Annual Results - year ended 30 September 2025

About this update from Ramsdens Holdings Plc

[{"type":"text","content":"\n \n 14 January 2026 \n   \n Ramsdens Holdings PLC \n (\"Ramsdens\", the \"Group\", the \"Company\") \n Annual Results for the year ended 30 September 2025 \n and \n Q1 FY26 trading update \n   \n Another record year with a 43% increase in profit before tax to £16.2m and revenue exceeding £100m \n   \n Ramsdens, the diversified financial services provider and retailer, today announces its Annual Results for the year ended 30 September 2025 (the \"Period\"). \n   \n \n \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n   \n % change \n \n \n \n \n Revenue \n \n \n £116.8m \n \n \n £95.6m \n \n \n 22% \n \n \n \n \n Gross Profit \n \n \n £60.7m \n \n \n £51.5m \n \n \n 18% \n \n \n \n \n Profit before tax \n \n \n £16.2m \n \n \n £11.4m \n \n \n 43% \n \n \n \n \n Net Assets \n \n \n £62.9m \n \n \n £53.6m \n \n \n 17% \n \n \n \n \n Basic EPS \n \n \n 37.0p \n \n \n 26.1p \n \n \n 42% \n \n \n \n \n Final ordinary dividend \n \n \n 9.0p \n \n \n 7.6p \n \n \n 18% \n \n \n \n \n Special dividend \n \n \n 2.0p \n \n \n                    - \n \n \n \n \n \n \n \n Total ordinary dividend \n \n \n 13.5p \n \n \n 11.2p \n \n \n 21% \n \n \n \n \n Total special dividend \n \n \n 2.5p \n \n \n                    - \n \n \n \n \n \n \n \n Full year total dividend \n \n \n 16.0p \n \n \n 11.2p \n \n \n 43% \n \n \n \n \n   \n FY25 Highlights: \n \n \n \n \n ● \n \n \n Record Group revenue and profit driven by progress in all four key income streams as well as continued benefit from the sustained high gold price. \n \n \n \n \n ● \n \n \n Very strong performance delivered by the purchase of precious metals segment, with volume and value supported by the high gold price.  Gross profit for this segment increased 52% to £17.9m (FY24: £11.8m). \n \n \n \n \n ● \n \n \n Pawnbroking gross profit increased 9% to £12.7m (FY24: £11.7m) with the growth in the loan book being primarily in H2. \n \n \n \n \n ● \n \n \n Jewellery retail gross profit increased 18% to £15.7m (FY24: £13.3m), with increased input costs in light of the high gold price being carefully managed.  Pre-owned jewellery performed particularly well, with revenue from pre-owned jewellery increasing by 35%.  \n \n \n \n \n ● \n \n \n Total currency exchanged increased 1% to £429m. Foreign currency gross profit decreased 3% year on year to £13.8m (FY24: £14.2m) as more customers migrated to online ordering and currency cards which generate lower margins.  \n \n \n \n \n ● \n \n \n As planned, we maintained the size of our store estate, ending FY25 with 168 stores plus one franchised store.  The Group opened in Burton and Grantham during the year, closed its Teesside airport kiosk and merged its two central Glasgow stores. \n \n \n \n \n ● \n \n \n The Board is recommending a final ordinary dividend of 9.0p per share, plus a second special dividend for FY25 of 2.0p per share, for approval at the forthcoming AGM. This takes the total dividend for the Period to 16.0p per share (FY24: 11.2p) an increase of 43%, reflecting the Board's commitment to a progressive dividend policy and rewarding shareholders from the beneficial trading from the high gold price. \n \n \n \n \n   \n Q1 FY26 Trading update: \n The Board is pleased to provide an update on Q1 FY26 trading (1 October to 31 December 2025): \n \n \n \n \n \n ● \n \n \n The purchase of precious metals segment continued to perform very strongly with gross profit increasing by over 50%.  \n \n \n \n \n ● \n \n \n In our pawnbroking segment, the momentum seen in H2 FY25 has continued, with the loan book now at £12.8m (£11.4m as at 30 September 2025) with record lending levels seen month on month across the quarter.  We continue to lend very conservatively with our lending on gold jewellery being approximately 55% of the gold intrinsic price at the year end.    \n \n \n \n \n ● \n \n \n Jewellery retail revenue increased by more than 20% on the prior year.  Our retail performance in October was extraordinarily high with that month seeing more customers purchasing gold coins.    \n \n \n \n \n ● \n \n \n Foreign currency (FX) gross profit decreased by approximately 5% on prior year.  While sales of FX have remained flat, the Group has seen the continuation of a move to online and card sales which are at a lower margin.    \n \n \n \n \n ● \n \n \n Following the year end, we have opened a new store in Wakefield and have three new stores currently undergoing shop fit ready for opening in January and February.  In addition, in December, we completed the purchase of a small pawnbrokers, Gemini, based on the Isle of Sheppey. \n \n \n \n \n ● \n \n \n As with many other businesses, the Group faces rising operating costs in 2026. The main increase is in employment costs as the Board sees investment in its people as crucial to the Group's future success and is committed to paying the Real Living Wage (RLW) as our entry level pay.  The RLW has increased by 6.7% and will be paid from April 2026.  We will also maintain the hourly rate differentials across our pay grades which will lead to an increase in employment costs ahead of inflation.  In addition, FY26 will bear the full year costs of the changes to the rate and thresholds relating to employer's national insurance. \n   \n \n \n \n \n   \n While still early in the new financial year, trading performance to date has been positive.  We enjoy multiple investment opportunities as a result of our strong cash generation and have a tried and tested growth strategy. The gold price has remained high in Q1 and this, coupled with the continued momentum seen across the Group, has resulted in the Board currently expecting profit before tax for FY26 to exceed £18m.  \n   \n Peter Kenyon, Chief Executive, commented: \n \n \"Our record performance in FY25 once again demonstrates the strength of our diversified business model, trusted brand and exceptional team. Group revenue exceeded £100m for the first time, resulting in a pre-tax profit increase of 43% to £16.2m, marginally ahead of market expectations. As a consequence of this strong performance and the Board's confidence in the future, we are also delighted to recommend a 43% increase to the total dividend for FY25. \n   \n \"We have a highly relevant customer proposition and are looking forward to opening eight to 12 new stores in the year ahead whilst also continuing to strengthen our online proposition, which is offering more customers opportunities to use our trusted services. I would like to thank the whole Ramsdens team for their continued hard work and dedication to supporting our customers, whether they are treating themselves or a loved one to some jewellery, looking to raise cash from their own jewellery through a loan or sale, or exchanging currency to enjoy a holiday. We look forward to another year of good progress in FY26.\" \n \n   \n The Company confirms that the Annual Report and Financial Statements for the year ended 30 September 2025, together with notice of the Company's 2026 annual general meeting, will be published and posted to shareholders shortly and will be available to view on the Company's investor relations website:  https://www.ramsdensplc.com/investor-relations/reports-and-presentations , in accordance with AIM Rule 20. \n   \n The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as amended by The Market Abuse (Amendment) (EU Exit) Regulations 2019. The person responsible for making this announcement on behalf of the Company is Peter Kenyon. \n   \n ENDS \n   \n \n  \n Enquiries: \n   \n Ramsdens Holdings PLC                                                                                         +44 (0) 1642 579957 \n Peter Kenyon, CEO \n Martin Clyburn, CFO \n   \n \n \n \n \n Cavendish Capital Markets Limited (Nominated Adviser and Broker) \n Jonny Franklin-Adams /Marc Milmo / George Lawson (Corporate Finance) \n Tim Redfern (Corporate Broking) \n \n \n   +44 (0) 20 7220 0500 \n \n \n \n \n   \n Hudson Sandler (Financial PR) \n Alex Brennan \n Emily Booker \n \n \n   \n +44 (0) 20 7796 4133 \n \n \n \n \n   \n \n \n CHAIRMAN'S STATEMENT \n   \n I have great pleasure in presenting my first report as Chair of Ramsdens, having served as a Non-Executive Director since the Company's IPO.  It has been another great year of progress for the Group, with revenue exceeding the £100m mark for the first time, at £116.8m (FY24: £95.6m), and a record profit before tax of £16.2m (FY24: £11.4m).  \n   \n The Group's success continues to be built on very strong foundations - a customer-centric culture, fantastic people, a trusted brand, and a diversified financial services and retail model which provides resilience and growth opportunities throughout the economic cycle. We also delivered encouraging strategic progress across our business, with notable developments in our online proposition to support the Group's increasingly omni-channel model. \n   \n During the year, the price of gold increased consistently, which materially benefitted our income stream from the purchase of precious metals.  This core income stream saw profits increase 52% in the period, driven largely by the sustained high gold price but also supported by our progress in creating greater awareness of this service through our new dedicated website. By contrast, as with all gold jewellery retailers the high gold price meant that we had to navigate increased input costs in our jewellery retail income stream, but our strong value for money offer has led to an increase in jewellery retail gross profit of 18%.  \n   \n Our pawnbroking service is trusted by customers who need a small sum loan for a short period of time.  Following the launch of our new pawnbroking website in November 2024, in the second half of FY25 we saw increased demand for larger value loans.   This has led to the pawnbroking loan book growing 7% in the year.  Our foreign currency segment continues to make good progress with total foreign currency exchanged increasing against what was tough comparative period in FY24. \n   \n There is a strong culture within the Group to do the right thing for all of our stakeholders - from employees and shareholders, to customers and the communities in which we operate. By consistently acting with the highest moral ethics and living our values, the Ramsdens team continues to be engaged, motivated and look after our customers with great skill and care.  I would like to recognise the great job our people do and publicly thank each staff member for their ceaseless hard work and invaluable contribution to the Group's continued success. \n   \n In recognition of the Group's continued underlying progress during the year as well as the impact of the exceptional gold price on profits, the Board is recommending both an ordinary final dividend and a special dividend for approval at the forthcoming AGM.  The recommended ordinary final dividend is 9.0p (FY24: 7.6p) in line with our progressive dividend policy and the recommended final special dividend is 2.0p (FY24: nil).  Pending shareholder approval, the full year ordinary dividend of 13.5p (FY24: 11.2p) would represent an increase of 21% year on year.  