Good afternoon and welcome to the Ramsdens Holdings PLC interim results investor presentation. Now, it's a recorded meeting. Investors will be in listen-only mode. Questions are encouraged and can be submitted at any time by the Q&A tab situated in the right-hand corner of your screen. Just simply type in your question and press send. Company may not be in a position to answer every question received during the meeting itself. However, the company can review all questions submitted to them, publish responses where it's appropriate to do so. Before we begin, we'd like to submit the following poll. I'd now like to hand you over to Peter Kenyon, CEO . Good afternoon, sir.
Thank you. Welcome everybody. Thank you for your time in getting to, if you'd like to know more about Ramsdens and how we're trading. I'll go through the presentation and obviously welcome questions from everybody at the end. That's a nice picture of a store. Moving on, you've got the disclaimer inside of our York store. A bit of an overview of Ramsdens, if you like, and where we've come from. You look at the top left graph, profit before tax, a bit of a nice staircase, obviously interrupted by COVID. The right-hand bar is the last 12 months. H2 FY 2024, H1 FY 2025 is about GBP 13.5 million.
We draw that out really just to give you some thoughts around the gold price and where underlyingly the business is comfortable at and where it moves from, you know, thereafter. The right-hand side, again, you've got a staircase of the interim dividend in the dark green and in FY 2025 you have for the very first time an interim special dividend. We'll come back to it, but that's really recognizing that at this moment in time, we feel we've got a following wind with the gold price that might not last forever and therefore want to recognize and reward shareholders with some of that extra profit we are making. Strong financial position, again, just three highlights for you.
We'll put more detail on it, but solid balance sheet, GBP 54.7 million net assets, of which GBP 7.4 million is net cash and then 19% return on equity, so quite an efficient balance sheet. Diversified income streams. You can see the four key core streams that we have. Quite a balanced pie chart. Now, you know, again, it's a good solid position for the business. It means that we are countercyclical, and generally have done quite well in whatever the circumstances have been economically. Moving on. Top left there, strong foundations. You've got that financial base. We've got cash to invest. We can leverage off our head office cost base. We are a cash generative business. The computer systems are our own. I have four developers with a fifth joining me on Monday.
All of our websites are integrated to our core operating system. If you were a customer in any one of our stores, that staff member will be able to see what you've done through the history of your relationship with Ramsdens. It's a very good system designed for our own use. Certainly two or three of our IT guys are geniuses in developing that system. We have a strong customer brand. We've worked hard at advertising. We have a strong presence on the high street, and that's a good differentiator when you think about some of the website operators that we will come up and talk about later. There's a trust in that you can walk through our front door and have a conversation with somebody face-to-face. We've been kind enough to, and worked hard to achieve a five-star Trustpilot rating.
You know, the staff. I've got to recognize the staff here. They are superb. They try every single day to help customers with whatever they need help in. We have a strong culture. We look after customers. We adhere to the Consumer Duty ethos. You know, the FCA authorization is embedded in the business, so we've got good governance. We've got a new chair in Simon. Chris Muir has joined the board. He's brought different dynamics to the board. He's asked a lot of good challenging questions, and obviously, hopefully, that'll improve the business as we move forward. Low staff turnover, investing in our people, and that's how we're trying to grow the business. Talking about growing the business, our strategy really is unchanged.
I've probably shuffled the order of these icons. On the left of the page, you've got drive growth from the core estate and grow the online presence. They're now slightly linked together because they're very complementary. You know, the pawnbroking website that was launched in November 2 024 and our Gold Buying website launched in February 2025 are very much about driving customers into stores. We can come back to those. If you look at our foreign currency operation, again, when we get to foreign currency, it's about click and collect. The customer's collecting the currency in the store.
The jewelry also, the jewelry website acts not only as a profit center in its own right, but it's also a catalog for all the stores to see what watches we've got, what range of new jewelry we've got and what secondhand jewelry we've got. These are both complementary. We've opened a few stores in recent years. They're far from mature. On that point, my mature stores are far from mature. They've still got opportunities to grow. That drive that we have is something that will continue, that continuous improvement. We've added new services so that the Multi-Currency Card was launched in September 2023. That's grown to 25,000 cards in issue now.
We've got the International Money Transfer S ervice, which soft launched in February, and we can relocate some stores, odd ones and two, we were forced into one, in Elgin during the year, and we've got a major refurbishment of our store in Musselburgh happening right at this moment. On the right-hand side, we have an established store model. That model works. I only have one store that, if you like, is in that, is it worth it test, and whether I should close it or not. The rest of them are absolutely contributing to head office costs and beyond that. We had a hiatus that was really government change of government-led. With the change of government, new policies, what would they do? Budget has been and gone. You know, we know that they have changed the rules around Employer's National Insurance.
