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Share Name Share Symbol Market Type Share ISIN Share Description
Ramsdens Holdings LSE:RFX London Ordinary Share GB00BDR6V192 ORD GBP0.01
  Price Change % Change Share Price Shares Traded Last Trade
  +0.00p +0.00% 162.50p 13,754 08:00:00
Bid Price Offer Price High Price Low Price Open Price
160.00p 165.00p 162.50p 162.50p 162.50p
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Financial 39.94 6.31 16.30 10.0 50.1

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Date Time Title Posts
22/1/201909:56*** Ramsdens ***914
05/4/200714:36Where will this one stop.81

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Ramsdens Daily Update: Ramsdens Holdings is listed in the General Financial sector of the London Stock Exchange with ticker RFX. The last closing price for Ramsdens was 162.50p.
Ramsdens Holdings has a 4 week average price of 162.50p and a 12 week average price of 147.50p.
The 1 year high share price is 207.50p while the 1 year low share price is currently 147.50p.
There are currently 30,837,653 shares in issue and the average daily traded volume is 48,660 shares. The market capitalisation of Ramsdens Holdings is £50,111,186.13.
igoe104: Ramsdens’ on track for record profits Simon Thompson In late summer I noted that the profit taking in Aim-traded shares of Middlesbrough-based Ramsdens (RFX:172p), a diversified financial services company, was overdone ('Ramsdens' profit-taking offers buying opportunity’, 14 Aug 2018). A pre-close trading update released ahead of half-year results on Wednesday 28 November 2018 has justified that call. The directors have confirmed that trading is in line with house broker Liberum Capital’s forecasts, which point towards Ramsden delivering growth on last year’s record performance. Analysts are maintaining their full-year pre-tax profits and EPS estimates of £6.5m and 17p, respectively, for the 12 months to the end of March 2019, representing 4 per cent earnings growth. The risk to estimates is mitigated given that Ramsden has a seasonal bias (over three-quarters of profits are earned in the first half of the financial year). A key take for me is that the company’s high-margin jewellery retail business continues to prosper. Having lifted revenues by more than a third to £8m in the 2018 financial year and hiked gross profit by a quarter to £4.1m, the division has delivered double-digit sales growth in the latest six-month trading period. This underpins expectations of near 20 per cent revenue growth from the operation for the full year, helped in part by a store expansion programme that will add 12 new units to the chain. The five stores opened in the first half are all trading ahead of expectations. The strategy of refreshing shop fronts and investing in higher-quality stock is clearly paying off as is exploiting cross-selling opportunities across Ramsdens 800,000 strong customer base. Pawnbroking activities account for a quarter of gross profit, and are a reliable source of income. The company lends around £6.4m to its 34,000 customers, so pledges are small, which diversifies lending risk, but returns are high. Ramsdens earned interest income of £7m from its loan book last year, and in their update the directors highlighted “good performances from pawnbroking, other financial services and previous metal buying segments”. True, the hottest summer in UK since 1976 dampened demand for the company’s foreign currency business. However, the fact that Ramsdens is still on track to deliver another record profit performance shows the benefit of having multiple revenue streams and the upside from its store expansion strategy. This is being woefully undervalued as the shares are rated on a cash-adjusted PE ratio of 7.5, offer a prospective dividend yield of 4.1 per cent, and an enterprise value of 4.8 times likely cash profits for the 12 months to the end of March 2019, or less than six times operating profit forecasts. That's value in my book. Clearly, fund managers at Downing who run the Downing Strategic Micro-Cap Investment Trust are of the same opinion, having just raised their shareholding to 15 per cent. So, having initiated coverage at 132p post-IPO ('A jewel in the north', 12 Jun 2017), after which the share price hit a record high of 215p in January this year, I feel that a return to that high water mark is warranted. Buy.
