07:58 Wed 18 Mar 2020
Ramsdens Holdings - COVID-19 Trading Update
Ramsdens Holdings PLC
("Ramsdens" or the "Group")
COVID-19 Trading Update
Ramsdens, the diversified financial services provider and retailer, is pleased to announce that it has traded well during the year ending
The Retail initiatives introduced by the Group during the year have continued to generate good returns, the Group's Pawnbroking loan book remains of good quality and the Purchase of
However, as has been widely reported, since
FY2021 Outlook
The Group benefits from diversified income streams and a strong balance sheet, including approximately
"We are in unprecedented times. The COVID-19 situation continues to evolve quickly and the extent and duration of its future impact across all areas of peoples' lives is difficult to assess. Our first concern continues to be the wellbeing of our colleagues and our customers and we have taken actions to protect them.
At the start of February, we were looking forward with optimism to accelerating our growth plans. Just a few weeks later, we have no visibility on how long the current international travel disruption will last and how this will impact our Foreign Exchange income stream in the year ahead.
Despite these challenges, as a business we have the benefit of offering diversified services to customers and, given the uncertainty, we anticipate an increasing need for our asset-backed pawnbroking and gold buying services to support customers through potential short-term cash flow difficulties. Our store expansion plans are under review as we continue to assess the Government's ongoing response to controlling the virus and efforts to support the economy.
The Board will provide a further update as and when appropriate."
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
Enquiries:
Peter Kenyon, CEO
Martin Clyburn, CFO
Richard Crawley
Joshua Hughes
Hudson Sandler (Financial PR) Tel: +44 (0) 20 7796 4133
Alex Brennan
Lucy Wollam
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 161 stores within the UK (including 4 franchised stores) and has a growing online presence.
In the last financial year, the Group served over 830,000 customers across its different services. Ramsdens is fully FCA authorised for its pawnbroking and credit broking activities.
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