Including the special dividends announced this year, the total dividend for FY25, if approved, would be 16.0p and represents a 43% increase on last year.  Subject to shareholder approval, both the final dividend and the special dividend are expected to be paid on 20 March 2026 for those shareholders on the register on 13 February 2026.  The ex-dividend date will be 12 February 2026.   \n   \n \n   \n FY25 FINANCIAL RESULTS & DIVIDEND HIGHLIGHTS: \n   \n \n \n \n \n £000's \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Revenue \n \n \n £116,804 \n \n \n £95,608 \n \n \n \n \n Gross profit \n \n \n £60,712 \n \n \n £51,533 \n \n \n \n \n Profit before tax \n \n \n £16,209 \n \n \n £11,362 \n \n \n \n \n Net assets \n \n \n £62,896 \n \n \n £53,606 \n \n \n \n \n Net cash* \n \n \n £6,948 \n \n \n £7,395 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic EPS \n \n \n 37.0p \n \n \n 26.1p \n \n \n \n \n Final ordinary dividend \n \n \n 9.0p \n \n \n 7.6p \n \n \n \n \n Special dividend \n \n \n 2.0p \n \n \n - \n \n \n \n \n Total ordinary dividend \n \n \n 13.5p \n \n \n 11.2p \n \n \n \n \n Total special dividend \n \n \n 2.5p \n \n \n - \n \n \n \n \n Total dividend \n \n \n 16.0p \n \n \n 11.2p \n \n \n \n \n *cash minus bank borrowings \n   \n LOOKING AHEAD \n The Group operates an increasingly multi-channel model across its four income streams. The Group benefits from a consistent and successful strategy which delivers dependable cash generation, a strengthening balance sheet, growing profitability, progressive dividend and shareholder returns. \n   \n A stable and very talented management team supported by exceptional colleagues and a robust team ethos throughout have built a strong platform, from which the Group continues to deliver on its strategic objectives in growing the business and generating shareholder returns. \n   \n This success also provides a rewarding career path and enjoyable working environment for its people, while giving back to contribute to the communities in which it operates.  The new financial year has started well, and we remain confident in meeting and delivering against our expectations for FY26. \n   \n I therefore remain confident that Ramsdens is well placed to continue its profitable growth in the years ahead. \n   \n Simon Herrick \n Non-Executive Chair \n 13 January 2026 \n   \n \n   \n CHIEF EXECUTIVE'S REVIEW \n   \n The Group has had another strong year delivering record profit before tax of £16.2m (FY24: £11.4m) and an increase in its net assets to £62.9m (FY24: £53.6m). The Group's performance continues to benefit from its diversified income streams which provide growth opportunities and resilience in most economic trading conditions. \n   \n We are pleased to report strong strategic progress across each area of our business during the year. The gold price experienced a sustained upward trajectory throughout FY25, which has benefitted profitability and demand in our purchase of precious metals segment, where gross profit increased 52% year on year and the weight of gold purchased increased by 14% year on year. \n   \n Our diversified model means that a higher gold price does also drive cost inflation within our retail jewellery segment. However, the Group has managed this and delivered growth in retail jewellery gross profit of 18%.  The pawnbroking segment delivered another solid performance with 9% growth in gross profit. In our foreign exchange income stream, while the total currency exchanged increased by 1%, the gross profit decreased marginally by 3%.  Our currency card continued to perform well, with more than 40,000 cards now in circulation and the launch of our in-house international money transfer service is now operational. \n   \n The Group's proven growth strategy remains unchanged.  We aim to continue to improve the performance and profitability of each of our existing stores and improve and develop income streams from our four dedicated core service websites.  Following a planned reduction in store openings in FY25, we are returning to opening new stores with plans of between eight and 12 openings in FY26, supporting our long-term growth strategy. \n   \n I am exceptionally proud of the Ramsdens team's dedication and commitment and wish to publicly thank them for their continued effort and recognise their contributions to our success. \n   \n BUSINESS REVIEW  \n The business has strong foundations which underpin the financial results being reported as well as the Group's consistent growth over recent years. \n   \n First and foremost, we have a strong customer-centric culture and ethos which enables the business to grow sustainably by doing the right thing.  Covered in more detail in the review of our pawnbroking segment below, our FY25 project to improve our customer support has been successfully implemented and further strengthens positive customer outcomes. This initiative has had a short-term cost, but it will pay off in the long term with more returning customers. \n   \n The Group purchased a second head office at the end of FY24 to facilitate our growing business.  The departments are now well established in their new offices with an improved working environment.  The objective of having the additional office capacity allowed the introduction of in-house jewellery repair capability together with more space to enable our jewellery retail operations to have greater capacity to process and refurbish more jewellery stock.  This enabled the Group to invest more into our jewellery stock to drive increased jewellery retail sales.  This plan is working with the volume of pre-owned jewellery sales increasing by 18% during the year. \n   \n We have an industry leading IT operating system bespoke to our needs.  This has been invested in over many years and continues to be developed by our in-house team of programmers.  This in-house capability has facilitated the launch of the international money transfer service and the integration of our new websites. \n   \n During the year we launched dedicated websites for pawnbroking and gold buying. Furthermore, we have transitioned our legacy website to be a signpost for our core services and an information point for visitors.  The pawnbroking website, www.ramsdenspawnbrokers.co.uk launched in November 2024. The gold buying website, www.ramsdensgoldbuying.co.uk launched in February 2025.  The legacy website, www.ramsdensforcash.co.uk was refreshed onto our new platform and re-launched in August 2025.  Additionally, during the year we progressed the re-platforming of our jewellery retail website which will re-launch in January 2026. \n   \n We intentionally temporarily slowed our store opening programme during the year, anticipating the potential for changes in the operating environment in both the October 2024 and November 2025 Government Budgets. During the year we opened two new stores in Grantham and Burton and, despite their infancy, both stores are already trading profitably.  During the year we also closed two stores, refurbished one store and relocated one store.  Our Teesside Airport kiosk closed, and we merged our two stores in Glasgow city centre.  We took the decision to close our Glasgow Argyle Street store, despite it being profitable, due to the deterioration of that location.  I am pleased to report that the combined store in Argyll Arcade is more profitable than the two separate stores as the majority of our customers from the closed store have seamlessly transitioned across.  Our Musselburgh store was refurbished to follow our traditional store model appearance.  This has proved a better environment for customers and staff plus we have seen a welcome increase in our jewellery retail from that store.  Our Elgin store had an enforced relocation due to the shopping centre closing its doors, but we are now re-open on the high street and have restored profitability. \n   \n We continue to have full confidence in the long-term profitable growth opportunities for our branch network, underpinned by diversified income streams and supplemented by a growing online presence.  As a result, we are now accelerating our store opening programme and expect to add eight to 12 new locations in FY26. \n   \n OUR DIVERSIFIED BUSINESS MODEL: PRODUCT OFFERING \n Ramsdens operates in the four core business segments of: jewellery retail; pawnbroking ; purchase of precious metals and foreign currency exchange. The performance of each of the Group's key income streams is set out in greater detail below.  \n   \n Jewellery Retail \n The Group manages its retail jewellery operations in three key categories; pre-owned jewellery, new jewellery and premium watches. The Board continues to believe there is significant growth potential in this segment by leveraging Ramsdens' retail store estate and ecommerce operations. \n   \n The retailing of new jewellery products complements the Group's pre-owned offering to give our customers greater choice in breadth of products and price points. In addition, new jewellery retailing enables the Group to attract customers who prefer not to buy pre-owned jewellery.  \n   \n \n \n \n \n 000's \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Revenue \n \n \n £42,564 \n \n \n £35,607 \n \n \n \n \n Gross profit \n \n \n £15,738 \n \n \n £13,293 \n \n \n \n \n Margin % \n \n \n 37% \n \n \n 37% \n \n \n \n \n Jewellery retail stock \n \n \n £32,037 \n \n \n £23,937 \n \n \n \n \n Online sales \n \n \n £8,190 \n \n \n £7,200 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage of sales online \n \n \n 19% \n \n \n 20% \n \n \n \n \n Percentage of Group gross profit \n \n \n 26% \n \n \n 26% \n \n \n \n \n   \n We are pleased with the progress we have made in the period with a 20% increase in revenue and 18% increase in gross profit, when considering the challenging economic conditions and increased cost inflation for this division during the year. \n   \n Pre-owned premium watch prices have been stable throughout FY25 and the momentum we had in H2 FY24 continued throughout FY25 with revenue from premium watch sales increasing by 13% and margins remaining consistent with the prior year.  The average premium watch transaction value has increased to £4,454 (FY24: £4,289) and premium watch sales represented c36% of our retail revenue. \n   \n The sustained increase in the gold price caused higher input prices far more than rates of inflation for new jewellery from wholesalers and manufacturers.  The Group's retail prices have been increased twice during the year to help absorb some of this cost inflation and revenue from new jewellery has increased by 10%.  The average transaction price has increased to £184 (FY24: £165) and is lower than pre-owned due to the range of new silver jewellery items sold. Margins have again remained consistent and new jewellery sales represent c26% of our retail revenue. \n   \n Revenue from pre-owned jewellery has increased by 35% and now accounts for c38% of all jewellery revenue, with transaction volumes increasing by 18%.  Over the year, the gross margin from pre-owned jewellery has remained consistent as prices have been adjusted in line with a rising gold price.  The average transaction value has increased to £410 (FY24: £354).  \n   \n Our online retail sales are only where goods are shipped direct to customers.  