lammylover: Hi RP, thanks for the response. I have dropped the IR and CFO an email flagging up that most AIM companies put out a trading statement on the morning of an AGM, even if its just "trading in line" and also an RNS on the afternoon, with details of voting. Have also flagged up that share price is now 25% below year high price (despite decent final dividend hike to 4.4p) and said this is down to PI concerns about large Director sells and poor communication. I am tempted to buy more at 162p hoping for a bounce... In terms of the voting resolutions; it looks like the additions to this years AGM are for the Directors to raise money by issuing new shares for refinancing / acquisition. This wasn't on last years document. I would think that the fund managers will be concerned about dilution and what the BOD plan next; seeing as they sold a lot of shares with no reason given... Just my thoughts, for what they are worth! Rich
shanklin: I suspect RFX is a decently run company but I am concerned by: - the staycation trend persisting as reflected in the share price of companies such as OTB and TCG, and hitting RFX's FX business - the declining gold price. Hence sold my RFX shares a few days ago, at a manageable loss. I hope for all continuing holders that I am proved wrong.
podgyted: They've essentially done a placing since they all sold at 180p (think Shanklin above is right) - but whereas normally this would result in the share price drifting down to 180p, they've engineered a situation where the share price has gone down to 173p. Probably not their finest hour.
igoe104: IC Comment. Ramsdens upgrades yet again Simon Thompson Middlesbrough-based Ramsdens (RFX:197p), a diversified and fast-growing financial services company, joined London’s junior market early last year, and has been posting a series of earnings beats ever since. To put the upgrade cycle into perspective, when I suggested buying the shares, at 132p ('A jewel in the north', 12 Jun 2017), analyst Justin Bates at Liberum Capital predicted the company would deliver pre-tax profit of £4.8m and EPS of 12.6p in the financial year to the end of March 2018. He subsequently upgraded his estimates twice last autumn to £6.23m and 16.2p, respectively. In the event, Ramsdens increased pre-tax profit by 56 per cent to £6.31m and delivered EPS of 16.4p, up from £4m and 10.1p in the 2017 financial year. The fivefold rise in the payout to 6.6p a share was better than I had expected and is supported by a bumper operating cash inflow of £5.5m, which boosted closing net funds by a third to £12.7m, a sum worth 41p a share. This provides the directors ample capital to finance a planned store roll-out programme of 10 new stores this year at an average cash cost of £220,000 each. A 30-month payback period for their investment highlights the high returns to be made. The cash pile also offers firepower for the directors to make small bolt-on acquisitions on the pawnbroking side of the business, with a view to cross-selling Ramsdens' full product range in the acquired businesses. It makes sense to do so in light of the success the company is enjoying. Specific profit drivers A key driver behind this stellar organic growth story has been the company’s highly competitive foreign currency arm, which exchanged £483m-worth of currency, up from £408m in the previous financial year, for 687,000 retail customers. Total commission rose by more than a quarter to £11.3m to account for 40 per cent of the company’s total gross profit of £28.3m, partly reflecting the 13 per cent growth in transactions but also a focus on margin pricing, with Ramsdens increasing its cut from 2.2 per cent to 2.33 per cent per transaction. There was also a strong contribution from the company’s pawnbroking operation, which has 34,000 customers and raised its loan book by 8 per cent to £6.4m. Interest income increased at even faster rate, up 14 per cent to £7m to account for 25 per cent of Ramsdens’ gross profits, reflecting higher lending on jewellery. The company has been able to do so because it has been scaling up its jewellery retail operations by cross-selling to its 800,000 customers through the 131 store network and increasing its online presence. The jewellery retail business increased revenues by more than a third to £8m and lifted gross profits by a quarter to £4.1m. Value on offer Admittedly, investors are cottoning onto the ongoing growth story, which is why the company’s share price is up 46 per cent in the past year. However, there is still value on offer as net of cash on the balance sheet the shares are still only rated on nine times Liberum’s conservative looking upgraded EPS estimates of 17p for the new financial year. They also offer a prospective dividend yield of 3.6 per cent based on a payout of 7.1p a share. So, having last advised buying the shares at 185p ahead of the full-year results (‘Riding earnings momentum, 16 April 2018), I feel a new target of 225p a share is warranted to value the equity at £69.5m and give the company an enterprise value of £56m net of cash, or seven times annual cash profits. Moreover, even if my target is achieved it still represents a ratings discount to rival H&T (HAT:351p), which is rated on eight times this year’s likely cash profits to enterprise value. I included H&T, at 289p, in my 2017 Bargain Shares Portfolio, since when the board have paid out total dividends of 15.8p, and have a 400p target based on a 2018 cash profit multiple of nine times (‘Bargain Shares: Beating the market Part II’, 14 Mar 2018). With scope for the ratings discount to its larger rival to narrow, and the company making a good start to the new financial year, Ramsden’s shares rate a buy.