That, to ourselves, is about GBP 750,000-GBP 800,000 annual cost. From a growth perspective, it was what would it do to the high streets? Which retailers are saying what, how are they overcoming it? Some have closed doors, some are putting up prices. We've taken that, if you like, is a new dynamic taking into our assessment of new locations. You know, it's very much about who we're gonna be next to, will we be there tomorrow, and will we locate in an area of a town that it remains, if you like, the community and the heartland of that town. We've done a lot of research. I've got three more in legals. We've opened two, and we have a significant opportunity to expand. Growth strategy isn't changing.
Maybe had a pause on new stores, but it's definitely now kicking on again. The last one there is something usually crops up with an acquisition. Most pawnbrokers are enjoying the gold price currently, so you know, that's a bit hard to ask them to sell at the moment. You know, we lie in wait, so to speak, till the right day. We have cash to invest, and I'm sure my phone number will be on speed dial should someone want to leave the market. We've said in our RNS, profits expected to exceed GBP 15 million following a record first half. You've got the financial highlights that are there on screen. I don't propose to go through them because Martin will, but it's a great performance across the four core income streams.
Two new stores that have opened, two websites, the IMTs and the cards as mentioned there. If you like an outlook, if you like a quick, again, overview where we sit, the board is confident of the future. We'll deliver on our growth strategy and along with that continue increasing, in fact that staircase I mentioned of profitability and rewarding shareholders. What I'll do is pass on to Martin to run through the financials.
Thank you, Peter. As you can see in the P&L, we'll run through it fairly quickly. We do have a slide on each income stream individually, where we get into more detail. Revenue up 18% for the six months, GBP 51.6 million, which is up from GBP 43.8 . That 18% growth in revenue has pretty much filtered through to gross profit. You can see gross profit up 20%. Obviously the big drivers of that growth is the purchase of precious metals at 30% and jewellery retail at 18%. It's pleasing to see all four key income streams with growth during H1. In terms of store numbers, there's approximately two stores extra, if you like, this year compared to last year. That's a little bit of the increase in admin costs.
The bigger part of that increase is the cost of people. The Real Living Wage, which is our entry-level pay, went up 10% in 2024, which is a big part of that increase in admin expenses. Obviously, what we do have to look forward to in April 2025 is that 5% increase, which is now being put through and a further National Insurance cost, but that's not in this H1 period. We have managed to pay down some of the RCF and the finance cost. You can see the benefit of that GBP 100,000 reduction in H1 compared to last year. Now profit before tax, GBP 6.1 million, is up over 50% on the same period last year.
We've got the pie chart there again, just showing the mix of that gross profit, which is very balanced across the four income streams, looking at each segment individually. Gold buying or precious metals buying has been by far the biggest growth factor in H1, and that's been heavily influenced by the gold price. You can see in the chart in the top left, the average gold price in the period was GBP 26.22. That's the nine karat sterling gold price rather than the dollar price, which is often quoted in the media. You can see that's up substantially. It's around 30% up from last year at GBP 19.45. The price today is actually close to GBP 30. I think it's over GBP 30.
You can see it's moved up again substantially post period compared to the average in the period, which has also led to us, as Peter said, upgrading the full year outlook, particularly for this segment. We have launched a new website, so it was around February time when that went live. We've seen very good traffic to that website. We used to have a gold buying website as part of our wider company website, which had other services on there. By separating it out, it's obviously got a more focus to it, and the volume of traffic has been very strong. We've also seen volumes of gold purchased increase post period end, which has led to that upgrade for the full year. We do have a choice when we buy gold, what we do with it. We can scrap it or we can retail it.
We always have that consideration of whether we repair it, refurbish it to retail, and whether we scrap it. The differential in gold price to retail price is often a big factor in that, and also the number of stores that we open. If we open lots of stores, we obviously then would need to stock up more. That's just something to be aware of in terms of that choice. Obviously, in a falling gold price, we could retail more of that stock and take more of that higher profit level because the you know the value of the differential is much higher in that position. You can see the gold price has sustained that growth right throughout the period, and it's done that for several years now, actually. That's leading to a higher gross profit margin.
