Ramsdens has announced its second unscheduled trading update in two months, indicating that it now expects FY26 PBT to be between £24-28m (previously >£21m). While much of this upgrade is due to the purchase of the precious metals business which has benefited from prevailing gold prices, we note the continued strength in the jewellery retail and pawnbroking businesses. This underlying momentum supports our view that the quality of the Group’s offering and market positioning is underappreciated. ....