igoe104: These small-cap growth stocks still feel like the market's best kept secrets. But for how long? Pawnbroker, jeweller and foreign exchange specialist Ramsdens Holdings(LSE: RFX) was my top pick for 2018. Based on today's full-year results and the market's reaction to them, this looks to have been one of my better calls. Reporting "continued growth across all business segments" this morning, group revenue at the small-cap rose 16% to just under £40m over the 12 months to the end of March. The diversified firm's Foreign Currency Exchange and Retail divisions were the standout performers, with revenue growing 26% (to £11.3m) and 35% (to £8m), respectively. That said, the pawnbroking arm continues to tick along nicely with revenue here rising 14% to £7m. Precious metals revenue rose by a single percentage point to just under £11m. The most interesting number to catch my eye, however, was the 242% increase in online jewellery sales over the reporting period. This, combined with the 117% rise in its Click & Collect currency exchange service, is further evidence that Ramsden's focus on building its IT infrastructure and digital presence is really starting to reap benefits. Speaking of which, underlying pre-tax profit soared by 60% to £6.5m, compared to the £4m achieved in the previous financial year. Based on the 16.3p earnings per share achieved in 2017/18, Ramsdens is currently trading on a trailing price-to-earnings (P/E) ratio of just under 12. That still looks very reasonable considering the company also had a net cash position of £12.7m at the end of March, compared to £9.5m in the previous year. Aside from the value on offer, income hunters should also be encouraged by the 400%+ rise in the (easily covered) dividend from 1.3p to 6.6p. Ramsdens might not shoot the lights out in terms of share price performance but, as a gentle grower in a market where many companies continue to over-promise and under-deliver, I believe it remains an excellent candidate for small-cap-focused portfolios
igoe104: Not sure why the recent weakness in the share price, results are only two weeks away and we already know RFX results will be slightly above expectations.
glasshalfull: Unsurprisingly, we all retain different investment strategies. I’m holding on to my RFX, believing it will grow substantially in the months & years ahead. I’ve no idea where the share price will be tomorrow or a months time so no interest in trading the share. In other words, a long term buy and hold from 120p. There will of course be bumps along the way but I’d hazard that the company will continue to grow over the next few years and of course should that occur then the share price will take care of itself...while offering a decent dividend yield meantime. So bottom drawer for me in absence of news to the contrary...and perhaps a top-up if the share price comes back further. Kind regards GHF
lammylover: Practically all shares down this morning, due to change in global sentiment / concerns about market stimulus being gradually withdrawn. MMs using it to set prices low to scare PIs into selling rather than losing more money OR selling to lock in profits. RFX no different to other profitable small companies. Share price now 20% below year high = buying opportunity!! GLA Rich
yump: Well we've got it unless someone else spots something else !! Be interesting to see what happens with the share price - there was the 'usual' markup, but this doesn't seem to be followed by traders, so I imagine any significant share price rises are going to be based on more considered investments.
Ramsdens share price data is direct from the London Stock Exchange
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