Because we buy on probably a four-six week cycle in terms of when we buy the gold and when we sell the gold, you can see the gross margin improvement as well during the period, as well as the revenue improvement. Therefore, the margin has got better during this first six months. Moving on to revenue of jewelry retail, which has been, again, very, very positive. 18% growth in revenue and 18% growth in gross profit. That's showing that we've been able to manage the margins across the various products and still keep that margin despite the input cost, particularly for the jewelry side of retail, having that higher price, higher input cost. The pie chart in the bottom right of the slide just shows how the makeup of the revenue is mixed.
We've had about a third of the revenue is premium watches. Now, in the premium watches space, prices have been relatively consistent, so obviously very little impact from any gold price change. What's happened here is we've probably sold less higher value watches. We've bought more watches at a lower value, and the average ticket has probably reduced very slightly. The growth in watches, therefore, is really lots of growth through volume. It's around 19% up, so it's slightly higher than the overall average. That's been very, very successful. If you look at the other two parts, the jewelry parts, which make up two-thirds of the revenue, a lot more of that growth has come through pricing. Because the gold price is higher, we've put our prices up because the input cost has gone up to maintain our margin.
While we've seen small incremental growth in volume, the rest of that growth has come through increases in pricing. We still are very, very good value for money. We still have the opportunity if we wanted to increase prices further, given the continued increase in the gold price. Retail has been a real success for several years. You can see the chart in the bottom left, which shows the growth of retail both in-store and online. That's continued. That momentum has been very strong. We've continued to invest in the stock levels to support that. It's around GBP 1.7 million of extra retail stock in the half year, and there's around GBP 700,000 extra of gold stock, if you like, to support the gold purchasing segment as well.
That investment has continued, and if the revenue and momentum continues, we'll continue to invest in inventory moving forward. The website is due another refresh as well, so we're investing in the website, and the website growth is 17% in the half year, so very close to the same as the stores. Both stores and website both performing very strongly. Moving on to pawnbroking. You can see here that gross profit is up 11%. Revenue's only up 4%. The anomaly there, if you like, is that the revenue recognizes credit losses. There's an expected credit loss that you've got to account for using IFRS 9, which is a very complicated formula. Effectively, the increased gold price has meant that there's lower expected credit losses. Therefore, the gross up, if you like, to revenue is much lower.
Certainly the interest generation of the book is very similar. The interest rates we charge customers are the same as a year ago. The book has generally been higher than it was in H1 in the prior year. The book is relatively flat from the year-end. If you take September to March, the book is relatively flat. It's slightly higher in terms of in-date lending, but they're slightly better managed, if you like, in terms of the expired book. There's less expired lending in there, which is less income generating. What we've seen in terms of lending is very good lending. We've seen slightly better repayment rates, and that's offset that, what would have been growth.
We've also had an incentive to customers or an encouragement to customers to repay some of their loans where they're looking to reborrow. This has been something we've been trying to do for probably the last 12 months, which is to where a customer needs more time to pay, helping them help themselves by paying down some of that capital to help them get their goods back quicker. This is gonna help our long-term payments of our loan book and actually help that customer reborrow in the future. It does have a short-term impact into the loan book in this period. We've launched a new website for pawnbroking. Now, again, a bit like the gold buying website.
A lot of this is to attract customers to the stores. The pawnbroking website was launched in November, but we've really started to try and push that in terms of customer acquisition towards the end of the period and into H2. These websites, including the gold buying website, have seen very, very strong traffic and contributing to good post-period end performance. Foreign currency exchange has been, you know, 1% increase in terms of gross profit, it's 2% in revenue. We've seen moving parts here, but sales growth has been pretty good. We've seen 2.5% increase in currency sold, and that's more customers taking slightly lower amounts of currency each. There's been a slight reduction in the amount taken abroad.
We think that's down to the, you know, purchasing power of the customer having less disposable income. Because they've taken less, they've actually brought less back, and our purchases are down because of that, and less people have sold their currency back to us. Purchases down made GBP 8.8 million there, down to GBP 8.2 million. Now, while that's only a small proportion of the currency exchanged, it is at a higher margin, so it does disproportionately reduce the commission level across the segment. But we have been on that curve downwards for purchases now for a couple of years, so we are hopeful that once that flattens out, that the growth that we're seeing through sales will give a bit more momentum into this segment.
