Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Financial services provider and retailer Ramsdens Holdings has said it expects a 'resilient' H1 performance against challenging market conditions in its trading update for the six months ended 31 March 2021.
However, the stronger Covid-19 restrictions has significantly reduced high street footfall, and the additional international travel restrictions further weakened demand for foreign currency exchange.
Against this backdrop, the group maintained a prudent approach to controlling costs and protecting resources, while operating almost 90% of the Ramsdens store estate in a Covid-19 secure way to safeguard staff and customers. It has continued to invest in its online jewellery retail proposition, where revenue has more than doubled year on year.
As a result of these dynamics, the board anticipates reporting a small loss for the period but still traded cash positively.
The group's balance sheet and liquidity remains strong with approximately £15 million cash at the period end and an undrawn revolving credit facility of £10m.
At 9:42am: (LON:RFX) Ramsdens Holdings Plc share price was 0p at 136p