Customers who source online but transact in store are accounted for within our branch sales. In addition to being a profitable sales channel, the jewellery website also serves as a catalogue for our branches, assisting our staff with serving customers where stock choice in a branch may be limited. There are over 16,000 items available on the Ramsdens jewellery website. \n   \n Over 60% of online revenue is from premium watch sales.   \n   \n During the year we commenced a project to re-platform our retail jewellery website.  The new platform underpins our currency, pawnbroking and gold buying websites and is seen as more effective for digital advertising.  The opportunity has also been taken to re-write our search function logic, which will make finding the right jewellery item for our customers more efficient. \n   \n In relation to stock, during FY24 we concentrated on improving stock forecasting, making sure we have the right stock, in the right quantity, in the right location which resulted in FY24 stock levels being relatively flat on FY23.  Having undertaken this exercise, we have invested an additional £8m in our retail jewellery stock over the year.  Part of this increase is cost inflationary, some of it is additional stock being prepared for our increased programme of new store openings and part is simply more stock with a broader customer appeal for our stores and online offering.  The increase in stock has also contributed to our excellent retail results. \n   \n Ramsdens remains a value for money retailer across each of its key product areas. We believe there is an ongoing opportunity, both instore and online (especially with the new retail website), across our product categories, to further develop and grow our jewellery retail business.  \n   \n Pawnbroking \n Pawnbroking is a small subset of the consumer credit market in the UK and a simple form of asset backed lending which dates back to the foundations of banking.  In a pawnbroking transaction an item of value, known as a pledge, (in Ramsdens' case, jewellery and watches), is held by the pawnbroker as security against a six-month loan.  Customers who repay the capital sum borrowed plus interest receive their pledged item back. If a customer fails to repay 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. \n   \n If consumers have assets to pledge, pawnbroking can provide a short-term solution or give the customer time to put in place longer term financial arrangements.   Pawnbroking is simple to understand and is quick and easy to arrange.  The customer's debt is capped at the value of the goods pledged and therefore there are no further debt consequences should the customer be unable to repay the loan. Ramsdens works with its customers to try and ensure repayment where possible so the customer can borrow again should they need to. \n   \n \n \n \n \n 000's \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Gross profit \n \n \n £12,706 \n \n \n £11,657 \n \n \n \n \n Total loan book* (capital value) \n \n \n £11,406 \n \n \n £10,677 \n \n \n \n \n Past due (capital value) \n \n \n £858 \n \n \n £882 \n \n \n \n \n In date loan book* (capital value) \n \n \n £10,547 \n \n \n £9,794 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage of Group gross profit \n \n \n 21% \n \n \n 23% \n \n \n \n \n *excludes loans in the course of realisation \n   \n As a responsible lender, we have always sought to identify the needs of each individual customer.  The revenue generated is re-occurring in nature with approximately 90% of pawnbroking customers having used Ramsdens before.  With new customers we assess if they want their items back i.e. it is a loan they need or if they did not want their items back, the items are purchased as part of the weight purchased in our purchase of precious metals segment.  This philosophy has ensured we maintain a quality loan book and as a result the volume of loans repaid is consistent with long term averages. \n   \n We also understand that customer circumstances change and from time to time they may need assistance to repay their loans and get their jewellery back.  The initiative mentioned above involved a change in our IT system and staff training to slightly change the emphasis when a customer wanted more time to repay and wanted to enter into a new contract.  This change in emphasis has succeeded in that any customer wanting more time to pay, reduces their loan balance in 90% of all instances as well as paying the interest due.  In addition to this, the Group automatically reduces the customers interest rate once they borrow for more than 12 months.  These lower loan values at lower interest rates, reduces the interest generated. However, these two activities have seen the aged part of the loan book fall by almost 15% and helped more of our customers repay their loan. \n   \n The loan book is also very conservatively lent.  The Group has not increased its lending rates in line with the increased gold price.  The loan to value ratio on gold lending is less than 40% of the second-hand retail value and less than 60% of the gold price.  We have recently relaxed our loan to value rates to 66% of the gold price, which is still conservative, and should the customer wish to borrow more against their pledged items, this should provide an opportunity for the Group to grow its loan book into the future. \n   \n The average (mean) loan value as at 30 September 2025 was £381, up from £347 as at 30 September 2024, and this figure is £602 in our branches in London, Kent and Essex.  The demographics seen in the southern communities in which we operate allow for higher loan values with higher carats of gold jewellery offered as security for a loan. The median loan value for the Group was £200 as at 30 September 2025 (FY24: £187).  \n   \n The new pawnbroking website was launched in November 2024.  The website has three primary objectives; to be informative about pawnbroking with Ramsdens, to facilitate any customer with a pawnbroking loan making a part payment or repaying their loan when it suits them and a customer acquisition channel for new loans.  The website facilitates new leads with the intention of serving the customer local to them, primarily within a Ramsdens store, although a minority of customers send goods to Ramsdens to be valued and a loan issued electronically without the need to visit a store.  During the year our SEO and digital advertising strategy has evolved.  This has led to an increased number of higher value loans in H2 and we are confident that the website will continue to attract new customers to Ramsdens.  \n   \n Purchase of precious metals \n Through our precious metals buying and selling service, Ramsdens buys unwanted jewellery, gold and other precious metals from customers. Typically, a customer brings unwanted jewellery into a Ramsdens store and a price is agreed with the customer dependent upon the retail potential, weight or carat of the jewellery. Ramsdens has various second-hand dealer licences and other permissions and adheres to the Police approved \"gold standard\" for buying precious metals. \n   \n 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. If the items are not retailed, they are smelted and sold to a bullion dealer for their intrinsic value and the proceeds are reflected in the Group's accounts as precious metals buying income.    \n   \n \n \n \n \n 000's \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Revenue \n \n \n £44,995 \n \n \n £31,151 \n \n \n \n \n Gross profit \n \n \n £17,917 \n \n \n £11,822 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage of Group gross profit \n \n \n 29% \n \n \n 23% \n \n \n \n \n   \n The gold price has substantially increased over the financial year and early into FY26, achieving record levels in both US$ and Sterling.  This has led to a 52% increase in gross profit from this segment to £17.9m (FY24: £11.8m). \n   \n The success of this division is underpinned by the weight of gold purchased.  The weight purchased increased by approximately 14% on FY24.  The increase is attributable to; improved in store conversations promoting the service, additional digital advertising following the launch of the new website www.ramsdensgoldbuying.co.uk , and general media highlighting the increase in the value of gold. \n   \n Once the gold is purchased, the Group decides to either sell the gold for its intrinsic value or refurbish and retail the jewellery.  Typically, 80% of all weight purchased is sold for its intrinsic value and appears in this income segment. During Q4, more weight was selected for retailing as a result of having our in-house repair capability and processing capacity together with an energised new store opening programme. \n   \n The gold price at the year-end was £92.33 per gram rising from £65.25 at the start of the year - an increase of over 40%.  The slight uplift in gross margin is primarily attributable to a consistent monthly increase in the gold price and the time it takes from purchase to melt and through to sale, a process taking approximately four weeks. \n   \n Given the wider global political and economic situation, we believe the gold price will continue to remain high in the short to medium term (albeit we remain prudent with regard to our budgeting in this regard), supporting the Group's profitability from this segment. \n   \n Foreign Currency Exchange \n The foreign currency exchange (FX) segment primarily comprises the sale and purchase of foreign currency notes to holidaymakers but also includes the Ramsdens Mastercard® Multi-Currency Card. Our international money transfer service income is only reported under gross profit.  \n   \n \n \n \n \n \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Total currency exchanged \n \n \n £429m \n \n \n £423m \n \n \n \n \n Gross profit \n \n \n £13.8m \n \n \n £14.2m \n \n \n \n \n Online/app sales of FX \n \n \n £78.9m \n \n \n £59.6m \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage of online/app sales of FX \n \n \n 19% \n \n \n 15% \n \n \n \n \n Percentage of Group gross profit \n \n \n 23% \n \n \n 28% \n \n \n \n \n   \n Our anecdotal evidence is that there may be a slight reduction in holidaymakers travelling abroad and for slightly shorter holidays.  This accords with a slightly lower average cash transaction of £396 down 2% compared to £406 last year.  Our currency card customers exceeded 40,000 at the year-end, up significantly from 17,000 last year.  The total currency loaded onto the currency card also increased by 50% with the attrition rates of dormant cards in line with expectations.  There has been an increase in both click and collect and home delivery orders and values.  Card and online transactions have a lower margin than FX cash sold in stores, and it is this mix of the sell transactions, cash or card, instore or online, which resulted in sales commission falling by 1% despite the uplift in volume. \n   \n With respect to the purchase of currency from customers, observations from our customer trends suggest that they are spending most of their cash abroad and keeping leftover currency for another trip.  The purchased value of FX exchanged has reduced by 6% but commission is only 4% down due to a slightly better margin across the mix of currencies purchased.  \n   \n Cash remains a great and favoured way for many consumers to budget, especially on holiday and in 2024 it was reported that 52% of all transactions in the Eurozone were in cash.  We recognise the ease of card use and as the holidaying consumer habits slowly change we anticipate a continued complementary mix of card and cash being provided to customers. \n   \n Our international money transfer service is now available online, by telephone and in our stores giving the Group a broader offer for customers.  Having initially focused on the foundations of operational resiliency and strong governance, we are looking to scale this business over the next three years and beyond building on the strong Ramsdens brand for FX. \n   \n Other services \n In addition to the four core business segments, the Group also provides additional services in Western Union money transfer and receives franchise fees from its one remaining franchisee.  We have seen a steady decline in the volume of Western Union transactions in recent years, and we expect this slow decline to continue in the next financial period. \n   \n \n \n \n \n 000's \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Revenue \n \n \n £504 \n \n \n £563 \n \n \n \n \n Gross Profit \n \n \n £504 \n \n \n £563 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Percentage of Group gross profit \n \n \n 1% \n \n \n 1% \n \n \n \n \n   \n   \n STRATEGY \n The Board believes that its existing strategy remains the right one to grow our business and continue to deliver sustainable value for all our stakeholders.  \n   \n We continue to concentrate on: \n 1.   Improving the performance of the existing store estate \n 2.   Developing our online proposition \n 3.   Expanding the Ramsdens branch footprint in the UK \n 4.   Acquisition opportunities \n 5.   Focusing on sustainability through our ESG strategy \n \n 1.   Improving the performance of the existing store estate \n   \n The Group has an ethos of continuous improvement, and every store has an opportunity to grow sales and profitability further while all new and recently relocated stores will continue to mature and therefore have the potential for faster growth. \n Our people are our greatest asset and how they communicate with customers and help them in everyday life, be that; provide a solution for a short term cash need with a pawnbroking loan, turn that unwanted gold into cash, find that perfect jewellery gift for themselves or a loved one and provide foreign currency products to help them have a fabulous holiday, determines our success.  This is why ESG, our culture and looking after our people is the foundation on which we can grow the Group. \n   \n We invest heavily in staff training and communication.  By doing this, we can ensure that the customer experience is outstanding, as demonstrated by our excellent Trustpilot ratings.  We focus on the necessary product skills but also the customer conversation.  We recognise that we ask a lot from our people given our diversified income streams but are pleased to say that we continue to receive excellent feedback in our staff engagement surveys and have great staff retention when compared to the retail sector.  When staff are engaged, have more experience and better skills, customer interactions improve, leading to customer service improvements and ultimately increased store profitability.  \n   \n We have recently reviewed and reset our learning and development strategy for the next two years.  This will continue to enhance our people's skills to develop the business. \n   \n We recognise that the number of customers who use more than one Ramsdens service is still low and represents an opportunity to grow the business.  This continues to be under the spotlight of customer conversation training and customer communications.  Our improvements in our online offering will help with this journey capitalising on the cross-selling opportunity across our stores. \n   \n In addition, we continually aim to improve the performance of our key income streams: \n   \n Pawnbroking: \n \n ·      We will continue to build on the trust and high repeat customer volumes earned by providing a high-quality service and grow the customer base through word-of-mouth recommendations. \n ·      Our recently increased loan to value ratios, while still conservative, will enable customers, to borrow more, if they so wish, which should grow our loan books and in turn interest generation. \n ·      Our new website continues to establish itself, creating awareness of the pawnbroking service available at Ramsdens.  The website will also continue to focus on attracting higher value lending and the Group will use its experienced branch and area managers to offer a bespoke service.  \n ·      Our aim is to make Ramsdens the pawnbroker of choice in all towns in which we operate. We will achieve this by continuing to grow our reputation for giving customers a fair deal, continuing where required to reduce interest rates to support customers in financial difficulty to get their pledged goods back; offering longer term support and continuing to encourage sustainable repayment programmes improving the likelihood that loans will be repaid and the pledged jewellery being returned to the customer, and using our growing retail expertise to obtain the best price possible for their pledged items which may provide some unexpected money for our customers. \n   \n Jewellery retail: \n \n ·      Our stock investment across FY25 will lead to growing retail sales across FY26. \n ·      Our investment in a wider range of new jewellery products will assist FY26 results. \n ·      Improved focus on staff training on jewellery product and selling skills. \n ·      The benefits of the investment in the new head office, will continue to improve the Group's processing capacity and assist in improving the replenishment of each store's stock.  \n ·      In store, the re-platformed new jewellery retail website will bring improved search functionality which will assist branch staff to help the customers buy as they use the website as their stock catalogue.    \n ·      Where appropriate and when opportunities arise, we will relocate to higher footfall locations and improve the jewellery offer with larger window display areas.  \n   \n Purchase of precious metals: \n \n ·      We are continuing to increase awareness amongst our existing customer base, primarily foreign currency exchange customers, who are unaware of the service or the value held in damaged, unwanted or unworn jewellery.  \n ·      The dedicated gold buying website launched in February 2025 with digital advertising support starting in H2.  FY26 will benefit from a full year of this new website, with continued advertising investment.  This will help the Group attract and assist customers looking to sell their unwanted jewellery. \n  \n Foreign currency: \n \n ·      The three key drivers for foreign currency remain trust, convenience and price.  \n o  Trust - stock availability and transparent pricing continue to build trust among consumers.  \n o  Convenience - our stores are conveniently located in high footfall areas, on high streets and in shopping centres.  Customers can order online, receive their currency at home and we have the convenience of a multi-currency card. \n o  Price - our exchange rates are competitive online and in store and remain competitive as we can spread our operating expenses across more services.  \n ·      Our dedicated website, www.ramsdenscurrency.co.uk has driven an approximate 20% increase in the number of click and collect transactions in our stores.  While the average commission rate is lower online, the average transaction value is over 60% greater and when the customer calls in store it provides an opportunity to help with another service from Ramsdens.    \n ·      Our multi-currency travel card customer base has more than doubled in the year.  We are confident this will continue to increase as awareness of the offering grows and we expect that usage from existing customers will increase as they build confidence with the product. The card offers competitive exchange rates and the flexibility and ease of using the card as you travel using the accompanying app.  This allows the Group to capture more of our customer's holiday spend while abroad.  \n ·      The in-house International Money Transfer service launched in FY25 and will grow as the service is promoted, and branch staff gain further confidence in helping customers with an international payment need.  Our branch network is a differentiator to the online only service of the majority of the providers. \n \nLike many large employers, staff costs are the biggest overhead of the business.  The Group's entry level pay is the Real Living Wage (RLW) which increased from £12.00 to £12.60 from April 2025 and will increase a further 6.7% to £13.45 in April 2026.  The October 2024 Budget increased the rate of employer's national insurance contribution and lowered the threshold from which it is payable, from April 2025.  As a result of these factors, the Group's staff costs have and will continue to rise significantly ahead of the rate of inflation.  However, as stated, our people live and breathe the Ramsdens purpose and we are committed to ensuring that our staff not only remain productive but also feel valued and rewarded in their careers at Ramsdens.   \n   \n The Group is confident that it is well positioned to continue to make progress in the underlying profitability despite the increased costs.  \n   \n Our occupancy costs have been relatively stable during the year with fixed energy pricing through to February 2026. Overall, we have seen flat rents with a slight increase in business rates paid. \n   \n The increased cost burden on retailers in general and the potential for high street landscapes to deteriorate means that our focus remains on having a lease portfolio with flexibility with lease expiry and break dates.  However, we remain highly confident that our stores fulfil a very valuable role in communities, supported by offering four distinct propositions to customers, and their performance will continue to be complemented by a strong and continuously improving online proposition. \n   \n 2. Developing our online proposition \n   \n We see the development of our online capabilities as being complementary to our store estate and both will benefit from each other as the store estate expands and the websites generate increased brand recognition. \n   \n Jewellery retail website \n www.ramsdensjewellery.co.uk \n   \n Revenue from the online retail jewellery website increased by 14% to £8.2m (FY24: £7.2m) and contributes 19% of all jewellery revenue.  This performance excludes jewellery sales in branches, which use the in-store digital facility to access the website as a catalogue of stock of 2,000 premium pre-owned watches, 10,500 unique pre-owned jewellery items and 3,500 new jewellery items. \n   \n The website is continually reviewed for improvement.  Our search engine optimisation, pay per click return on investment and affiliate schemes are constantly reviewed to ensure a profitable return as opposed to seeking revenue growth.  