The other areas we've added on into this segment are the currency card, which was launched last year. There's now 25,000 cards in issue. That's increased from 17,000. Obviously we're approaching the key summer months, where we'll have the opportunity to continue to grow that currency card volume into that period. We've also launched a money transfer service in-house. This is an FCA-regulated product, which we used to use a third party to pass leads across to. We now have that facility to do those transactions in-house, and that will help us build that business going forward over the next few years. Into the cash flow, I guess, just to recap in terms of the business model and the cash generation of our stores is that, you know, the business is very cash generative.
When we open a store, we pay the CapEx, typically GBP 250,000 CapEx, GBP 250,000 working capital to put the jewelry, the FX, a bit of lending into the store, and then all the profitability comes through in real cash. What happens then is that profitability that we've seen in H1 is being very much come through as operating cash flow. You can see GBP 5.1 million of operating cash. We've invested in inventory. That's the biggest working capital movement there, GBP 2.4 million. GBP 1.7 million of that is to support the inventory in retail, and it's around GBP 700,000 in terms of the precious metals volumes and increased pricing, which increases the cost in the cycle, for that product.
We've only opened two stores in the period, so the CapEx is relatively low compared to previous years. As Peter said, we paused store openings really as we looked at what the high street environment was, and we pretty much started again on a six to eight new stores into the future from now onwards. We paid both dividends in H1. It's important to remember that when you look at our half year cash flows, the GBP 3.6 million outflow is dividend paid, which means H2 is obviously very cash generative. H2 actually has the seasonally stronger currency period as well, therefore you'll see that the cash generation comes through particularly strongly at that time.
We pay the dividends in October and March, which is outside of the currency season, to support that cash need into currency into the tills. We've declared an ordinary dividend up 25% to support that increase in profitability. The philosophy of the business is up to 50% of our profit out as dividends, and we typically pay that one third and two thirds across the interim and final. We have recognized the fact that profit is higher because of the increase in gold buying and that continues post period end.
Therefore, we've introduced for the first time a special dividend to recognize the fact that, you know, we wanna continue that dividend philosophy, but have an eye on any potential reduction in gold price into the future, that we wanna be able to measure in our consistently growing dividends, aggressive dividend despite that. That's how we've approached that. The RCF you can see in the period as well, just to mention there, GBP 5.5 million reduction in RCF, which we've been able to reduce given the strong cash generation in the half year. Onto the balance sheet. We've had a very strong balance sheet. Obviously, that reinvestment of half of the profits over the years keeps growing the balance sheet, GBP 54.7 million.
Despite that continual growth in the balance sheet, we still have very strong return on equity. It's around 19% for the last 12 months. When you look at the asset classes in the balance sheet, it's important to remember we book all of our inventory at cost. You know, the precious metals inventory and the retail inventory, especially the pre-owned jewelry, is again at a substantial value below the gold price. Trade and receivables is the pawnbroking debtors and again, you know, the increase in gold price means the security held behind that is extremely strong. The cash balance of GBP 10.3 million in the balance sheet, this includes the currency. That's around GBP 4 million. There is a very cash intensive cycle to run the business.
You do need to hold a lot of cash in the stores in either currency or sterling, to buy gold each day, to sell currency each day. Therefore, that's why we do borrow at the same time as having that level of cash in the business.
Okay, a quick summary. We think we've got a robust business model, diversified income streams that have, if you like, enabled the growth that you can see in the two graphs on the right-hand side. You know, we keep talking about the staircase, and both have a very strong staircase, again, excluding COVID. Profitability for the half year, 54% up, forecasting over GBP 15 million for the year, strong balance sheet, increasing dividend. People say, are kind enough to say that we have a strong management team. I know I've got a very strong management team support, supporting both Martin and I, and we have a track record of delivering growth. The board does remain confident that we can continue to grow Ramsdens, well into the future. That, ladies and gentlemen, is all we've got to say at the moment.
We won't go through the appendices, and we're happy to take questions.
Fantastic. Thank you very much indeed. Ladies and gentlemen, on that note, please do continue to submit your questions just using the Q&A tab situated on the right-hand corner of your screen. Just while the team take a few moments to review those questions submitted today, I'd like to remind you the recording of the presentation, along with a copy of the slides and the published Q&A, can be accessed via your dashboard. Peter, Martin, as you can see, we've had a number of questions submitted, both prior to the presentation and during the presentation. If I may just ask you to click on that Q&A tab, where appropriate to do so, read out the question, give your response, and I'll pick up from you at the end.
