Ramsdens - nicely balanced business still looks modestly valued
Ramsdens’ (LON:RFX) presence on UK high streets is accelerating thanks to a big increase of its store estate in the last few months. The group ended its financial year to March 2019 with 156 stores, up from 131 at the end of the prior financial year and 127 at the IPO in February 2017. That expansion helped boost annual revenue by 17% to £46.8m, while gross profit and underlying pre-tax profits were up 7.7% and 3% respectively - an indicator of how much the company has invested in expanding its offering in the last year.
With 18 new stores set to be converted following their acquisition in March, there’s every reason to expect growth can continue. Investors will be hoping that can translate into strong share price growth as well =, after many months of waiting.
The first Ramsdens opened in Stockton-on-Tees in May 1987 involved primarily in home collected credit.…
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This article was written by experts from Fundamental Asset Management.
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