Ramsdens Holdings

Website: Ramsdens Holdings
Index: AIM
EPIC: RFX
Supersector: Financial Services
Sector: Financial Services
Subsector: Consumer Finance
Market Cap: £140.75M
Payout Frequency: Semi-Annual

Next Ramsdens Holdings Dividend

Ramsdens Holdings next goes ex-dividend on 12/02/2026. This will be the Final dividend for 2026.

The dividend per share amount is 9.0000p (GBP) and the payment date is 20/03/2026.

A Special dividend of 2.0000p is also being paid. This brings the total payable to 11.0000p.

Key Dividend Details

Final dividends proposed for FY25 (subject to AGM approval):
- Final ordinary dividend: 9.0p per share
- Final special dividend: 2.0p per share
Ex-dividend date: 12/02/2026
Record date: 13/02/2026
Payment date: 20/03/2026
FY25 total dividends: 16.0p per share (ordinary 13.5p; special 2.5p, including the interim 5.0p of which 0.5p was special)
Payout ratio: ~43% of FY25 basic EPS (37.0p) ? earnings cover ~2.3x
Cash cost: interim paid £1.62m; proposed final £3.56m; total FY25 dividend outlay ~£5.18m vs FY25 profit £11.9m
Policy: Board reiterates a progressive dividend and a long-term aim to move toward ~50% of post-tax profits, while using specials to distribute excess profits (notably from high gold price)

Financial Backdrop and Coverage

FY25 performance: Revenue £116.8m (+22%), PBT £16.2m (+43%), basic EPS 37.0p (+42%)
Cash and balance sheet: Year-end cash £15.4m, net cash (cash minus bank debt) £6.9m; RCF £15m to March 2029 with £6.5m headroom
Operating cash flow: £6.1m (lower YoY due to deliberate inventory build of £10.1m and loan book growth; also earlier quarterly tax payments)
Capital allocation: Capex £0.9m (store and systems), significant working capital invested in jewellery stock and pawnbroking growth
Outlook: Q1 FY26 strong; Board currently expects FY26 PBT to exceed £18m

Sustainability and Growth Outlook

Ordinary dividend sustainability appears solid: ~2.3x earnings cover, positive net cash, robust PBT growth, and diversified income streams (pawnbroking, jewellery retail, precious metals, FX)
Special dividends are explicitly linked to exceptional gold-price-driven profits; treat as variable/conditional rather than core income
Growth trajectory: Ordinary DPS up 21% YoY (13.5p vs 11.2p). Stated ambition to move payout ratio toward ~50% suggests scope for further ordinary DPS growth if earnings remain resilient
Operational momentum (store openings 8–12 in FY26, online enhancements, larger and better-processed jewellery stock) supports medium-term earnings and dividend capacity
Cash generation should improve as working capital normalises; ample RCF headroom provides flexibility without stressing the balance sheet

Structural/Policy Developments Relevant to Dividends

Small bolt-on acquisition completed post year-end (Gemini pawnbrokers, Isle of Sheppey); immaterial for dividend capacity but consistent with disciplined growth
Acceleration of new store openings (8–12 in FY26) and continued online investment; capital-light relative to balance sheet, but some working capital intensity persists
No share consolidation, demerger, or major M&A disclosed; dividend policy remains progressive with opportunistic specials

Risks and Flags for Dividend Stability

Gold price sensitivity: Elevated gold price is boosting precious metals profits and specials; a reversal would likely trim special dividends and could modestly pressure margins
Cost inflation: Real Living Wage rises (+6.7% from April 2026) and higher employer NI will lift operating costs in FY26
FX margin mix: Ongoing shift to online/card FX lowers commission rates; mitigated by higher average transaction values and growing travel card usage
Working capital intensity: Larger jewellery inventories and growing loan book can dampen near-term free cash flow, though still supported by profitability and RCF headroom
Retail footprint risk: High street deterioration and lease obligations require continued portfolio discipline; management emphasizes flexible leases and relocations

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
12/02/2026	20/03/2026	Special	2.0000p	GBX
12/02/2026	20/03/2026	Final	9.0000p	GBX

Total (Annual Dividends Per Share): 11.00p

Dividend Yield = Annual Dividends Per Share (11.00p) ÷ Share Price (420p) = 2.62%

Ex Dividend Date	Payment Date	Type	Amount	Currency
12/02/2026	20/03/2026	Special	2.0000p	GBX
12/02/2026	20/03/2026	Final	9.0000p	GBX
11/09/2025	09/10/2025	Interim	4.50p	GBX
11/09/2025	09/10/2025	Special	0.50p	GBX
13/02/2025	21/03/2025	Final	7.60p	GBX
05/09/2024	07/10/2024	Interim	3.60p	GBX
15/02/2024	22/03/2024	Final	7.10p	GBX
07/09/2023	06/10/2023	Interim	3.30p	GBX
02/02/2023	10/03/2023	Final	6.30p	GBX
01/09/2022	30/09/2022	Interim	2.70p	GBX
03/02/2022	10/03/2022	Final	1.20p	GBX
16/01/2020	20/02/2020	Interim	2.70p	GBX
22/08/2019	20/09/2019	Final	4.80p	GBX
17/01/2019	21/02/2019	Interim	2.40p	GBX
23/08/2018	20/09/2018	Final	4.40p	GBX
18/01/2018	20/02/2018	Interim	2.20p	GBX
24/08/2017	20/09/2017	Final	1.30p	GBX

Year	Interim	Final	Currency	Total	Change
2024	3.600	7.600	GBX	11.200	7.690
2023	3.300	7.100	GBX	10.400	15.550
2022	2.700	6.300	GBX	9.000	650.000
2021		1.200	GBX	1.200	-55.550
2020	2.700		GBX	2.700	-62.500
2019	2.400	4.800	GBX	7.200	9.090
2018	2.200	4.400	GBX	6.600	407.690
2017		1.300	GBX	1.300

Number of Shares:

Payment	Paid	Amount
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