Ramsdens Holdings PLC (GB:RFX)
LSE:RFX
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Ramsdens Holdings
(LSE:RFX)
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Rating:75Outperform
Price Target:
664.00 p
▲(71.58% Upside)
Action:Reiterated
Date:06/04/26
Overall score is driven by solid financial performance with strong growth but inconsistent cash conversion, and strong technical momentum despite overextended indicators. Reasonable valuation and positive FY26 guidance provide additional support, while gold-price sensitivity and cost pressures remain notable risks.
Positive Factors
Sustained revenue and profit growth
The business has scaled materially: multi-year revenue expansion and a step-up in profits demonstrate a repeatable, customer-driven model. Consistent top-line growth and improved PBT/PAT support reinvestment, store rollout and higher ROE, making earnings growth more durable over the medium term.
Negative Factors
Volatile cash conversion
Cash generation has been inconsistent despite accounting profits; FCF declined materially in 2025 and operating cash was only ~60% of net income in 2024. This variability constrains organic funding for store roll‑out and stock investment and raises reliance on liquidity buffers when earnings dip.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue and profit growth
The business has scaled materially: multi-year revenue expansion and a step-up in profits demonstrate a repeatable, customer-driven model. Consistent top-line growth and improved PBT/PAT support reinvestment, store rollout and higher ROE, making earnings growth more durable over the medium term.
Read all positive factors
Ramsdens Holdings (RFX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£190.90M
Dividend Yield3%
Average Volume (3M)99.61K
Price to Earnings (P/E)9.7
Beta (1Y)0.50
Revenue Growth43.98%
EPS Growth97.22%
CountryUK
Employees827
SectorConsumer Cyclical
Sector Strength84
IndustryConglomerates
Share Statistics
EPS (TTM)0.61
Shares Outstanding32,355,780
10 Day Avg. Volume135,152
30 Day Avg. Volume99,610
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.92
Price to Sales (P/S)1.03
P/FCF Ratio23.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)0.63
Revenue Forecast (FY)£156.10M
Ramsdens Holdings Business Overview & Revenue Model
Company Description
Ramsdens Holdings PLC operates as a provider of diverse financial and retail services, serving customers in the United Kingdom and globally. Its business operations are structured into four key areas: foreign exchange, pawnbroking, trading in prec...
How the Company Makes Money
Ramsdens makes money through a mix of service fees, trading margins, and interest income generated across its store network. A core revenue stream is foreign exchange, where the company earns income from the spread between the rates at which it bu...
Ramsdens Holdings Earnings Call Summary
Earnings Call Date:Jan 14, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jan 19, 2027
Earnings Call Sentiment Positive
The call presented a strongly positive operational and financial performance for FY25 driven by record revenue (>GBP 100m), PBT up 43% to GBP 16.2m, robust retail and gold-buying growth, a healthy balance sheet (net assets GBP 62.9m, cash c. GBP 15m, ROE ~20%) and clear FY26 guidance to exceed GBP 18m PBT alongside plans to open 8–12 new stores. Key risks highlighted include pronounced sensitivity to gold price movements, margin pressure in the currency business due to channel mix shifts, and higher operating costs (wages and NI). Overall, the positives from strong growth, cash generation and clear guidance outweigh the listed risks, though the company remains exposed to commodity and high‑street volatility.Positive Updates
Record Revenue and Profit
Revenue exceeded GBP 100m for the first time (revenue +22% YoY). Profit before tax (PBT) was GBP 16.2m, up 43% from GBP 11.4m last year. Profit after tax was GBP 11.9m (basic EPS 37p). Dividend increased 43% to 16p total (including a 2.5p special).
Negative Updates
Earnings Sensitivity to Gold Price Volatility
Management acknowledged a significant portion of FY25 upside was gold-driven and emphasised volatility risk. They structured a 2.5p special dividend reflecting the windfall; future earnings could contract if gold prices fall materially.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Revenue and Profit
Revenue exceeded GBP 100m for the first time (revenue +22% YoY). Profit before tax (PBT) was GBP 16.2m, up 43% from GBP 11.4m last year. Profit after tax was GBP 11.9m (basic EPS 37p). Dividend increased 43% to 16p total (including a 2.5p special).
