Ramsdens Holdings
Website:
Ramsdens Holdings
Index:
AIM
EPIC: RFX
Supersector:
Financial Services
Sector:
Financial Services
Subsector:
Consumer Finance
Market Cap:
£119.72M
Payout Frequency: Semi-Annual
Ramsdens Holdings Dividend Analysis and Summary
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
Read more
Ramsdens Holdings Annual Dividend Yield - 3.01%
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 (366p)
= 3.01%
Ramsdens Holdings Dividend History
| 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 |
|
Ramsdens Holdings Dividend Calculator
Ramsdens Holdings Dividend Growth
| Dividend Growth (1Y) |
42.86%
|
| Dividend CAGR (5Y) |
67.88%
|
| Years of Growth |
4
|
| Payout Ratio |
30.13%
|
| Buyback Yield |
-2.35%
|
| Shareholder Yield |
1.3%
|
| P/E Ratio (TTM) | 10.28 |
|---|
| Forward P/E | 7.94 |
|---|
| P/FCF | 23.08 |
|---|
| Earnings Yield | 9.94% |
|---|
| FCF Yield | 4.33% |
|---|
| ROE | 20.42% |
|---|
| ROCE | 24.84% |
|---|
| Profit Margin | 10.18% |
|---|
| Operating Margin | 14.93% |
|---|
| Gross Margin | 51.98% |
|---|