Part of that review led to a major project to re-platform our jewellery website with the sole focus being an improved customer journey to help them research and buy that perfect jewellery item.  The new website is expected to go live in January 2026.  \n   \n The retail website revenue is still low when compared to other retail jewellery websites and therefore provides an opportunity for growth. \n   \n   \n Foreign currency website \n www.ramsdenscurrency.co.uk   \n   \n The currency website continues to grow.  Click and collect sales via the website increased by 22% in FY25 to £62.9m (FY24: £51.7m) and home delivery sales more than doubled to £3.9m (FY24: £1.8m).  The average transaction value is higher for click and collect than in store and increased by 3% in the year to £678 (FY24: £660).  The home delivery average transaction is higher still at £776 and this figure has remained consistent with the prior year.  Both services are offered at a lower margin than in store but the customer pays in advance, the transaction is captured and is similar in absolute profit given the higher average values. \n   \n The currency website includes the ability to order and reload the Ramsdens Mastercard® Multi-Currency Card launched in late 2023.  Online card sales are still only a small proportion of all card sales and we are working with Mastercard to improve the online buying journey.  \n \nThe currency website is also the conduit for attracting leads for International Money Transfers and the digital gateway to making a payment.     \n   \n Pawnbroking website \n www.ramsdenspawnbrokers.co.uk \n   \n The new pawnbroking website was launched in November 2024.  The website has three primary objectives; to be informative about pawnbroking with Ramsdens, to facilitate 24/7 access for any customer with a pawnbroking loan making a part payment or repaying their loan when it suits them and a customer acquisition channel for new loans.  \n   \n The website facilitates new leads with the intention of serving the customer local to them, primarily within a Ramsdens store, as opposed to a truly online offering where customers send goods to Ramsdens to be valued and a loan issued electronically.  \n   \n Digital advertising campaigns have been successful in H2, where the website generated an increased number of leads for higher value loans.  We are confident that the website will continue to attract new customers to Ramsdens.  \n   \n Gold buying website \n www.ramsdensgoldbuying.co.uk \n   \n This new website is dedicated to gold buying and launched in February 2025.  \n   \n The primary focus of the website is to acquire customers to visit their local Ramsdens store.  Where the customer is not local to a Ramsdens store, the Group facilitates the transaction by enabling the customer to securely post their unwanted gold in a pack issued by the centralised Ramsdens team.  \n   \n The advertising and SEO strategies continue to evolve in these early months.  However, we can see that 80% of all visitors to the website use the branch locator to find their local Ramsdens store.  While we cannot track these website visitors to an instore transaction, branch feedback is that the website continues to make a growing impact.  We are confident that the website will continue to attract new customers to Ramsdens.  \n   \n Legacy website \n www.ramsdensforcash.co.uk \n   \n The ramsdensforcash.co.uk website domain authority has been retained and the website refreshed to become a portal to the above four individual websites for our key income streams as well as providing background information to who we are and what we do. \n \n 3.   Expanding the Ramsdens branch footprint in the UK \n   \n The Group ended the financial year with a portfolio of 169 stores offering the same services in small towns and larger cities.  While the proportion attributed to each key income stream differs across the estate, the sum of the parts is that all mature stores are profitable and immature stores will grow their income streams and in turn, increase profitability.  \n   \n This tried and tested operating model can be replicated in new locations and allows for leveraging off the centralised costs of the head office support services.  \n   \n There are c.350 towns and cities with a population of 30,000 or more in the UK.  We believe that there are significant opportunities to grow the store footprint over coming years given we have proven, successful stores in towns with a population of less than 15,000 where we have successfully established a community of returning customers. \n   \n A typical new store is an investment of approximately £0.5m, split equally into the store design and appearance and working capital assets such as jewellery and cash.  We will continue to open new stores on a geographic rippling basis to leverage our existing operational strength and capacity. \n   \n During the year, we opened two new stores in Grantham and Burton.  Although not yet a year old, both stores are already trading profitably.  Following the year end, a new store was opened in Wakefield and four stores are in, or about to start their, shop fit in Abergavenny, Hull, Newark and Hereford.  In addition to these five new locations, we have a further seven locations progressing towards lease completion for opening in 2026. \n   \n We also have a strong pipeline of researched towns we are planning to expand into, where we are awaiting the right unit to become available.  Units in towns are carefully identified by considering footfall and adjacent retailer quality.  \n   \n The challenge continues to be the state of some high streets and shopping centres with temporary lets and voids.  We continue to hope for a full reform of the non-domestic rates system which may encourage more retailers to open stores and recreate vibrant high streets. Nevertheless, we have full confidence in our store model and expect to open at least eight stores per financial year moving forward. \n   \n 4.         Acquisition opportunities \n   \n The Group has a successful track record of acquiring one new business per year in recent years.  Any potential acquisition must be considered against the alternative of opening a new store using our successful branch model. \n   \n We continue to have discussions with pawnbrokers and jewellers about acquiring their stores but currently nothing of a size that will materially move the business forward. Barriers to completing deals at this time are the low return on capital generated by our competitors, the investment required in the store appearances, generally too much old legacy stock and the high gold price benefitting the industry. \n The Group acquired one small pawnbroker in Sheerness after the year end. This was a retirement sale for the owners, and the branch team has been retained. \n   \n We have and will continue to consider vertical integration as and when the right opportunity at the right price materialises. \n   \n 5.         Focusing on sustainability through our ESG strategy \n   \n We know that our long-term strategic aims will only be delivered if we have good sustainable practices built on firm foundations. \n   \n Our foundations are: \n ·      Environment - we are very conscious of the impact of our activities on the environment and our aim is to minimise our energy use and recycle where we can. \n ·      Social - our people.  How we look after our people, their well-being, our inclusiveness and creating opportunities for all staff to learn, develop and progress their careers is critical in how we then serve and help our customers. \n ·      Social - our communities in which we operate.  How we look after customers, suppliers and the wider community, including supporting local charitable organisations helps define our business.  \n ·      Governance - we are committed to having the highest standards of governance throughout the business.  We have a strong structure of oversight of what we do and how we do it, utilising our market leading in-house bespoke software to provide the necessary controls and reporting. \n   \n   \n OUTLOOK \n We continue to concentrate on the longer-term fundamentals to grow our business by helping and retaining our existing customer base while attracting new customers: \n ·      Our pawnbroking book is conservatively lent and has a strong repeat and loyal customer base.  \n ·      We have been a strong purchaser of precious metals for many years.  Prices paid to customers are adjusted as the gold price moves and while the high gold price is encouraging customers to sell now, the growing awareness of the service should lead to higher weights being purchased. \n ·      Our jewellery retail operations continue to gain traction with our strong value for money offer.  In addition, we have opportunities to enhance this growth notably through our new dedicated customer website.  Should the gold price fall significantly, we do not envisage retail prices falling across the sector.  \n ·      Our foreign currency cash service is under a little pressure as the holidaying consumer habits slowly change but we have now embedded the Ramsdens Mastercard® Multi-Currency Card into our customer offer to gain part of the customer's spend while abroad.  This and our online growth has led to an increase in the total currency we have exchanged so we are confident that we have a strong offer for consumers.  As costs increase for one service bureaux de change operators our competitive pricing will be a greater differentiator.  While the international money transfer service is still in its infancy we have hopes to materially grow this service. \n ·      Lastly, we have always controlled our overheads but at the same time we pay our staff the Real Living Wage as a minimum and incentivise them to earn bonuses through their efforts to help us grow our business.  We feel this is important as we are a people-based business. \n   \n The gold price is extraordinarily high in the Board's opinion and while several forecasters predict further upside, we do not expect this high gold price to last forever, and accordingly we budget prudently.  The average gold price in FY25 was £75.52 per gram.  The average gold price for Q1 FY26 was £98.90 per gram. Given the gold price has been higher at the start of FY26, we believe the Group will continue to benefit from additional gold buying profits in the short term. \n   \n All the above means the Group is well positioned for the year ahead. We will build on the continuous improvement culture we have and will always strive to do the right thing for the long term good of the Group's stakeholders. \n   \n We enjoy multiple investment opportunities as a result of our strong cash generation and have a tried and tested growth strategy. Having regard to the momentum being seen across the Group, the Board remains confident in its ability to meet and deliver against its expectations for FY26. Overall, the Board is optimistic that Ramsdens is well placed to continue to make progress across all its core income streams. \n   \n   \n Peter Kenyon \n Chief Executive Officer \n 13 January 2026 \n   \n \n \n   \n FINANCIAL DIRECTOR'S REVIEW \n   \n FINANCIAL RESULTS \n   \n For the year ended 30 September 2025, the Group increased revenue by 22% to £116.8m (FY24: £95.6m), exceeding the £100m mark for the first time. Gross profit increased by 18% to £60.7m (FY24: £51.5m). \n   \n The Group's administrative expenses increased by 12% to £43.6m (FY24: £39.1m), reflecting an increase in staff costs of 16%, from increases to the Real Living Wage, variable pay and the changes to the employer's national insurance rate and threshold.  