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H&T Group PLC - Surrey, England-based pawnbroker - Pretax profit nearly halves to GBP7.9 million in 2021 from GBP15.6 million in 2020, as revenue from continuing operations declines by 5.5% to GBP122.0 million from GBP129.1 million. Also takes GBP2.1 million provision for customer redress, compared to no such hit the year before, amid a review by UK regulator the Financial Conduct Authority of H&T's unsecured high-cost short term loans business. Declares final dividend of 8.0 pence per share, up from 6.0p, bring the total dividend for 2021 to 12p, up from 8.5p.
Looking ahead, H&T says it is seeing growing demand for its core pledge lending service and expects its foreign currency business to rebound as overseas travel re-opens. Chief Executive Chris Gillespie adds: "In store demand for our high-quality new and pre-owned jewellery and watches has returned strongly and consistently since the relaxation of trading restrictions from late April, and overall retail sales in the second half of the year were at record levels."
Current stock price: 282.00 pence, up 1.6% on Tuesday
12-month change: down 5.2%
By Tom Waite; thomaslwaite@alliancenews.com
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