Ramsdens Holdings PLC (GB:RFX)
LSE:RFX
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Ramsdens Holdings
(LSE:RFX)
Select Model
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Rating:74Outperform
Price Target:
437.00 p
▲(12.92% Upside)
Action:UpgradedDate:01/26/26
The score is driven primarily by solid financial performance (strong growth and improved profitability) but tempered by inconsistent cash conversion and FCF volatility. Technicals support the rating with a strong uptrend, though overbought indicators raise pullback risk. Valuation appears reasonable with a modest dividend, and the earnings call added support via upbeat FY26 guidance while acknowledging gold- and cost-related risks.
Positive Factors
Sustained revenue and profit recovery
Multi-year top-line expansion and a material profit recovery demonstrate scalable demand across Ramsdens' services. Consistent revenue growth to >£100m and a 43% PBT uplift in FY25 show the business model can translate volume gains into sustained operating leverage and improved profitability.
Negative Factors
Volatile cash generation and FCF decline
Earnings have not consistently converted to cash: operating cash flow was ~60% of net income in 2024 and FCF fell sharply in 2025. Persistent cash conversion variability undermines reinvestment capacity, raises sensitivity to working capital swings, and complicates reliable funding of store rollouts.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained revenue and profit recovery
Multi-year top-line expansion and a material profit recovery demonstrate scalable demand across Ramsdens' services. Consistent revenue growth to >£100m and a 43% PBT uplift in FY25 show the business model can translate volume gains into sustained operating leverage and improved profitability.
Read all positive factors
Ramsdens Holdings (RFX) vs. iShares MSCI United Kingdom ETF (EWC)
Market Cap
£126.19M
Dividend Yield3%
Average Volume (3M)99.61K
Price to Earnings (P/E)10.1
Beta (1Y)0.33
Revenue Growth16.79%
EPS Growth26.31%
CountryUK
Employees827
SectorConsumer Cyclical
Sector Strength84
IndustryConglomerates
Share Statistics
EPS (TTM)0.23
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)0.47
Revenue Forecast (FY)£135.50M
Ramsdens Holdings Business Overview & Revenue Model
Company Description
Ramsdens Holdings PLC provides various financial services in the United Kingdom and internationally. It operates through four segments: Foreign Currency Exchange, Pawnbroking, Purchase of Precious Metals, and Jewellery Retail. The company engages ...
How the Company Makes Money
Ramsdens makes money primarily through multiple retail-led income streams across its store estate and online platforms: (1) Foreign currency exchange: it earns revenue from the spread/margin between the rates at which it buys and sells banknotes a...
Ramsdens Holdings Earnings Call Summary
Earnings Call Date:Jan 14, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 10, 2026
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 | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 116.80M | 95.61M | 83.81M | 66.10M | 40.68M |
| Gross Profit | 53.75M | 51.53M | 45.76M | 34.53M | 18.79M |
| EBITDA | 21.61M | 16.52M | 14.68M | 12.78M | 3.02M |
| Net Income | 11.89M | 8.30M | 7.76M | 6.59M | 366.00K |
Balance Sheet | |||||
| Total Assets | 91.09M | 81.69M | 74.28M | 68.32M | 52.72M |
| Cash, Cash Equivalents and Short-Term Investments | 15.36M | 15.78M | 13.02M | 15.28M | 13.03M |
| Total Debt | 17.05M | 18.07M | 18.11M | 16.40M | 8.60M |
| Total Liabilities | 28.20M | 28.08M | 26.11M | 26.47M | 16.57M |
| Stockholders Equity | 62.90M | 53.61M | 48.17M | 41.84M | 36.14M |
Cash Flow | |||||
| Free Cash Flow | 5.19M | 9.30M | 561.00K | 92.00K | -553.00K |
| Operating Cash Flow | 6.11M | 11.88M | 3.28M | 2.94M | 1.08M |
| Investing Cash Flow | -914.00K | -3.21M | -3.00M | -3.75M | -1.63M |
| Financing Cash Flow | -5.62M | -5.91M | -2.53M | 3.06M | -2.30M |
Ramsdens Holdings Technical Analysis
Positive
387.00
Price Trends
392.13
Negative
378.70
Positive
354.75
Positive
Market Momentum
-7.32
Negative
55.05
Neutral
72.69
Neutral
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 above the 20-day moving average (MA) of 366.15, below the 50-day MA of 392.13, and above the 200-day MA of 354.75, indicating a neutral trend. The MACD of -7.32 indicates Negative momentum. The RSI at 55.05 is Neutral, neither overbought nor oversold. The STOCH value of 72.69 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
74 Outperform | £126.19M | 10.13 | 20.23% | 3.00% | 16.79% | 26.31% | |
68 Neutral | £38.05M | 6.55 | 8.41% | 11.65% | -3.45% | -44.02% | |
65 Neutral | £215.83M | 33.44 | 9.96% | 3.78% | 3.22% | -71.97% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
55 Neutral | £108.30M | 18.07 | 5.20% | 5.24% | 6.97% | -18.59% | |
55 Neutral | £107.10M | 12.59 | 17.19% | 1.48% | 20.64% | ― | |
41 Neutral | £139.16M | -1.51 | 74.03% | ― | 5.26% | 32.20% |
* Consumer Cyclical Sector Average
GB:RFX
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390.00
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76.28%
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Ramsdens Holdings Corporate Events
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...
Business Operations and StrategyFinancial Disclosures
Ramsdens lifts profit outlook as high gold price and record lending drive growth
Positive
Mar 18, 2026
Ramsdens Holdings, the UK-based diversified financial services and retail group specialising in foreign currency, pawnbroking, precious metals trading and jewellery, reported strong trading across its core businesses in the first five months of it...
Business Operations and StrategyShareholder Meetings
Ramsdens Wins Strong Shareholder Backing as All AGM Resolutions Pass
Positive
Mar 9, 2026
Ramsdens Holdings reported that all resolutions put to shareholders at its 9 March 2026 Annual General Meeting were duly passed, reflecting strong investor support across the agenda. The voting results showed high approval percentages for each res...
Business Operations and StrategyFinancial Disclosures
Ramsdens lifts FY26 profit forecast on record gold prices and expansion
Positive
Feb 10, 2026
Ramsdens Holdings has upgraded its profit outlook for the year to 30 September 2026, now expecting pre-tax profit of more than £21m compared with £16.2m last year and above prior market forecasts. The outperformance is being driven prima...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and ComplianceShareholder Meetings
Ramsdens Publishes 2025 Annual Report and Sets Date for 2026 AGM
Positive
Jan 23, 2026
Ramsdens Holdings has published its annual report and accounts for the year ended 30 September 2025, along with the notice of its 2026 Annual General Meeting, which will be held on 9 March 2026 at the company’s Stockton-on-Tees premises, and...
Business Operations and StrategyDividendsFinancial Disclosures
Ramsdens Delivers Record Year as High Gold Price and Diversified Model Drive Profits Past £16m
Positive
Jan 14, 2026
Ramsdens reported another record year for the 12 months to 30 September 2025, with revenue up 22% to £116.8m and profit before tax jumping 43% to £16.2m, driven by strong contributions across all four divisions and a sustained high gold ...
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.