Finance costs have reduced by 20% to £0.9m (FY24: £1.1m) mainly due to lower interest base rates throughout the year and lower average borrowing on the RCF facility. Finance costs associated with property leases were broadly in line with the prior year. \n   \n Profit before tax increased to £16.2m (FY24: £11.4m) as the Group continued to benefit from its diversified business model and investment in its key services. \n   \n The Group's cash position remains strong with £6.9m net cash at the year-end (FY24: £7.4m).  Investments have been made in jewellery stock and the growth of the pawnbroking loan book to support the Group's increased profitability. \n   \n The table below shows the headline financial results:  \n   \n \n \n \n \n £000's \n \n \n FY25 \n \n \n FY24 \n \n \n \n \n Revenue \n \n \n £116,804 \n \n \n £95,608 \n \n \n \n \n Gross profit \n \n \n £60,712 \n \n \n £51,533 \n \n \n \n \n Profit before tax \n \n \n £16,209 \n \n \n £11,362 \n \n \n \n \n Net assets \n \n \n £62,896 \n \n \n £53,606 \n \n \n \n \n Net cash* \n \n \n £6,948 \n \n \n £7,395 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic EPS \n \n \n 37.0p \n \n \n 26.1p \n \n \n \n \n *Cash less bank borrowings \n   \n \n \n \n \n Final ordinary dividend \n \n \n 9.0p \n \n \n 7.6p \n \n \n \n \n Special dividend \n \n \n 2.0p \n \n \n - \n \n \n \n \n Total ordinary dividend \n \n \n 13.5p \n \n \n 11.2p \n \n \n \n \n Total special dividend \n \n \n 2.5p \n \n \n - \n \n \n \n \n Total dividend \n \n \n 16.0p \n \n \n 11.2p \n \n \n \n \n   \n   \n EARNINGS PER SHARE AND DIVIDEND \n The statutory basic earnings per share for FY25 was 37.0p, up from 26.1p in the previous year.  \n   \n The Board is recommending a final dividend of 11.0p in respect of FY25 (FY24: 7.6p) comprising a final ordinary dividend of 9.0p and a special dividend of 2.0p due to the additional profits from the purchase of precious metals supported by the high gold price during the year.  Subject to approval at the AGM, the final dividend is expected to be paid on 20 March 2026 for those shareholders on the register on 13 February 2026.  The ex-dividend date will be 12 February 2026.  This would bring the total dividend for FY25 to 16.0p (FY24: 11.2p).  This dividend is in line with the Board's progressive dividend policy reflecting the cash flow generation and earnings potential of the Group.  \n   \n This dividend represents a 43% pay-out ratio of FY25 basic EPS (FY24: 43%). The long-term dividend strategy is to move towards approximately 50% of post-tax profits being distributed subject to the financial performance and growth opportunities. \n   \n FINANCIAL POSITION \n At 30 September 2025, cash and cash equivalents amounted to £15.4m (FY24: £15.8m) and the Group had net assets of £62.9m (FY24: £53.6m). \n   \n CAPITAL EXPENDITURE \n During the reporting period, the Group invested in the store estate by opening two new stores, one major store refurbishment and relocating one store. Capital expenditure for the year was £0.9m (FY24: £2.6m) and acquisitions were nil (FY24: £0.6m).   \n   \n CASH FLOW \n Working capital outflows in the year include a £10.1m increase in inventories and growth of the pawnbroking loan book which has resulted in trade and other receivables increasing by £1.8m.  Trade and other payables increased by £2.9m.  The net cash flow from operating activities for the year was £6.1m (FY24: £11.9m). \n   \n During the year the Group transitioned to earlier quarterly tax payments due to increased profitability and this has therefore had a one-off impact into the FY25 cashflow with extra payments made during the year. \n   \n Net cash at the year-end was £6.9m (FY24: £7.4m). \n   \n The Group has a £15m revolving credit facility (RCF) with Bank of Scotland PLC expiring in March 2029.  The facility has three covenants: flexible cash cover to the amount drawn, a cash and jewellery stock cover in relation to amount drawn, and gross borrowings ratio in relation to EBITDA.  As at 30 September 2025, this facility was £8.5m drawn to support the currency cash held. The cash position and headroom on the bank facility provide the Group with the funds required to continue to deliver its current stated strategy. \n   \n TAXATION \n The tax charge for the year was £4.3m (FY24: £3.1m) representing an effective rate of 27% (FY24: 27%). A full reconciliation of the tax charge is shown in note 10 of the financial statements. \n   \n SHARE BASED PAYMENTS \n The share-based payment expense in the year was £513,000 (FY24: £504,000). This charge relates to the Long-Term Incentive Plans (LTIP) and Company Share Option Plans (CSOP).  Both schemes are discretionary share incentive schemes through which the Remuneration Committee can grant options to purchase ordinary shares.  The shares under option in the LTIP scheme can be purchased at a nominal 1p cost to Executive Directors and other senior management, subject to certain performance and vesting conditions.  The shares under option in the CSOP scheme can be purchased at their issue prices of 230.0p and 205.0p. \n   \n During the year, the LTIP award from 2022 met the performance criteria and 297,900 share options vested.  \n   \n GOING CONCERN \n The Board has conducted an extensive review of forecast earnings and cash over the next 12 months, considering various scenarios and sensitivities given the ongoing economic challenges and has concluded that it has adequate resources to continue in business for the foreseeable future.  For this reason, the Board has been able to conclude the going concern basis is appropriate in preparing the financial statements. \n   \n   \n Martin Clyburn \n Chief Financial Officer \n 13 January 2026 \n   \n \n \n   \n \n \n \n \n Consolidated Statement of Comprehensive Income \n \n \n   \n \n \n \n \n \n \n \n For the year ended 30 September 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n   \n \n \n Notes \n \n \n   \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Revenue \n \n \n 5 \n \n \n \n \n \n 116,804 \n \n \n 95,608 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Expected credit loss charges \n \n \n 14 \n \n \n \n \n \n (1,364) \n \n \n (1,751) \n \n \n \n \n Other cost of sales \n \n \n \n \n \n \n \n \n (54,728) \n \n \n (42,324) \n \n \n \n \n Total cost of sales \n \n \n 5 \n \n \n \n \n \n (56,092) \n \n \n (44,075) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Gross profit \n \n \n 5 \n \n \n   \n \n \n 60,712 \n \n \n 51,533 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Administrative expenses \n \n \n \n \n \n \n \n \n (43,621) \n \n \n (39,068) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Operating profit \n \n \n   \n \n \n   \n \n \n 17,091 \n \n \n 12,465 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Finance costs \n \n \n 6 \n \n \n \n \n \n (882) \n \n \n (1,103) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before tax \n \n \n   \n \n \n   \n \n \n 16,209 \n \n \n 11,362 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Income tax expense \n \n \n 10 \n \n \n \n \n \n (4,315) \n \n \n (3,065) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit for the year \n \n \n   \n \n \n   \n \n \n 11,894 \n \n \n 8,297 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Other comprehensive income \n \n \n   \n \n \n \n \n \n - \n \n \n - \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Total comprehensive income \n \n \n   \n \n \n   \n \n \n 11,894 \n \n \n 8,297 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Basic earnings per share in pence \n \n \n 8 \n \n \n \n \n \n 37.0 \n \n \n 26.1 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Diluted earnings per share in pence \n \n \n 8 \n \n \n \n \n \n 36.0 \n \n \n 25.7 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n   \n \n \n \n \n   \n Consolidated Statement of Financial Position \n \n \n   \n \n \n \n \n \n \n \n \n   \n \n \n \n \n As at 30 September 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n   \n \n \n Notes \n \n \n \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n   \n \n \n \n \n Non-current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Property, plant and equipment \n \n \n 11 \n \n \n \n \n \n \n \n \n 7,813 \n \n \n 8,853 \n \n \n   \n \n \n \n \n Right-of-use assets \n \n \n 11 \n \n \n \n \n \n \n \n \n 8,931 \n \n \n 10,066 \n \n \n   \n \n \n \n \n Intangible assets \n \n \n 12 \n \n \n \n \n \n \n \n \n 773 \n \n \n 903 \n \n \n   \n \n \n \n \n Investments \n \n \n 13 \n \n \n \n \n \n \n \n \n - \n \n \n - \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 17,517 \n \n \n 19,822 \n \n \n   \n \n \n \n \n Current assets \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Inventories \n \n \n 15 \n \n \n \n \n \n \n \n \n 39,749 \n \n \n 29,649 \n \n \n   \n \n \n \n \n Trade and other receivables \n \n \n 16 \n \n \n \n \n \n \n \n \n 18,224 \n \n \n 16,432 \n \n \n   \n \n \n \n \n Cash and cash equivalents \n \n \n 17 \n \n \n \n \n \n \n \n \n 15,361 \n \n \n 15,782 \n \n \n   \n \n \n \n \n Income tax receivable \n \n \n \n \n \n \n \n \n \n \n \n 100 \n \n \n - \n \n \n   \n \n \n \n \n Deferred tax asset \n \n \n \n \n \n \n \n \n \n \n \n 143 \n \n \n - \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 73,577 \n \n \n 61,863 \n \n \n   \n \n \n \n \n Total assets \n \n \n   \n \n \n \n \n \n \n \n \n 91,094 \n \n \n 81,685 \n \n \n   \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Current liabilities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Trade and other payables \n \n \n 18 \n \n \n \n \n \n \n \n \n 10,035 \n \n \n 7,225 \n \n \n   \n \n \n \n \n Interest bearing loans and borrowings \n \n \n 18 \n \n \n \n \n \n \n \n \n 8,413 \n \n \n 8,387 \n \n \n   \n \n \n \n \n Lease liabilities \n \n \n 18 \n \n \n \n \n \n \n \n \n 2,443 \n \n \n 2,350 \n \n \n   \n \n \n \n \n Income tax payable \n \n \n 18 \n \n \n \n \n \n \n \n \n - \n \n \n 1,731 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 20,891 \n \n \n 19,693 \n \n \n   \n \n \n \n \n Net current assets \n \n \n   \n \n \n \n \n \n \n \n \n 52,686 \n \n \n 42,170 \n \n \n   \n \n \n \n \n   \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Non-current liabilities \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Lease liabilities \n \n \n 19 \n \n \n \n \n \n \n \n \n 6,192 \n \n \n 7,328 \n \n \n   \n \n \n \n \n Deferred tax liabilities \n \n \n    19 \n \n \n \n \n \n \n \n \n - \n \n \n 158 \n \n \n   \n \n \n \n \n Provisions \n \n \n 21 \n \n \n \n \n \n \n \n \n 1,115 \n \n \n 900 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 7,307 \n \n \n 8,386 \n \n \n   \n \n \n \n \n Total liabilities \n \n \n   \n \n \n \n \n \n \n \n \n 28,198 \n \n \n 28,079 \n \n \n   \n \n \n \n \n Net assets \n \n \n   \n \n \n \n \n \n \n \n \n 62,896 \n \n \n 53,606 \n \n \n   \n \n \n \n \n Equity \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Issued capital \n \n \n 22 \n \n \n \n \n \n \n \n \n 324 \n \n \n 319 \n \n \n   \n \n \n \n \n Share premium \n \n \n \n \n \n \n \n \n \n \n \n 4,892 \n \n \n 4,892 \n \n \n   \n \n \n \n \n Retained earnings \n \n \n \n \n \n \n \n \n \n \n \n 57,680 \n \n \n 48,395 \n \n \n   \n \n \n \n \n Total equity \n \n \n   \n \n \n \n \n \n \n \n \n 62,896 \n \n \n 53,606 \n \n \n   \n \n \n \n \n The financial statements of Ramsdens Holdings PLC, registered number 08811656, were approved by the directors and authorised for issue on 13 January 2026 and signed on their behalf by: \n \n \n   \n \n \n \n \n M A Clyburn \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Chief Financial Officer \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n \n \n Consolidated Statement of Changes in Equity \n \n \n   \n \n \n \n \n \n \n \n For the year ended 30 September 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n Issued capital \n \n \n Share premium \n \n \n Retained earnings \n \n \n Total \n \n \n \n \n   \n \n \n Notes \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 1 October 2023 \n \n \n \n \n \n 317 \n \n \n 4,892 \n \n \n 42,958 \n \n \n 48,167 \n \n \n \n \n Profit for the year \n \n \n \n \n \n - \n \n \n - \n \n \n 8,297 \n \n \n 8,297 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n 8,297 \n \n \n 8,297 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Transactions with owners: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends paid \n \n \n 23 \n \n \n - \n \n \n - \n \n \n (3,298) \n \n \n (3,298) \n \n \n \n \n Issue of share capital \n \n \n 22 \n \n \n 2 \n \n \n - \n \n \n - \n \n \n 2 \n \n \n \n \n Share based payments \n \n \n 26 \n \n \n - \n \n \n - \n \n \n 504 \n \n \n 504 \n \n \n \n \n Deferred tax on share based payments \n \n \n \n \n \n - \n \n \n - \n \n \n (66) \n \n \n (66) \n \n \n \n \n Total transactions with owners \n \n \n \n \n \n 2 \n \n \n - \n \n \n (2,860) \n \n \n (2,858) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 30 September 2024 \n \n \n \n \n \n 319 \n \n \n 4,892 \n \n \n 48,395 \n \n \n 53,606 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 1 October 2024 \n \n \n \n \n \n 319 \n \n \n 4,892 \n \n \n 48,395 \n \n \n 53,606 \n \n \n \n \n Profit for the year \n \n \n \n \n \n - \n \n \n - \n \n \n 11,894 \n \n \n 11,894 \n \n \n \n \n Total comprehensive income \n \n \n \n \n \n - \n \n \n - \n \n \n 11,894 \n \n \n 11,894 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Transactions with owners: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Dividends paid \n \n \n 23 \n \n \n - \n \n \n - \n \n \n (3,584) \n \n \n (3,584) \n \n \n \n \n Issue of share capital \n \n \n 22 \n \n \n 5 \n \n \n - \n \n \n - \n \n \n 5 \n \n \n \n \n Share based payments \n \n \n 26 \n \n \n - \n \n \n - \n \n \n 513 \n \n \n 513 \n \n \n \n \n Deferred tax on share based payments \n \n \n \n \n \n - \n \n \n - \n \n \n 462 \n \n \n 462 \n \n \n \n \n Total transactions with owners \n \n \n \n \n \n 5 \n \n \n - \n \n \n (2,609) \n \n \n (2,604) \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n As at 30 September 2025 \n \n \n \n \n \n 324 \n \n \n 4,892 \n \n \n 57,680 \n \n \n 62,896 \n \n \n \n \n   \n   \n \n \n   \n \n \n \n \n Consolidated Statement of Cash Flows \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n For the year ended 30 September 2025 \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2025 \n \n \n 2024 \n \n \n \n \n Operating activities \n \n \n Notes \n \n \n \n \n \n £'000 \n \n \n £'000 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Profit before tax \n \n \n \n \n \n \n \n \n 16,209 \n \n \n 11,362 \n \n \n \n \n Adjustments to reconcile profit before tax to net cash flows: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Depreciation and impairment of property, plant \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n and equipment \n \n \n 11 \n \n \n \n \n \n 1,900 \n \n \n 1,644 \n \n \n \n \n Depreciation and impairment of right-of-use assets \n \n \n 11 \n \n \n \n \n \n 2,135 \n \n \n 2,270 \n \n \n \n \n Profit on disposal of right-of-use assets \n \n \n 7 \n \n \n \n \n \n (5) \n \n \n (48) \n \n \n \n \n Amortisation and impairment of intangible assets \n \n \n 12 \n \n \n \n \n \n 130 \n \n \n 141 \n \n \n \n \n Loss on disposal of property, plant and equipment \n \n \n 7 \n \n \n \n \n \n 54 \n \n \n 49 \n \n \n \n \n Share based payments \n \n \n 26 \n \n \n \n \n \n 513 \n \n \n 504 \n \n \n \n \n Finance costs \n \n \n 6 \n \n \n \n \n \n 882 \n \n \n 1,103 \n \n \n \n \n Working capital adjustments: \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Movement in trade and other receivables and prepayments \n \n \n \n \n \n \n \n \n (1,766) \n \n \n (889) \n \n \n \n \n Movement in inventories \n \n \n \n \n \n \n \n \n (10,100) \n \n \n (1,925) \n \n \n \n \n Movement in trade and other payables \n \n \n \n \n \n \n \n \n 2,883 \n \n \n 870 \n \n \n \n \n Movement in provisions \n \n \n 21 \n \n \n \n \n \n 215 \n \n \n 563 \n \n \n \n \n \n \n \n \n \n \n \n \n \n 13,050 \n \n \n 15,644 \n \n \n \n \n Interest paid \n \n \n \n \n \n \n \n \n (882) \n \n \n (1,199) \n \n \n \n \n Income tax paid \n \n \n \n \n \n \n \n \n (6,058) \n \n \n (2,565) \n \n \n \n \n Net cash flows from operating activities \n \n \n   \n \n \n   \n \n \n 6,110 \n \n \n 11,880 \n \n \n \n \n Investing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Proceeds from sale of property, plant and equipment \n \n \n \n \n \n \n \n \n 9 \n \n \n - \n \n \n \n \n Purchase of property, plant and equipment \n \n \n 11 \n \n \n \n \n \n (923) \n \n \n (2,576) \n \n \n \n \n Payment for acquisition \n \n \n \n \n \n \n \n \n - \n \n \n (631) \n \n \n \n \n Net cash flows used in investing activities \n \n \n   \n \n \n   \n \n \n (914) \n \n \n (3,207) \n \n \n \n \n Financing activities \n \n \n   \n \n \n \n \n \n \n \n \n \n \n \n \n \n Issue of share capital \n \n \n 22 \n \n \n \n \n \n 5 \n \n \n 2 \n \n \n \n \n Dividends paid \n \n \n 23 \n \n \n \n \n \n (3,584) \n \n \n (3,298) \n \n \n \n \n Payment of principal portion of lease liabilities \n \n \n 20 \n \n \n \n \n \n (2,038) \n \n \n (3,117) \n \n \n \n \n Increase in bank borrowings \n \n \n 20 \n \n \n \n \n \n - \n \n \n 500 \n \n \n \n \n Net cash flows used in financing activities \n \n \n   \n \n \n   \n \n \n (5,617) \n \n \n (5,913) \n \n \n \n \n Net (decrease) / increase in cash and cash equivalents \n \n \n   \n \n \n   \n \n \n (421) \n \n \n 2,760 \n \n \n \n \n Cash and cash equivalents at 1 October \n \n \n \n \n \n \n \n \n 15,782 \n \n \n 13,022 \n \n \n \n \n Cash and cash equivalents at 30 September \n \n \n 17 \n \n \n   \n \n \n 15,361 \n \n \n 15,782 \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n   \n   \n   \n   \n   \n   \n   \n Notes to the consolidated financial statements \n   \n 1. Corporate information \n Ramsdens Holdings PLC (the \"Company\") is a public limited company incorporated and domiciled in England and Wales. The registered office of the Company is 16 Falcon Court, Preston Farm Industrial Estate, Stockton-On-Tees, TS18 3TS. The registered company number is 08811656. A list of the Company's subsidiaries is presented in note 13. \n   \n The principal activities of the Company and its subsidiaries (the \"Group\") are the supply of foreign exchange services, pawnbroking, jewellery sales, and the sale of precious metals purchased from the general public. \n   \n 2. Changes in accounting policies and presentation \n   \n There are no changes to accounting policies in the current year.  There are no known future changes in accounting standards which are expected to materially impact the Group's profit, cash flows or position. \n   \n 3. Significant accounting policies \n   \n 3.1 Basis of preparation \n The consolidated financial statements of the Group have been prepared in accordance with UK adopted international accounting standards. \n   \n The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are presented in pounds sterling which is the functional currency of the parent and presentational currency of the Group. All values are rounded to the nearest thousand (£000), except when otherwise indicated. \n   \n The financial information set out herein does not constitute the Group's statutory accounts for the year ended 30 September 2025 or the year ended 30 September 2024 within the meaning of sections 434 of the Companies Act 2006, but is derived from those accounts. The audited accounts for the year ended 30 September 2025 will be posted to all shareholders in due course and will be available on the Group's website. The auditors have reported on those accounts and expressed an unmodified audit opinion which did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. \n   \n The financial information for the year ended 30 September 2024 is derived from the statutory accounts for that year, which have been delivered to the Registrar of Companies. The auditors have reported on those accounts and expressed an unmodified audit opinion which did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. \n   \n 3.2 Basis of consolidation \n The consolidated financial statements incorporate the financial statements of the Company and all of its subsidiary undertakings (as detailed above). The financial information of all Group companies is adjusted, where necessary, to ensure the use of consistent accounting policies.  In line with IFRS10, an investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. \n   \n 3.3 Going concern \n The Group has prepared the financial statements on a going concern basis, with due consideration to the present economic situation. \n   \n The Board have conducted an extensive review of forecast earnings and cash for the period to 31 January 2027 considering various scenarios and sensitivities given the ongoing uncertainty around the future economic environment. \n   \n At 30 September 2025 the Group has significant cash balances of £15.4m, readily realisable stock of gold jewellery and access to the £6.5m unutilised element of a £15m revolving credit facility with an expiry date of March 2029. In the year ended 30 September 2025 the Group has traded profitably and generated cash from operations. \n   \n The Board have been able to conclude that they have a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the Group continues to adopt the going concern basis in preparing the financial statements. The going concern assessment covers the period to 31 January 2027. \n   \n 3.4 Business combinations and goodwill \n Business combinations are accounted for using the acquisition method. The consideration transferred in the acquisition is measured at fair value, as are the identifiable assets acquired and liabilities incurred. Acquisition related costs are expensed as incurred and included in administrative expenses. \n   \n Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred over the fair value of the identifiable assets acquired and liabilities assumed. If the fair value of the net assets acquired is in excess of the aggregate consideration transferred, the Group re-assesses whether it has correctly identified all of the assets acquired and all of the liabilities assumed and reviews the procedures used to measure the amounts to be recognised at the acquisition date. If the reassessment still results in an excess of the fair value of net assets acquired over the aggregate consideration transferred, then the gain is recognised in the Statement of Comprehensive Income as a gain on bargain purchase. \n   \n After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group's cash generating units (CGU) that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. \n   \n 3.5 Intangible assets \n Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired in a business combination is their fair value as at the date of acquisition. