Albemarle & Bond on track

Recession has kept Albemarle & Bond's pawnbroker business performing strongly and it expects results for the 12 months to June 2010 to meet market expectations.The pawnbroker business continues to go well with the pledge book, adjusted for prior year old gold loans, now showing about 10% year-on-year growth, A&B said. Gold buying transactions have remained consistent with the strong performance in the firt half, before an incremental contribution from the new pop up shops. Margins remain strong, though compettions has increased.Demand for gold jewellery has slowed, which has continued to impact retail sales in the second half, though this refelcts a decision to scrap second hand items earlier and take advantage of current high gold prices.A&B added its new store opening programme is on track with at least 15 opening in this financial year.