- Pawnbroker Ramsdens has significantly upgraded its annual profit forecast, now expecting at least £24 million, potentially up to £28 million, for the year to September.
- The boost is attributed to record levels of pawnbroking lending, with its loan book growing by 18 per cent since September, as consumers increasingly turn to jewellery for cash.
- Soaring gold prices, which have reached record highs due to global geopolitical uncertainty, are significantly driving customer demand and profits within the company's precious metals segment.
- Ramsdens also reported strong performance in its retail division, with revenues from its jewellery shops climbing by approximately a quarter year-on-year.
- Analysts noted that the company's success stems not only from high gold prices but also robust jewellery sales and growth in its pawnbroking operations, leading to a notable jump in its share price.
IN FULL
Brits cashing in jewellery at pawnbrokers as gold price hits record high
