Business
Second Interim Results-12 months to 31 March 2020
Second Interim Results-12 months to 31 March 2020.
About this update from Ramsdens Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 9890N\n Ramsdens Holdings PLC\n 27 May 2020\n \n \n \n \n \n Ramsdens Holdings PLC\n \n \n (\"Ramsdens\", the \"Group\", the \"Company\")\n \n \n Second Interim Results for the twelve months ended 31 March 2020\n \n \n A year of further growth and increased profitability \n \n \n Ramsdens, the diversified financial services provider and retailer, today announces its Second Interim Results for the twelve months ended 31 March 2020 \n (the \"Period\"). \n \n \n \n \n \n Highlights: \n \n \n · \n Underlying Profit Before Tax up 19% to £8.0m (FY19: £6.7m)\n \n \n · \n Reported Profit Before Tax up 30% to £8.5m (FY19: £6.5m)\n \n \n · \n Continued revenue growth across the Group's core income streams:\n \n \n o \n Foreign Currency Exchange income up 13% to £13.1m (FY19: £11.6m);\n \n \n o \n Jewellery retail revenue up 28% to £12.6m (FY19: £9.8m); \n \n \n o \n Pawnbroking income less impairment up 19% to £9.0m (FY19: £7.5m); \n \n \n o \n Gross profit from purchases of precious metals increased 53% to £7.3m (FY19: £4.8m), including a one-off scrapping of old stock that generated £0.8m profit.\n \n \n · \n Net assets up £4.1m from 31 March 2019 to £35.0m\n \n \n · \n At the period end, net cash was £11.1m and the Company's RCF of £10m was undrawn \n \n \n · \n 10 additional stores were opened during the Period, comprising six greenfield locations and four stores acquired from Instant Cash Loans Limited trading as The Money Shop. One additional new greenfield store was due to open late March and will now open in line with government guidance once the lockdown restrictions are lifted. \n \n \n · \n Given the ongoing impact of the Covid-19 pandemic and subsequent macro-economic uncertainty, the Board believes it is prudent and in the long term interests of shareholders to preserve its available cash resources during these unprecedented times and, consequently, is not declaring a second interim dividend at this stage.\n \n \n Financial Summary: 12 months ended 31 March 202012 months ended 31 March 2019Increase Group Revenue£59.5m£46.8m27% EBITDA£13.1m£8.0m63% Adjusted EBITDA*£9.9m £8.3m 20% Profit Before Tax£8.5m£6.5m30% Underlying Profit Before Tax**£8.0m£6.7m19% Basic EPS21.4p16.7p28%&nb...