus on our people and develop our culture of seeking
continuous improvement. Amongst other things, our staff forum team
have been challenged to see how we can further improve our
environmental footprint and have recently launched a "Think Green"
initiative.
Ernst & Young have been engaged as our auditors for nine
years and the Board is grateful for their support and challenge
over this period. Following a review, the Board has made the
decision to appoint Grant Thornton for the 2021 audit.
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 focus on delivering
fantastic service to our customers.
OUTLOOK
Hopefully, we are nearing the time when the UK Government will
further ease social distancing measures in the UK and also lift
varying restrictions enabling freer but safe international
travel.
The Group has a strong financial footing, the benefit of
diversified income streams, a growing online presence and a
well-invested store network. These attributes, as well as our
belief that there is strong underlying consumer demand for our
services, gives the Board confidence that Ramsdens is well placed
to not only navigate the near term challenges, but also to emerge
in a strong position to return to growth and deliver our strategy
to create value for all of the Group's stakeholders.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive
income
For the six months ended 31 March 2021
6 months 6 months 18 months
Ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Revenue 2 20,835 26,984 76,938
Cost of sales (10,290) (10,309) (29,789)
---------- ---------------------------- --------------
Gross profit 2 10,545 16,675 47,149
Other Income - - 725
Administrative expenses (10,446) (14,151) (37,858)
---------- ---------------------------- --------------
Operating profit 99 2,524 10,016
Finance Costs 3 (232) (240) (795)
---------- ---------------------------- --------------
(Loss) / profit before tax (133) 2,284 9,221
Income tax expense 29 (592) (2,103)
Total comprehensive (loss)
/ income for the period (104) 1,692 7,118
---------- ---------------------------- --------------
Basic earnings per share in
pence 4 (0.3) 5.5 23.1
Diluted earnings per share
in pence 4 (0.3) 5.3 22.5
Unaudited condensed consolidated statement of changes in
equity
For the six months ended 31 March 2021
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Opening total equity 35,555 33,962 30,377
Total comprehensive income
for the period (104) 1,692 7,118
---------- ---------- -------------
Transactions with shareholders:
Share capital issued 6 - -
Dividends paid - (832) (2,313)
Share based payments 103 164 398
Deferred tax on share based
payments (42) (25) (25)
---------- ---------- -------------
Total transactions with
shareholders 67 (693) (1,940)
---------- -------------
Closing total equity 35,518 34,961 35,555
---------- ---------- -------------
Unaudited condensed consolidated statement of financial
position
At 31 March 2021
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Assets
Non-current assets
Property, plant and equipment 5,207 5,354 4,845
Intangible assets 807 1,089 870
Investments - - -
Right-of-use assets 8,286 9,009 8,536
Deferred tax assets 76 273 182
---------- ---------- -----------------
14,376 15,725 14,433
Current Assets
Inventories 13,644 13,055 13,360
Trade and other receivables 7,729 10,147 8,743
Cash and short term deposits 14,996 11,051 15,873
---------- ---------- -----------------
36,369 34,253 37,976
---------- ---------- -----------------
Total assets 50,745 49,978 52,409
---------- ---------- -----------------
Current liabilities
Trade and other payables 6,169 4,551 6,422
Lease liability 1,745 1,818 2,005
Income tax payable 70 809 1,157
---------- ---------- -----------------
7,984 7,178 9,584
---------- ---------- -----------------
Net current assets 28,385 27,075 28,392
---------- ---------- -----------------
Non-current liabilities
Lease liability 7,049 7,647 7,094
Accruals and deferred
income 133 - 153
Deferred tax liabilities 61 192 23
---------- ---------- -----------------
7,243 7,839 7,270
---------- ---------- -----------------
Total liabilities 15,227 15,017 16,854
---------- ---------- -----------------
Net assets 35,518 34,961 35,555
---------- ---------- -----------------
Equity
Issued capital 5 314 308 308
Share premium 4,892 4,892 4,892
Retained earnings 30,312 29,761 30,355
---------- ---------- -----------------
Total equity 35,518 34,961 35,555
---------- ---------- -----------------
Unaudited condensed consolidated statement of cash flows
For the six months ended 31 March 2021
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Operating activities
(Loss) / profit before tax (133) 2,284 9,221
---------- ---------- -------------
Adjustments to reconcile profit
before tax to net cash flows:
Depreciation and impairment
of property, plant & equipment 506 686 2,238
Depreciation of right-of-use
assets 1,080 1,213 3,523
Amortisation and impairment
of intangible assets 76 188 616
Loss on disposal of property,
plant and equipment 10 44 185
Share based payments 103 164 398
Finance costs 232 240 795
Working capital adjustments:
Movement in trade and other receivables
and prepayments 1,124 833 1,781
Movement in inventories (284) (1,206) (702)
Movement in trade and other
payables (273) (1,904) 170
---------- ---------- -------------
2,441 2,542 18,225
Interest paid (232) (240) (795)
Income tax paid (1,066) (929) (1,678)
---------- ---------- -------------
Net cash flows from operating
activities 1,143 1,373 15,752
---------- ---------- -------------
Investing activities
Proceeds from sales of property,
plant and equipment 10 - 4
Purchase of property, plant
and equipment (888) (527) (1,787)
Purchase of intangible assets (13) (13) (258)
---------- ---------- -------------
Net cash flows used in investing
activities (891) (540) (2,041)
Financing Activities
Dividends paid - (832) (2,313)
Share capital issued 6 - -
Payment of lease liabilities (1,135) (1,268) (3,645)
Bank loans drawn down - - 2,600
Repayment of bank borrowings - (3,884) (7,900)
---------- ---------- -------------
Net cash flows used in financing
activities (1,129) (5,984) (11,258)
---------- ---------- -------------
Net (decrease) / increase
in cash and cash equivalents (877) (5,151) 2,453
Cash and cash equivalents
at start of period 15,873 16,202 13,420
---------- ---------- -------------
Cash and cash equivalents
at end of period 14,996 11,051 15,873
---------- ---------- -------------
Unaudited notes to the interim condensed financial
statements
For the six months ended 31 March 2021
1. Basis of preparation
The interim condensed financial statements of the group for the
six months ended 31 March 2021, 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 2020. 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 2020 is based on the statutory accounts
for period ended 30 September 2020 which have been filed with the
Registrar of Companies and are available on the group's website
www.ramsdensplc.com. The auditors, Ernst & Young 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 2020
in respect of the consolidated income statement of comprehensive
income is based on the movement between the figures stated in the
unaudited interim financial information for the 12 month period
ended 31 March 2020 and the unaudited Interim accounts covering the
6 month period ended 30 September 2019. The Consolidated statement
of financial position at 31 March 2020 is per the unaudited
financial information as at that date.
