FY25 was a record year for Ramsdens, with revenue surpassing £100m and PBT increasing 43% y/y. With this momentum continuing in 1Q26, management now expects FY26E PBT to be at least £18m, underpinning another year of double-digit earnings growth. With this momentum 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, ....
