REG - Ramsdens Holdings - Interim Results - six months ended 31 March 2024
05/06/2024 07:00
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RNS Number : 1247R Ramsdens Holdings PLC 05 June 2024
5 June 2024
Ramsdens Holdings PLC
("Ramsdens", the "Group", the "Company")
Interim Results for the six months ended 31 March 2024
Continued growth highlights the strength of the Group's diversified model
Ramsdens, the diversified financial services provider and retailer, is pleased
to announce its Interim Results for the six months ended 31 March 2024 (the
"Period").
Financial Highlights
· Continued growth across all key income streams resulted in Profit
Before Tax increasing by 8% to £4.0m (HY23: £3.7m).
· Gross revenue increased by 12% to £43.8m (HY23: £39.0m).
· Jewellery retail revenue increased by 1% to £17.5m (HY23: £17.3m)
with retail gross profit increasing by 6% to £6.7m (HY23: £6.3m) due to
product mix benefits.
· Pawnbroking loan book at the Period end increased by 12% to £10.8m
(HY23: £9.7m).
· Foreign currency gross profit increased by 3% to £5.0m (HY23:
£4.9m).
· Gross profit from the purchase of precious metals increased by 25% to
£5.0m (HY23: £4.0m).
· Net Assets increased by £4.8m to £47.8m (HY23: £43.0m).
· The Board has approved a 9% increase in the interim dividend to 3.6
pence per share (HY23: 3.3 pence per share) reflecting the Group's positive
trading momentum and the Board's confidence in the outlook.
Operational Highlights
· Five new stores opened in the Period in Poole, Romford, Burnley,
Blackburn and Cardiff.
· In addition, the Group acquired a franchised store in Bury in March
2024.
· The total store estate at the Period end comprised 167 stores,
including one franchised store (HY23: 160 stores including two franchised
stores).
Current trading and outlook
· H2 FY24 trading to date is in line with the Board's expectations,
with continued positive performances across the Group's diversified income
streams.
· A new store opened in Telford in May with three additional new stores
expected to open in the remaining months of FY24.
· A dedicated pawnbroking website will launch in Summer 2024, followed
by a dedicated gold buying website. Both websites will strengthen the Group's
e-commerce proposition by creating a more seamless online customer experience.
Financial results for the six months ended 31 March 2024
6 months ended 31 March 2024 (unaudited) 6 months ended 31 March 2023 (unaudited) 12 months ended 30 September 2023
(audited)
Gross Revenue £43.8m £39.0m £83.8m
Gross Profit £22.5m £20.5m £45.8m
Profit before tax £4.0m £3.7m £10.1m
Net Assets £47.8m £43.0m £48.2m
Basic EPS 9.0p 8.9p 24.5p
Dividend Interim 3.6p Interim 3.3p Full year 10.4p
Peter Kenyon, Chief Executive, commented:
"We are very pleased with the Group's good further progress during the first
half of FY24 which once again demonstrates the strength of Ramsdens'
diversified business model. As a result, and reflecting our confidence in the
outlook, we are pleased to announce a 9% increase in the interim dividend.
We are continuing to invest in our long-term growth including opening
carefully selected new stores, investing in our exceptional team, and further
developing our customer proposition. This includes our new service-specific
websites that will launch in the second half as well as the recently launched
pre-paid travel card. These investments are ensuring that we continue to
provide the best possible service to our growing customer base irrespective of
which Ramsdens service they choose and through which channel they come to us.
Underpinned by our proven diversified business model, trusted brand and market
leading team, the Board remains highly confident that Ramsdens is well
positioned to further grow our profitability in FY24 and beyond, continue to
deliver on our progressive dividend policy, and, ultimately, create value for
all stakeholders."
ENDS
Enquiries:
Ramsdens Holdings PLC
Tel:
+44 (0) 1642 579957
Peter Kenyon, CEO
Martin Clyburn, CFO
Liberum Capital Limited (Nominated Adviser) Tel: +44 (0) 20 3100 2000
Richard Lindley
William King
Hudson Sandler (Financial PR)
Tel: +44 (0) 20 7796
4133
Alex Brennan
Lucy Wollam-Coles
Emily Brooker
About Ramsdens
Ramsdens is a growing, diversified, financial services provider and retailer,
operating in the four core business segments of foreign currency exchange,
pawnbroking loans, precious metals buying and selling and retailing of second
hand and new jewellery.
Ramsdens does not offer unsecured high-cost short term credit.