Read all positive updates
Company Guidance
Management guided that FY26 PBT will exceed £18.0m and trading has started strongly in Q1 (gold‑buying profit in Q1 +50%); they plan to open 8–12 stores this year (c. £0.5m cash per new store: ~£225k sunk CapEx + £275k working capital) and will only proceed where they can deliver ≥20% return on capital, with four stores slated to open by early March. FY25 metrics reiterated: revenue >£100m (+22%), PBT £16.2m (+43%), PAT £11.9m (EPS 37p), net assets £62.9m, cash £15m (incl. ~£9m FX), ROE 20%; segment highlights include gold‑buying revenue +44% (volumes +14%; 9ct avg price £21→£28, +34%), retail +20% (gross margin 37%, £8m stock investment; pre‑owned +35%, watches +13%, online retail +14%), pawnbroking loan book £11.4m (Dec £12.8m, loan book +7%), currency cards 40,000, currency revenue +1% (avg transaction -2%, gross profit -3%), finance costs -20%, and a 16p dividend (including 2.5p special; ~43% payout).Ramsdens Holdings Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
56
Neutral
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 148.94M | 116.80M | 95.61M | 83.81M | 66.10M | 40.68M |
| Gross Profit | 62.77M | 53.75M | 51.53M | 45.76M | 34.53M | 18.79M |
| EBITDA | 33.13M | 21.61M | 16.52M | 14.68M | 12.78M | 3.02M |
| Net Income | 19.73M | 11.89M | 8.30M | 7.76M | 6.59M | 366.00K |
Balance Sheet | ||||||
| Total Assets | 101.55M | 91.09M | 81.69M | 74.28M | 68.32M | 52.72M |
| Cash, Cash Equivalents and Short-Term Investments | 12.76M | 15.36M | 15.78M | 13.02M | 15.28M | 13.03M |
| Total Debt | 18.88M | 17.05M | 18.07M | 18.11M | 16.40M | 8.60M |
| Total Liabilities | 31.38M | 28.20M | 28.08M | 26.11M | 26.47M | 16.57M |
| Stockholders Equity | 70.17M | 62.90M | 53.61M | 48.17M | 41.84M | 36.14M |
Cash Flow | ||||||
| Free Cash Flow | 2.81M | 5.19M | 9.30M | 561.00K | 92.00K | -553.00K |
| Operating Cash Flow | 4.20M | 6.11M | 11.88M | 3.28M | 2.94M | 1.08M |
| Investing Cash Flow | -1.44M | -914.00K | -3.21M | -3.00M | -3.75M | -1.63M |
| Financing Cash Flow | -266.00K | -5.62M | -5.91M | -2.53M | 3.06M | -2.30M |
Ramsdens Holdings Technical Analysis
Positive
387.00
Price Trends
442.79
Positive
416.03
Positive
387.34
Positive
Market Momentum
36.20
Negative
79.01
Negative
93.70
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GB:RFX, the sentiment is Positive. The current price of 387 is below the 20-day moving average (MA) of 484.30, below the 50-day MA of 442.79, and below the 200-day MA of 387.34, indicating a bullish trend. The MACD of 36.20 indicates Negative momentum. The RSI at 79.01 is Negative, neither overbought nor oversold. The STOCH value of 93.70 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GB:RFX.
Ramsdens Holdings Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | £190.90M | 9.67 | 29.66% | 3.00% | 43.98% | 97.22% | |
68 Neutral | £37.71M | 9.68 | 8.41% | 11.65% | -3.78% | -43.43% | |
67 Neutral | £242.70M | 22.19 | 9.96% | 3.78% | 1.57% | -70.10% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | £105.61M | 17.02 | 5.20% | 5.24% | 11.23% | -59.12% | |
51 Neutral | £210.63M | -0.39 | 125.82% | ― | 1.56% | -185.45% | |
46 Neutral | £99.57M | 18.87 | 22.27% | 1.48% | 8.14% | 81.96% |
* Consumer Cyclical Sector Average
GB:RFX
Ramsdens Holdings
590.00
284.59
93.18%
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Ramsdens Holdings Corporate Events
Private Placements and FinancingRegulatory Filings and Compliance
Ramsdens issues new shares after senior managers exercise options
Neutral
Jun 25, 2026
Ramsdens Holdings has confirmed the exercise of 309,000 share options under its 2023 Long Term Incentive Plan and Company Share Option Plan, following the vesting of 344,000 LTIP and 135,000 CSOP options in April 2026. Three senior managers exerci...
Business Operations and StrategyDividendsFinancial Disclosures
Ramsdens lifts profit guidance after record first-half gold-driven surge
Positive
Jun 3, 2026
Ramsdens reported a record first-half performance for the six months to 31 March 2026, with revenue up 62% to £83.7m and profit before tax surging 173% to £16.7m, surpassing its full-year FY25 earnings. The results were driven by excepti...
Business Operations and StrategyFinancial Disclosures
Ramsdens lifts FY26 profit guidance as gold boom and lending demand fuel growth
Positive
May 6, 2026
Ramsdens Holdings has upgraded its profit expectations for the year to 30 September 2026 after a strong first half, with profit before tax now forecast at a minimum of £28.5m and potentially up to £31.5m, significantly ahead of prior mar...
Business Operations and StrategyExecutive/Board Changes
Ramsdens rolls out new LTIP to align senior pay with shareholder returns
Positive
Apr 7, 2026
Ramsdens Holdings has adopted its latest long-term incentive plan, LTIP 9, designed to reward management for performance over the three financial years to September 2028. The scheme grants options over 1p ordinary shares to five senior executives,...
Other
Ramsdens PDMR Mark Smith Increases Stake with AIM Share Purchase
Positive
Apr 7, 2026
Ramsdens Holdings has disclosed that Mark Smith, a person discharging managerial responsibilities at the company, purchased 2,739 ordinary shares at 370p each on 7 April 2026, taking his total holding to 39,063 shares. The transaction, executed on...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.