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets, excluding capitalised development costs, are not capitalised and expenditure is recognised in the Statement of Comprehensive Income when it is incurred. \n   \n The useful lives of intangible assets are assessed as either finite or indefinite and at each date of the Statement of Financial Position only goodwill assets are accorded an indefinite life. \n   \n Intangible assets with finite lives are amortised over their useful economic lives and assessed for impairment whenever there is an indication that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each reporting period. \n   \n \n \n \n \n Amortisation is calculated over the estimated useful lives of the assets as follows: \n \n \n \n \n •      Customer relationships - 40% reducing balance \n \n \n \n \n •      Software - 20% straight line \n \n \n \n \n   \n Changes in the expected useful life or the expected pattern of consumption of future economic benefits embodied in the asset are accounted for by changing the amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on intangible assets with finite lives is recognised in the Statement of Comprehensive Income in the expense category consistent with the function of the intangible assets. \n   \n 3.6 Property, plant and equipment  \n Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses (if any).  All other repair and maintenance costs are recognised in the Statement of Comprehensive Income as incurred. \n   \n \n \n   \n \n \n \n \n Depreciation is calculated over the estimated useful lives of the assets as follows: \n \n \n \n \n ·      Freehold property - 2% straight line \n ·      Leasehold improvements - straight line over the lease term \n \n \n \n \n ·      Fixtures & fittings - 20% and 33% reducing balance \n \n \n \n \n ·      Computer equipment - 25% and 33% reducing balance \n \n \n \n \n ·      Moto r vehicles - 25% reducing balance \n \n \n \n \n \n \n \n \n \n An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the Statement of Comprehensive Income when the asset is derecognised. \n   \n The residual values, useful lives and methods of depreciation of property, plant and equipment are reviewed at each financial year end and adjusted prospectively, if appropriate. \n   \n 3.7   Impairment of non-financial assets \n The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset's recoverable amount. An asset's recoverable amount is the higher of an asset's or CGU's fair value less costs of disposal and its value in use. It is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. \n   \n In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. \n   \n The Group bases its impairment calculation on detailed budgets and forecasts which are prepared separately for each of the Group's CGUs to which the individual assets are allocated, which is usually taken to be each individual branch store and the jewellery retail website, based on the independence of cash inflows. Central costs and assets are allocated to CGUs based on income. These budgets and forecast calculations are estimated for three years and extrapolated to cover a total period of ten years.   \n   \n Impairment losses of continuing operations are recognised in the Statement of Comprehensive Income in those expense categories consistent with the function of the impaired asset. \n   \n For assets excluding goodwill, an assessment is made at each reporting date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the Group estimates the recoverable amount of the asset or CGU. A previously recognised impairment loss is reversed only if there has been a change in the assumptions used to determine the asset's recoverable amount since the last impairment loss was recognised. \n   \n The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation or amortisation, had no impairment loss been recognised for the asset in prior years. Such reversal is recognised in the Statement of Comprehensive Income unless the asset is carried at a revalued amount, in which case the reversal is treated as a revaluation increase. \n   \n Goodwill \n Goodwill is tested for impairment at the end of each accounting period and when circumstances indicate that the carrying value may be impaired. \n   \n Impairment is determined for goodwill by assessing the recoverable amount of each CGU to which the goodwill relates. Where the recoverable amount of the cash-generating unit is less than their carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. Goodwill is allocated to CGUs based on the price paid of the relevant acquisition. \n   \n 3.8 Inventories \n Inventories comprise of retail jewellery and precious metals held to be scrapped and are valued at the lower of cost and net realisable value. \n   \n Cost represents the weighted average purchase price plus overheads directly related to bringing the inventory to its present location and condition. \n   \n When the Group takes title to pledged goods on default of pawnbroking loans up to the value of £75, cost represents the principal amount of the loan plus term interest. \n   \n Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and estimated costs to sell. \n   \n 3.9 Financial instruments \n A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. \n   \n Financial assets \n Financial assets are all recognised and derecognised on a trade date basis. All recognised financial assets are measured and subsequently measured at amortised cost or fair value depending on the classification of the financial asset. \n   \n Classification of financial assets \n Financial assets that meet the following criteria are measured at amortised cost: \n ·      the financial asset is held within the business model whose objective is to hold financial assets in order to collect contractual cash flows; and \n ·      the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. \n   \n In accordance with IFRS 9 Financial Instruments the Group has classified its financial assets as amortised cost. \n   \n The amortised cost of a financial asset is the amount at which the financial asset is measured at initial recognition less the principal repayments, plus the cumulative amortisation using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. The gross carrying amount of a financial asset is the amortised cost of a financial asset before adjusting for any loss allowance. \n   \n Cash and cash equivalents \n Cash and cash equivalents in the Statement of Financial Position comprise cash at banks and on hand, foreign currency held for resale and short-term deposits held with banks with a maturity of three months or less from inception. Debit / credit card receipts processed by merchant service providers are recognised as cash at point of transaction. Foreign currency bank notes are ordered for next day delivery and are recognised once the control of these has been transferred, which is usually on receipt. \n   \n For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash, foreign currency held for resale and short-term deposits as defined above, net of any outstanding bank overdrafts. \n   \n \n \n   \n Impairment of financial assets \n The Group recognises a loss allowance for expected credit losses on financial assets that are measured at amortised cost. The amount of credit losses is updated at each reporting date to reflect changes in credit risk since initial recognition of the respective financial instrument. \n   \n The Group recognises lifetime expected credit losses when there has been a significant increase in credit risk since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial recognition, the Group recognises the 12 month expected credit losses. As pawnbroking loans are typically over a six-month term the lifetime credit losses are usually the same as the 12 month expected credit losses. \n   \n In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Group compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Group considers both quantitative and qualitative information that is reasonable and supportable including historical experience. \n   \n The measurement of expected credit losses is a function of the probability of default, and the loss (if any) on default. The assessment of the probability of default is based on historical data. The loss on default is based on the assets gross carrying amount less any realisable security held. The expected credit loss calculation considers both the interest income and the capital element of the pawnbroking loans. Interest on loans in default is accrued net of expected credit losses.  Details of the key assumptions for pawnbroking expected credit losses are given in note 4.  \n   \n Derecognition \n The Group derecognises a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset to another entity. On derecognition of a financial asset measured at amortised cost, the difference between the assets carrying amount and the sum of the consideration received and receivable is recognised in the Statement of Comprehensive Income.  Pawnbroking loans in the course of realisation continue to be recognised as loan receivables until the pledged items are realised. \n   \n Financial liabilities \n Debt and equity instruments are classified as either financial liabilities or equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and equity instrument. \n   \n All financial liabilities are recognised initially at amortised cost or at fair value through profit and loss (FVTPL). \n   \n The Group's financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and derivative financial instruments. \n   \n After initial recognition, interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method (EIR). Gains and losses are recognised in the Statement of Comprehensive Income when the liabilities are derecognised as well as through the (EIR) amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance costs in the Statement of Comprehensive Income. \n   \n Given interest bearing loans and borrowings are short-term with a typical maturity period of three months or less, individual drawdowns and repayments are presented on a net basis through the Consolidated Statement of Cash Flows. \n   \n Only the Group's derivative financial instruments are classified as financial liabilities at fair value through profit or loss unless an exemption for use applies. \n   \n Financial liabilities at fair value through profit or loss are stated at fair value, with any resultant gain or loss recognised in the Statement of Comprehensive Income. The net gain or loss recognised in the Statement of Comprehensive Income incorporates any interest p...

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