Headquartered in Middlesbrough, the Group operates from 168 stores within the
UK (including one franchised store) and has a growing online presence.
Ramsdens is fully FCA authorised for its pawnbroking and credit broking
activities.
www.ramsdensplc.com
(file:///C%3A/Users/alex/Dropbox%20(Hudson%20Sandler)/Clients/Ramsdens/Releases/Drafts/www.ramsdensplc.com)
www.ramsdensforcash.co.uk (http://www.ramsdensforcash.co.uk)
www.ramsdensjewellery.co.uk (http://www.ramsdensjewellery.co.uk)
www.ramsdenscurrency.co.uk
CHIEF EXECUTIVE'S REPORT
This interim report covers the six months ended 31 March 2024 (the "Period").
Trading during the Period was strong and in line with the Board's expectations
as Ramsdens continues to benefit from its diversified business model. As a
result, and reflecting the Board's continued confidence in the outlook, the
Board is pleased to increase the interim dividend by 9% year on year.
Following the strong growth in profitability over the past two years, the
Board is confident that FY24 will see further incremental profitable growth.
This is despite the continued investments we are making to support our
long-term growth plans as well as higher payroll costs when compared to the
prior year reflecting higher staff numbers and the continued adoption of the
Real Living Wage as our entry level pay, which increased by 10% in May 2024.
All stores opened prior to FY23 are trading profitably over the last 12 months
and the two standalone websites, www.ramsdensjewellery.co.uk
(http://www.ramsdensjewellery.co.uk) and www.ramsdenscurrency.co.uk
(http://www.ramsdenscurrency.co.uk) are contributing positively as direct
routes to market continue to grow and support in store volumes. The new stores
opened from FY23 onwards are performing well with growing income streams and
above average pawnbroking loan books.
The Board remains highly confident in the Group's continued growth prospects.
The four pillars of the Group's focused growth strategy are as follows:
1) Improving the performance of the existing store estate
2) Expanding the Ramsdens store footprint in the UK
3) Developing the online proposition
4) Appraising attractive acquisition opportunities.
The Board is pleased with the Group's performance against each of these
strategic pillars and looks forward to making further progress during the
second half of the year.
FINANCIAL REVIEW
The Group reported an 8% increase in Profit Before Tax to £4.0m (HY23:
£3.7m). Gross revenue increased by 12% to £43.8m (HY23: £39.0m).
Administration expenses increased by 9% to £18.1m (HY23: £16.5m) primarily
as a result of the increase in the store estate, increased staff costs
reflecting greater staff numbers, as well as a pay review, which saw the Group
re-base its entry level salaries in line with the increase to the Real Living
Wage.
Basic EPS increased to 9.0p (HY23: 8.9p), however it was impacted by the
higher corporation tax rate in the Period.
The Group's balance sheet remains strong, with net assets of £47.8m (HY23:
£43.0m). The Group's main assets are cash (including foreign currency),
pawnbroking loans secured on gold jewellery and watches, and retail jewellery
stock.
The net cash position (cash less bank borrowings) reduced by £1.2m in the
Period to £3.8m (FY23: £5.0m) following investments in new stores, ongoing
growth of the pawnbroking loan book and payment of both the interim and final
dividends for FY23.
Capital expenditure in the Period totalled £1.4m (HY23: £1.5m) primarily
reflecting the cost of opening five stores. In March 2024, the Group acquired
its Bury franchise store for cash consideration of £0.6m.
During the Period, the Group secured a £15m revolving credit facility with
Bank of Scotland PLC expiring in March 2029, replacing the Virgin Money £10m
facility on more favourable terms. The Group had drawn £10m of this facility
at the end of the Period to support foreign currency stock increases with peak
Easter trading falling prior to the Period end.
Reflecting the Group's positive trading and the Board's continued confidence
in the outlook, the Board is pleased to announce an interim dividend of 3.6
pence per share (HY23: 3.3 pence per share), an increase of 9%. The dividend
will be payable on 7 October 2024 to those shareholders on the register on 6
September 2024. The ex-dividend date will be 5 September 2024.
REVIEW
Foreign Currency Exchange
The foreign currency exchange (FX) segment primarily comprises the sale and
purchase of foreign currency notes to holidaymakers. Ramsdens also offers
international bank-to-bank payments through a third-party arrangement and
launched the Ramsdens Mastercard® multi-currency card in September 2023.