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
2021 the Group had cash resources of cGBP15m and an undrawn RCF
facility of GBP10m expiring in March 2024.
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 2021
2. Segmental Reporting
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue
Pawnbroking 5,571 6,697 18,911
Purchases of precious metals 5,623 7,499 23,024
Retail Jewellery sales 8,074 7,054 17,109
Foreign currency margin 1,027 4,705 14,859
Income from other financial
services 540 1,029 3,035
---------- -------------------- -------------
Total Revenue 20,835 26,984 76,938
---------- -------------------- -------------
Gross profit
Pawnbroking 3,480 4,706 12,248
Purchases of precious metals 2,330 3,214 9,856
Retail Jewellery sales 3,168 3,113 7,701
Foreign currency margin 1,027 4,705 14,859
Income from other financial
services 540 937 2,485
---------- -------------------- -------------
Total Gross profit 10,545 16,675 47,149
---------- -------------------- -------------
Other income - - 725
Administrative expenses (10,446) (14,151) (37,858)
Finance costs (232) (240) (795)
---------- -------------------- -------------
(Loss) / Profit before tax (133) 2,284 9,221
---------- -------------------- -------------
Income from other financial services comprises of cheque cashing
fees, Electronics & buybacks, agency commissions on
miscellaneous financial products.
The Group is unable to meaningfully allocate administrative
expenses, or financing costs between the segments due to the fact
that these include staff costs who undertake all services in
branches. 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 2021
2. Segmental Reporting
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
Other information GBP'000 GBP'000 GBP'000
Capital additions (*) 1,742 1,610 2,045
Depreciation and amortisation
(*) 1,672 2,134 2,854
Assets
Pawnbroking 8,557 11,844 9,685
Purchases of precious metals 768 1,765 1,664
Retail Jewellery sales 11,005 9,089 9,707
Foreign currency margin 3,345 9,019 5,692
Income from other financial
services 175 90 145
Unallocated (*) 26,895 18,171 25,516
---------- -------------
50,745 49,978 52,409
---------- ---------- -------------
Liabilities
Pawnbroking 434 347 375
Purchases of precious metals 3 19 3
Retail Jewellery sales 3,061 1,365 2,130
Foreign currency margin 70 32 471
Income from other financial
services 469 31 438
Unallocated (*) 11,190 13,223 13,437
---------- -------------
15,227 15,017 16,854
---------- ---------- -------------
(*) The Group is unable to meaningfully allocate this
information by segment due to the fact that 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 2021
3. Finance costs
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest on debts and borrowings 42 31 181
Interest on right-of-use assets 190 209 614
Total finance costs 232 240 795
---------- ---------- ---------------
4. Earnings per share
6 months 6 months 18 months
ended ended ended
31 March 31 March 30 September
2021 2020 2020
Unaudited Unaudited Audited
Profit for the period (GBP'000) (104) 1,692 7,118
Weighted average number of shares
in issue 31,393,207 30,837,653 30,837,653
Earnings per share (pence) (0.3) 5.5 23.1
Fully diluted earnings per share
(pence) (0.3) 5.3 22.5
5. Issued capital and reserves
Ordinary shares issued and fully paid No. GBP'000
At 30 March 2020 30,837,653 308
At 30 September 2020 30,837,653 308
Share capital issued 555,554 6
At 31 March 2021 31,393,207 314
During the period 555,554 ordinary 1p shares were issued at par
pursuant to the Group's Long Term Incentive Plan (LTIP). A further
250,000 share options have fully vested under the LTIP but have yet
to be exercised.
Unaudited notes to the interim condensed financial statements
(continued)
For the six months ended 31 March 2021
6. Dividends
No dividends have been approved since the 2nd December 2019 as a
result of the Coronavirus pandemic.
On 2 December 2019, the directors approved a 2.7 pence interim
dividend which equates to a dividend payment of GBP832,000 the
dividend was paid on 20 February 2020. The final dividend for the
year ended March 2019 of 4.8p per share was paid on 20 September
2019 totalling GBP1,480,000.
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END
IR SFESFIEFSESM
(END) Dow Jones Newswires
June 15, 2021 02:00 ET (06:00 GMT)
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