Ramsdens has recorded a 54% increase in profit before tax in the six months to 31 March, reaching a company record £6.1m.

The financial services provider and retailer also saw an 18% revenue jump to £51.6m, while its gross profit increased by 20% year-on-year to £27.1m.

Ramsdens, which is headquartered in Middlesbrough, said its purchase of precious metals segment continued to "perform very strongly", with gross profit increasing 53% to £7.6m, while its jewellery retail revenue increased by 18% to £20.7m.

Furthermore, its pawnbroking division’s gross profit jumped by 11% to £6.2m, following the launch of a new dedicated pawnbroking website last November.

In H1, Ramsdens opened two new stores in Grantham and Burton and also closed two stores. As a result, it store estate comprised 169 stores.

Chief executive at Ramsdens, Peter Kenyon, said: "We are proud of the progress Ramsdens has made in the first half of FY25. We continue to benefit from our diversified business model that has enabled strong, profitable growth and attractive return on equity for our shareholders.

"While all of our income streams achieved growth during the first half, our purchase of precious metals segment delivered an outstanding performance, with the well-publicised and sustained exceptionally high gold price encouraging more customers to sell unwanted jewellery. We are encouraged by the initial performance from our designated gold buying website which was launched during the period with traffic significantly ahead of what we had expected."

In its outlook for the rest of its financial year, Ramsdens said the sustained high gold price, which recently reach new record levels, is attracting new customers and increasing the weight of gold purchased.

Furthermore, its momentum in retail jewellery has continued into the second half, with demand for pawnbroking loans remaining robust.

As a result, Ramsdens expects its full year profit to exceed £15m.

Kenyon concluded: "Looking ahead, the group is well placed with continued opportunities to grow. We have a strong balance sheet and good cash generation which provides options to how we allocate our capital."

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