HY24 HY23 YOY
Total currency exchanged £142.3m £134m 6%
Gross profit £5.0m £4.9m 3%
Online C&C orders £15.1m £12.7m 19%
% of online FX 11% 9%
Segment as a % of total gross profit 22% 24%
Average sales transaction value (ATV) £398 £414
Total currency exchanged has increased by 6%. Within this, sales of foreign
currency increased by 7% and purchases of foreign currency reduced by 9%.
Sales of foreign currency are at a lower margin than purchases which resulted
in overall commission growing by 3%.
The Board is encouraged by the growth in sales of currency as this
demonstrates that people continue to travel with holiday cash, in part to
support their budgeting. The reduction in purchases of currency back from
customers is symptomatic of high inflation and people increasingly spending
all the cash they travel with. The reduction in sales ATV is expected
reflecting these macro challenges as well as the successful launch of our
pre-paid travel card in September 2023, which typically carries a lower ATV.
In the Period more than 5,000 customers loaded their travel card with the
flexible benefit that they can top up whilst abroad to meet their spending
needs. The ATV reduced to £398, still 10% higher than the pre pandemic level
of £362 for this out of season period.
The Group relaunched a home delivery service in April 2024 in response to
customer demand. This service has a marginally lower profit per transaction
given the high logistical costs for secure postage, however it helps attract
new customers to the Group.
Pawnbroking
Pawnbroking is a small subset of the consumer credit market in the UK and a
simple form of asset backed lending dating back to the foundations of banking.
In a pawnbroking transaction an item of value, known as a pledge, (in
Ramsdens' case, 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.
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. It also benefits from there being no further debt consequences should
the customer be unable to repay the loan when due, although Ramsdens works
with its customers to try and ensure repayment where possible so the customer
is able to borrow again should they need to.
000's HY24 HY23 YOY
Gross profit £5,573 £4,827 15%
Total loan book £10,788 £9,665 12%
Past due £1,210 £724 67%
In date loan book £9,578 £8,941 7%
Segment as a % of total gross profit 25% 24%
Mean loan value £346 £314 10%
Median loan value £180 £170 6%
The disclosed pawnbroking loan book (above) represents the capital amount
borrowed and is of good quality. The increase in the value of past due loans
is impacted by one customer with high value lending which had expired at the
Period end. Our loan to value ratios are conservative and currently average
less than 60% of the intrinsic value of the pledged items.
The median loan value across the Group is £180. It is £250 across our
branches in the South of England reflecting a greater mix of gold carats
offered in pledge in those locations.
While there are inflationary cost pressures within the business, we have not
increased our interest rates, as others have within the industry, and are
instead prioritising supporting customers with a competitive offer.
With restrictions in the availability of other forms of small sum credit, and
the continued squeeze on household incomes with higher bills, we believe that
demand for small sum loans will continue to be high for the remainder of 2024.
The ease, simplicity and transparency of pawnbroking will continue to provide
solutions for customers needing short term financial assistance provided they
have assets to pledge.
Jewellery Retail
The Group offers new and second-hand jewellery, including premium watches, for
sale. The Board continues to believe there is significant growth potential in
this segment by leveraging Ramsdens' retail store estate and ecommerce
operations. The Group aims to cross-sell its retail proposition to existing
customers of the Group's other services as well as attracting new customers.
The retailing of new jewellery products complements the Group's second-hand
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 second-hand.
000's HY24 HY23 YOY
Revenue £17,528 £17,323 1%
Gross profit £6,673 £6,287 6%
Margin % 38% 36%
Jewellery retail stock £23,600 £19,466 21%
Online sales £3,155 £3,703 (15%)
% of sales online 18% 21%
Segment as a % of total gross profit 30% 31%
The economic conditions have had an impact on our retail operations but the
Group still increased retail gross profit by 6%.
The momentum we have seen across our preowned jewellery offering has
continued. The increase in sales in this segment has offset the falling
revenue derived from premium watch sales. While the overall revenue growth was
modest, the increased sale of higher margin preowned jewellery has delivered
an increased overall gross margin of 38% (HY23: 36%).
While the online division revenue was down 15%, gross profit was flat, again
due to product mix. We have replaced our primary online retail finance
supplier and the early approval rates are encouraging. This has benefitted
online sales of premium watches at the start of H2.
We continue to believe there is an attractive opportunity to further develop
and grow our jewellery retail business over the coming years underpinned by
our great value for money customer proposition.
Purchases of Precious Metals
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 depending upon the retail potential, weight and 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.
