The 1H26 results represent a new record for Ramsdens, with PBT of £16.7m surpassing the £16.2m reported in FY25. With this momentum continuing in 2H26, management now expects FY26E PBT to be at least £30m. With this performance reflecting more than just a positive gearing to the gold price, we believe the market continues to underappreciate the quality of the group’s integrated offering and market share in the retail and pawnbroking businesses. As a result, we reiterate our Buy rating on our inc ....
