Pawnbroker Ramsdens ups its revenue forecast for the third time because it cashes in on larger gold costs

Pawnbroker Ramsdens has upped its profit forecast as it continues to cash in on ‘volatile’ gold prices, but warned it could take a hit from the Middle East conflict. 

It marks the third time the group has increased its guidance this year and now expects profits of between £28.5million and £31.5million for the full year, up from previous forecasts of around £24.1million.

Ramsdens said its precious metals arm continued to benefit from high gold prices, which were 50 per cent higher in the first half than in the previous year. 

That contributed to a 50 per cent year-on-year increase in the weight of gold it had purchased. 

Going for gold: High street pawnbrokers Ramsdens has upped its annual profit forecast again amid strong gold prices

Jewellery retail revenue was approximately 25 per cent ahead year-on-year, with gross margins slightly improved, while it reached ‘record new lending’ in March and April. 

The company’s pawnbroking loan book is now 24 per cent higher than September 2025, at £14.1million. 

Ramsdens acknowledged that ‘the current geopolitical and economic climate remains uncertain and this has made the gold price volatile.’ 

It flagged the recent reports around jet fuel shortages, which could affect flights over the summer ‘and consequently our foreign currency sales.’  

Teesside-based Ramsdens said its newly opened shops in Hull, Sheerness and Wakefield were trading well, with new sites in Ashford and Abergavenny most recently launched. Two further shops in Hereford and Newark are set to open later this month. The group has more than 170 shops across the UK. 

Peter Kenyon, chief executive of Ramsdens, said: ‘We have had a strong start to the year given the economic backdrop with our pawnbroking, jewellery retail and foreign currency exchange services all performing well. 

‘In addition, we have had an exceptional half year for our purchase of precious metals segment due to the continued benefits of a sustained high gold price and the increased weight being purchased.’

Shares in Ramsdens rose 9.22 per cent or 35.50p to 420.50p on Wednesday morning, having surged by 50 per cent in the past year.