Once jewellery has been bought from the customer, the Group's dedicated
jewellery department decides whether or not to retail the item, either 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.
000's HY24 HY23 YOY
Revenue £14,113 £10,457 35%
Gross Profit £4,989 £3,983 25%
Average 9ct gold price £19.45 £18.25
Segment as a % of total gross profit 22% 19%
The economic conditions have positively impacted our purchase of precious
metals. The gold price is higher and there has been more media coverage
generating greater customer awareness of the service. This has led to the
weight of gold being bought increasing.
Given the strong stock position of the Group, a greater percentage of the gold
weight purchased has been smelted leading to increased gross profits in the
Period. This has been achieved without compromising the preowned jewellery
sales, which have also increased.
In the short to medium term, we expect the gold price to remain high and, as a
result, to benefit this area of the business.
Other services
In addition to the four core business segments, the Group also provides
additional services in Western Union money transfer and receives franchise
fees. Up until April 2023 the Group also received income for cheque cashing
services and small commissions for credit broking, however these services were
stopped to enable greater focus on the key services. In HY23, income from the
now ceased services was approximately £0.2m.
000's HY24 HY23 YOY
Revenue £287 £536 (46%)
Gross Profit £287 £536 (46%)
Segment as a % of total gross profit 1% 3%
We have one remaining franchisee in Whitby; there are no plans to increase the
franchise store network and we have recently purchased the franchised store in
Bury.
OPERATIONAL REVIEW
The development of the people within Ramsdens is an ongoing priority as we
seek continuous improvement in all that we do. A review of our ESG strategy
has identified where we can further improve focus in this area and that has
been included in our FY24 and FY25 planning. As staff skills improve, our
customers receive a better service and repeat customer volumes increase. In
turn these customers become ambassadors for Ramsdens and our new customer
volumes grow across all services.
Our retail estate continues to be actively managed. Many high streets are
struggling as a result of an oversupply of retail units. We continue to value
flexibility in our lease portfolio and lease renewals have generally resulted
in rent reductions and / or greater flexibility. On occasion, we have
relocated to take advantage of lower rents in a much better footfall location.
Our Scunthorpe store relocated in April 2024 and a further store is scheduled
for relocation later in 2024.
During the Period, five new stores were opened in Poole, Romford, Burnley,
Blackburn and Cardiff. We also acquired our franchise shop in Bury in March
2024. Following the Period end, in May, we opened a shop in Telford. We also
have three further stores due to open during the remainder of FY24.
OUTLOOK
The strong performance in the first half of the year has continued so far into
the second half, and we are confident in achieving the Board's full year
expectations.
The Group benefits from having a highly trusted brand and diversified income
streams that enable the business to adapt positively irrespective of the
prevailing economic conditions.
We are continuing to invest in our long-term growth, including in carefully
selected new stores, building the best team in the industry, and in our
customer proposition. This includes our new service-specific e-commerce
offerings that will launch in the second half as well as the recently launched
pre-paid travel card. These developments are ensuring that we continue to
provide the best possible service to our customers irrespective of which
Ramsdens service they choose and through which channel they come to us.
The Board remains highly confident that Ramsdens is well positioned to further
grow profitability in FY24 and beyond, continue to deliver on our progressive
dividend policy, and, ultimately, create value for all stakeholders.