Thank you. Right. Question one. Firstly, thank you for making ourselves accessible to investors to engage at IMC today. You're welcome. If you've not already done so, could you help us understand how productive the various new websites are in developing new or refreshed income streams, new customer interest? I appreciate, of course, you don't want to give the competition too much detail. Just a couple of numbers I would probably be happy to share. If you take our pawnbroking website and we take, if I say, the visitors to that site, that has doubled in the last three months.
If I take our gold buying website, which has come off the Ramsdens for Cash environment we talked about, and it's got SEO, and it's got a little bit of pay per click in May, where we learned some lessons, the volume of people visiting that site has tripled. Then most of the people on that website are going to the branch locator page, and therefore we lose when they leave the site there. Because we haven't got their details, we are actually losing the true conversion. We believe our websites are helping both pawnbroking and gold buying. All right. One-
FirstCash, H&T.
Yeah, I can't read.
The question is, you know, FirstCash acquiring H&T, how do we think that will affect-
That's one. Yeah.
Ramsdens.
Sorry moving themselves the screen. How will FirstCash's acquisition of H&T impact Ramsdens? What is the risk of overexpansion and low profits for the industry? How will FirstCash's acquisition of H&T impact Ramsdens? Well, the first impact is it's done wonders for the share price with FirstCash paying 12 times PE for the H&T business. You can see why they've done that, because they are at a multiple of over 20, I believe, in the States. What is the risk of overexpansion and low profits for the industry? I'm not really seeing that. I think, you know, the industry now has got 880 pawnbroking stores in the U.K. I don't see overexpansion.
I think that, you know, stores will continue to incrementally grow throughout the industry from ourselves, from H&T, from Cash Converters, and probably a couple of independents. I think it's positive news overall. Interim results announcement, the reason for the total loan book falling by 1% is due to a refocused initiative in FY 2025 to encourage customers to repay part of their loan capital if they needed more time to pay off their loan. A, could you please provide details on how this scheme works? B, if a loan is past due and the customer repays part of the loan capital, will this loan be reclassified from past due to in date? And if yes, what is the percentage? Right. Okay.
If a customer wants more time to repay, their loan has expired, typically, they don't want to lose their goods, and they historically, and I'm going years back here, would just pay the interest and renew into a new loan. Now, we have for years encouraged the customer to pay some of that capital off, when they renew. However, in the last nine months-ish, we have changed this IT system, the prompt that the cashier gets to ask the customer, and that change in process and the question that we have asked the customer has taken the 40% of customers who paid something off their capital up to close to 90%.
that 90% of the people is probably, that increase has probably lowered our loan book by about 2.5% during the last six months. It is a new loan agreement, so it swaps into a new loan agreement and, yes, it obviously is not then past due. Is it the long-term wish of the board at Ramsdens to concentrate on store openings in the South of England, with that part of the country being underrepresented in terms of the number of Ramsdens stores, especially compared to your main competitor, H&T? South of England is an opportunity for us. The Northwest is an opportunity. The Midlands is an opportunity for us. It is just one of the areas that we are looking to grow.
You know, you'll see where we plant flags over the next one-two years of that store growth. Am I correct in believing that after the substantial increase in the share price of Ramsdens Holdings in recent months, that the board would not consider buying back shares for cancellation at these levels and would prefer to use the money towards opening new stores, possibly in the south of the country? Well, we've always said that it's about crudely half out in dividend, half in to invest in the future growth of Ramsdens. We think that gets a good balance of rewarding shareholders, and it gives us a good, like chunk of income and cash to grow the business.
Until we run out of areas to grow the business, I don't think that we would be looking to buy shares back. Why the lull this year in store openings? You consistently opened about two a year as a comfortable limit. Covered that one off. Change of government, didn't know what would happen to the high streets. We're gonna be back to six-eight stores moving forward. Oh, I'm sorry. Again, things, pages slipped there. It moves when we get more questions added in. Right, Andrew has asked, cyber attacks are very much in the news. Can you provide some color in respect of Ramsdens' preparedness? Oh, trust me, my IT director gets this, asked this quite a lot. You know, we think we're prepared where we have a system, dual-factor authentication, multi-factor authentication, different layers of security.
We think we have a good defense, but I don't want anybody to test that. We know from that our data is absolutely encrypted at rest. You know, we sleep easy with that one. Why is there no interest income despite having net cash and short-term deposits? That's an interesting question.
There's a tiny amount of interest receivable. We don't show it separately. You know, we don't you know, our cash moves through the accounts very quickly. We hold a lot of physical cash as well. We don't you know, we don't store our cash away in savings accounts.
