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Pawnbroker H&T's Profit Leaps 45% In 2017 On Strong Gold Price

Tue, 13th Mar 2018 13:07

LONDON (Alliance News) - Pawnbroker and loan provider H&T Group PLC said on Tuesday it posted a rise in profit and lending for 2017, as the sterling gold price continued to benefit from the overall weakness of the sterling caused by Brexit.

For the year, H&T reported a pretax profit of GBP14.1 million, up 45% from GBP9.7 million the year before, on revenue that grew to GBP110.3 million from GBP 96.6 million.

In its Personal Loans division, H&T said its net loan book nearly doubled in the year to GBP18.3 million from GBP9.4 million, and its gross pledge book rose 12% to GBP46.1 million from GBP41.3 million.

The company's rate of redemption of annual leading dipped slightly to 83.6% from 84.3% in 2016.

H&T declared a dividend of 10.5 pence per share, up 14% at 9.2p the prior year.

"This has been a milestone year for H&T. We have produced a strong trading performance which is due in no small part to the initiatives which we have implemented over the past few years. We have sought to refine our core operations to ensure that they produce the best possible results, while developing our credit and online propositions. I am pleased that the impact of these efforts is borne out in today's results," said Chief Executive John Nichols.

Shares in H&T Group were down 0.3% at 352.00 pence on Tuesday.

By Dayo Laniyan;

Copyright 2018 Alliance News Limited. All Rights Reserved.

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