Peter Kenyon
Chief Executive Officer
Interim Condensed Financial Statements
Unaudited condensed consolidated statement of comprehensive income
For the six months ended 31 March 2024
6 months 6 months 12 months
ended ended ended
31 March 2024 31 March 2023 30 September 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Revenue 2 43,759 38,991 83,805
Cost of sales (21,212) (18,495) (38,046)
Gross profit 2 22,547 20,496 45,759
Other income - - 300
Administrative expenses (18,060) (16,522) (35,126)
Operating profit 4,487 3,974 10,933
Finance costs 3 (499) (296) (828)
Profit before tax 3,988 3,678 10,105
Income tax expense (1,142) (850) (2,349)
Total comprehensive income for the period 2,846 2,828 7,756
Basic earnings per share in pence 4 9.0 8.9 24.5
Diluted earnings per share in pence 4 8.8 8.7 24.0
Unaudited condensed consolidated statement of changes in equity
For the six months ended 31 March 2024
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2023
2024 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Opening total equity 48,167 41,843 41,843
Total comprehensive income for the period 2,846 2,828 7,756
Transactions with shareholders:
Share capital issued - - 1
Dividends paid 6 (3,298) (1,994) (1,994)
Share based payments 170 166 462
Deferred tax on share-based payments (112) 197 99
Total transactions with shareholders (3,240) (1,631) (1,432)
Closing total equity 47,773 43,040 48,167
Unaudited condensed consolidated statement of financial position
At 31 March 2024
6 months 6 months 12 months
ended ended ended
31 March 31 March 30 September 2023
2024 2023
Unaudited Unaudited Audited
Note £'000 £'000 £'000
Assets
Non-current assets
Property, plant and equipment 8,638 7,551 7,949
Intangible assets 993 714 673
Investments - - -
Right-of-use assets 9,659 9,472 9,615
Deferred tax assets - 104 -
19,290 17,841 18,237
Current Assets
Inventories 27,347 23,373 27,662
Trade and other receivables 15,846 14,880 15,355
Cash and short-term deposits 13,639 11,427 13,022
56,832 49,680 56,039
Total assets 76,122 67,521 74,276
Current liabilities
Trade and other payables 6,231 7,507 6,305
Lease liabilities 2,348 2,219 2,462
Interest bearing loans and borrowings 9,875 5,963 7,983
Income tax payable 1,102 978 1,225
19,556 16,667 17,975
Net current assets 37,276 33,013 38,064
Non-current liabilities
Lease liabilities 7,891 7,761 7,661
Contract liabilities 13 53 50
Deferred tax liabilities 322 - 96
Provisions 567 - 327
8,793 7,814 8,134
Total liabilities 28,349 24,481 26,109
Net assets 47,773 43,040 48,167
Equity
Issued capital 5 317 316 317
Share premium 4,892 4,892 4,892
Retained earnings 42,564 37,832 42,958
Total equity 47,773 43,040 48,167
Unaudited condensed consolidated statement of cash flows
For the six months ended 31 March 2024
6 months 6 months 12 months
ended ended ended
31 March 2024 31 March 30 September 2023
2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Operating activities
Profit before tax 3,988 3,678 10,105
Adjustments to reconcile profit before tax to net cash flows:
Depreciation and impairment of property, plant & equipment 760 573 1,383
Depreciation of right-of-use assets 1,143 1,106 2,214
Profit on disposal of right-of-use assets (20) (27) (72)
Amortisation and impairment of intangible assets 49 65 137
Loss on disposal of property, plant and equipment 7 54 62
Share based payments 170 166 462
Finance costs 499 280 828
Working capital adjustments:
Movement in trade and other receivables and prepayments (412) (1,616) (1,996)
Movement in inventories 377 (609) (4,692)
Movement in trade and other payables (111) (1,413) (2,638)
Movement in provisions 230 - 327
6,680 2,257 6,120
Interest paid (499) (280) (828)
Income tax paid (1,150) (860) (2,010)
Net cash flows from operating activities 5,031 1,117 3,282
Investing activities
Proceeds from sale of property, plant and equipment - - 15
Purchase of property, plant and equipment (1,436) (1,497) (2,721)
Purchase of intangible assets - - -
Payments for acquisitions (631) - (298)
Net cash flows used in investing activities (2,067) (1,497) (3,004)
Financing activities
Dividends paid (3,298) (1,994) (1,994)
Issue of share capital - - 1
Payment of principal portion of lease liabilities (1,049) (977) (2,041)
Bank loans drawn down 2,000 6,000 2,500
Repayment of bank borrowings - (6,500) (1,000)
Net cash flows used in financing activities (2,347) (3,471) (2,534)
Net increase / (decrease) in cash and cash equivalents 617 (3,851) (2,256)
Cash and cash equivalents at start of period 13,022 15,278 15,278
Cash and cash equivalents at end of period 13,639 11,427 13,022
Unaudited notes to the interim condensed financial statements
For the six months ended 31 March 2024
1. Basis of preparation
The interim condensed financial statements of the group for the six months
ended 31 March 2024, which are neither audited or reviewed, have been prepared
in accordance with the International Financial Reporting Standards ('IFRS')
accounting policies adopted by the group and set out in the annual report and
accounts for the year ended 30 September 2023. As permitted, this interim
report has been prepared in accordance with the AIM rules and not in
accordance with IAS 34 "Interim financial reporting". While the financial
figures included in this preliminary interim earnings announcement have been
recognised and measured in accordance with IFRS's applicable to interim
periods, this announcement does not contain sufficient information to
constitute an interim financial report as defined by IAS 34.
