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(Alliance News) - H&T Group PLC on Monday said it acquired Swiss Time Services Ltd, a watch servicing and repair centre, for GBP4.3 million as it reported on strong trading in the first half of 2022.
The Surrey, England-based pawnbroker said the acquisition will be funded from the company's existing funding facilities, which amount to GBP35 million, and will be immediately earnings enhancing.
Chief Executive Chris Gillespie said: "I am very excited about the opportunities created by this acquisition as it represents an important strategic step for H&T. It enables us to bring watch expertise in-house and consequently, improve margins and broaden the range of services we can offer to our customers."
The company also said demand for pledge lending continued to gather momentum in the six months ended June 30, remaining at a record level with growth across its customer base and all geographies.
Its pledge book at the end of June was GBP84.2 million, jumping from GBP48.3 million at the same time a year prior. Lending volume is currently over 40% above pre-pandemic levels, the company added.
H&T expects to publish its interim results on August 9.
Shares in H&T were up 3.0% at 331.02 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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