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(Alliance News) - H&T Group PLC on Tuesday announced an increased full-year dividend, on the back of higher revenue and profit.
H&T is a Surrey-based pawnbroker and retailer of new and pre-owned jewellery. Its shares were up 4.0% at 353.60 pence each in London on Tuesday morning.
In 2023, pretax profit climbed 39% to GBP26.4 million from GBP19.0 million in 2022. Revenue increased by 27% to GBP220.8 million from GBP173.9 million.
On the back of the results, H&T increased its annual dividend by 13% to 17.0p from 15.0p.
Looking ahead, the company said it believes demands for its "core" pawnbroking service will remain high "as the ongoing impact of inflation on customers' disposable incomes creates record levels of demand for small sum, short term lending, at a time of severely constricted supply."
It added that expansion to its store network remains a focus. It expects to open between 8 and 12 new store in 2024.
"The group has made significant progress in 2023, delivering record profits and strong growth in a challenging environment for both businesses and individuals," said Chief Executive Chris Gillespie.
"Pawnbroking is our core business and is attracting increasing numbers of new customers. Throughout the year, we saw record demand for our pawnbroking service and this has continued into 2024, with January being a new record month for lending."
By Sophie Rose, Alliance News senior reporter
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