The financial information contained in the interim report also does not
constitute statutory accounts for the purpose of section 434 of the Companies
Act 2006. The financial information for the period ended 30 September 2023 is
based on the statutory accounts for period ended 30 September 2023 which have
been filed with the Registrar of Companies and are available on the group's
website www.ramsdensplc.com. The auditors, Grant Thornton UK LLP, reported on
those accounts: their report was unqualified, did not draw attention to any
matters by way of emphasis and did not contain a statement under section 498
(2) or (3) of the Companies Act 2006.
The Board have conducted an extensive review of forecast earnings and cash
over the next twelve months, considering various scenarios and sensitivities,
and have made appropriate enquiries as considered necessary. Following this
review the Board have a reasonable expectation that the Company and Group have
adequate resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis in
preparing the interim condensed financial statements.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2024
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 2024 31 March 2023 30 September
2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Revenue
Pawnbroking 6,575 5,645 11,877
Purchase of precious metals 14,113 10,457 23,522
Retail jewellery sales 17,528 17,323 33,474
Foreign currency margin 5,256 5,030 14,083
Income from other financial services 287 536 849
Total revenue 43,759 38,991 83,805
Gross profit
Pawnbroking 5,573 4,827 10,043
Purchase of precious metals 4,989 3,983 9,161
Retail jewellery sales 6,673 6,287 12,058
Foreign currency margin 5,025 4,863 13,648
Income from other financial services 287 536 849
Total gross profit 22,547 20,496 45,759
Other income - - 300
Administrative expenses (18,060) (16,522) (35,126)
Finance (499) (296) (828)
costs
Profit before tax 3,988 3,678 10,105
Income from other financial services comprises of cheque cashing fees and
agency commissions on miscellaneous financial products.
The Group is unable to meaningfully allocate administrative expenses, or
financing costs or income between the segments. Accordingly, the Group is
unable to disclose an allocation of items included in the Consolidated
Statement of Comprehensive Income below gross profit, which represents the
reported segmental results.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2024
2. Segmental Reporting
6 months 6 months 12 months
ended ended ended
31 March 2024 31 March 2023 30 September
2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Other information
Tangible and intangible capital additions (*) 1,827 1,497 2,759
Depreciation and amortisation (*) 1,951 1,798 3,734
Assets
Pawnbroking 15,063 13,188 14,262
Purchase of precious metals 3,674 3,908 3,373
Retail jewellery sales 23,970 20,319 24,647
Foreign currency 6,856 7,210 6,061
Income from other financial services 61 131 44
Unallocated (*) 26,498 22,765 25,889
76,122 67,521 74.276
Liabilities
Pawnbroking 496 598 596
Purchase of precious metals 5 4 5
Retail jewellery sales 1,479 1,876 1,744
Foreign currency 911 1,716 453
Income from other financial services 366 283 339
Unallocated (*) 25,092 20,004 22,972
28,349 24,481 26,109
(*) The Group is unable to meaningfully allocate this information by segment
due to the fact that all segments operate from the same stores and the assets
and liabilities are common to all segments.
Fixed assets and sterling cash and cash equivalents are therefore included in
unallocated assets and lease liabilities are included in unallocated
liabilities.
Unaudited notes to the interim condensed financial statements (continued)
For the six months ended 31 March 2024
3. Finance costs
6 months 6 months 12 months
ended ended ended
31 March 2024 31 March 2023 30 September 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Interest on debts and borrowings 231 77 368
Lease charges 268 219 460
Total finance costs 499 296 828
4. Earnings per share
6 months 6 months 12 months
ended ended ended
31 March 2024 31 March 2023 30 September 2023
Unaudited Unaudited Audited
£'000 £'000 £'000
Profit for the period (£'000) 2,846 2,828 7,756
Weighted average number of shares in issue 31,714,982 31,643,207 31,679,095
Earnings per share (pence) 9.0 8.9 24.5
Fully diluted earnings per share (pence) 8.8 8.7 24.0
5. Issued capital and reserves
Ordinary shares issued and fully paid No. £'000
At 30 September 2023 31,714,982 317
Share capital issued - -
At 31 March 2024 31,714,982 317
6. Dividends
The interim dividend for the year ended 30 September 2023 of 3.3p per share
was paid 6 October 2023 totaling £1,046,000.
The final dividend for the year ended 30 September 2023 of 7.1p per share was
paid 22 March 2024 totaling £2,252,000.
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