Okay. Do you have any concerns regarding stronger competition post the H&T takeover? No. Did you consider doing a share buyback rather than paying a special dividend? We've considered share buybacks in the past, and we thought a special dividend was the right thing to do. If the gold price stays at the current level for the rest of the year, should we assume that current forecast might need to be revised upwards? I thought we'd put a bullish upgrade in from 13.1 to well over 13 to over 15. You know, who knows? We're trying to push that profit up as much as I can every single day. I think that's a wait and see. Obviously, if we're very successful, the profits will go up. Are you the fifth largest jeweler in the U.K.?
Not to my knowledge. I don't know how that is calculated. Someone did try and tell me I was in the top 10, but I quickly went through a couple of jewelers and said, "Maybe not." I don't know really where we actually sit. I know that we are consciously improving our jewelry retailing. Not opening. Right. New in-house international money transfer service soft launched in February 2025. Given that income from the Western Union transfer service has been in slow decline for the last three years, what opportunity do you see in this in-house money transfer service? On a side note, thank you for the great performance. Oh, well, obviously, you're welcome for that one. International money transfers is a bank-to-bank transfer.
If any of you have got houses abroad, you should be using Ramsdens' currency to make the transfer into, for example, your Spanish bank account. Western Union is where you come into our store, you pay cash or card over the counter, and the cash is remitted digitally, and the customer collects cash in another Western Union outlet somewhere in the world. Western Union is very cash to cash with a little bit of bank transfers, where our international money transfers is very much bank to bank, and it's aimed at U.K. residents who maybe import, export, or have, you know, houses abroad. A significant reason for the excellent interim results was the high price of gold. Nobody can tell for sure the future, not least in relation to the price of gold.
Taking into account your experience regarding financial matters, would you expect in one year's time the price of gold to be higher or lower than its current record levels? You know what? I've been wrong on this one so many times, I wouldn't want to guess. All I would say is we budget and forecast with a fall in mind. How do you think the buyout of H&T will affect your trading? I don't think it'll have any impact. Any plans for further franchising? No. Did you say loan book value was fairly even between H1 and H2? I'd expect H2 to be much higher, given it includes the Christmas period, where you think more people need short-term funds. Our H1 includes Christmas. It shifted a little bit.
I mean, there isn't much seasonality into pawnbroking at all, and in our business. And it used to be that the loans increased January, February when the bills landed after Christmas, but we have seen December lending tick up. There isn't really a seasonality in our pawnbroking business. Are the outstanding loan days going down, i.e. customers paying the loans down that quicker sooner? All right, that's a question that's very probably driven out of H&T and some of the data that they share. Personally, I think it's not the best measure. It's to do with how many people actually repay and when they repay. The statistics that we look at are how many people pay us back in month one. That is slightly increased.
It's about 23%-24% borrow for less than a month. We look at the number of customers who repay overall, and that's inched up from about 86%- 88%. We don't do that calculation. Is FX a decline in trade now everyone uses credit cards? As explained, John, you know, our sales of foreign currency have been increasing. You know, the currency exchanged has increased, the number of transactions have increased, the ATV is slightly down, so you know, more people are getting more cash from Ramsdens. Julian, your pawnbroking rates look considerably above H&T's. Is this correct? Any reason for it? Our pawnbroking interest rates are considerably less than H&T's, and I don't know what data you are looking at, Julian.
I think the two that are left on screen, we've answered.
You have indeed, and you've actually covered off every single question you've had come through. Thank you very much indeed for that. Of course, any further questions do come through, the team will have the ability to review those, and we'll publish responses where appropriate to do so on the Investor Meet Company platform before redirecting investors to provide you with their feedback, which is particularly important to you and the team, Peter. If I may just ask you for a few closing comments, please.
Yeah. You know, I feel as though we've actually rattled through those questions. I don't know whether that's testament to the presentation and if, like, our open, transparent way of sharing the information as best we can, and therefore, there was fewer questions this time. You know, thank you for showing an interest in Ramsdens. We think we have a very, very good business. We have opportunities to grow, and hopefully we will continue to do that, and we'll continue to reward shareholders with dividends and, you know, hopefully value growth as well. Have a good evening, all.
Fantastic. Thank you both for updating investors today. Can I please ask investors not to close this session, which will be automatically redirected to provide your feedback in order that the team can better understand your views and expectations. This only take a few moments to complete, and I'm sure it'll be greatly valued by the company. On behalf of the management team of Ramsdens Holdings PLC, we'd like to thank you for attending today's presentation. That concludes today's session, and good evening.