The latest Investing Matters Podcast episode featuring financial educator and author Jared Dillian has been released. Listen here.

Less Ads, More Data, More Tools Register for FREE

H&T Group expects annual pretax profit to fall below market forecasts

Tue, 23rd Jan 2024 14:34

(Alliance News) - H&T Group PLC on Tuesday touted a "robust" performance in the fourth quarter of 2023, albeit noting that the pre-Christmas retail trading period was challenging.

H&T shares fell 13% to 347.85 pence each on Tuesday afternoon in London.

The Surrey-based pawnbroker and retailer of new and pre-owned jewellery said it expects profit to be up 40% year-on-year in 2023.

However, it anticipates pretax profit to be about 10% below current market forecasts, citing a challenging pre-Christmas retail trading period, highlighting that retail trading was particularly challenging in December.

For 2022, it had reported pretax profit of GBP19.0 million, which had surged from GBP7.9 million in 2021.

Regarding its pawnbroking business, H&T said it "has implemented changes to its pricing structure for pledge lending, in order to improve yield and generate incremental revenue. Loan demand to date in January has been particularly strong."

In retail, sales by volume of items fell 3% year-on-year in the fourth quarter of 2023.

On a positive note, gold purchase by value grew 18% in the full year 2023.

Looking ahead, H&T said it remained subject to cost inflation, including a forthcoming 10% rise in minimum wage from April. "Action will continue to be taken to control costs and deliver ongoing cost efficiencies," it said.

Chief Executive Officer Chris Gillespie said: "We believe, despite this challenging backdrop, that we have the right product offering and have continued to invest in our store estate and our technology platforms."

By Tom Budszus, Alliance News slot editor

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.

Related Shares

More News
9 May 2024 15:49

UK shareholder meetings calendar - next 7 days

12 Mar 2024 12:16

H&T reports robust year despite market slowdown

(Sharecast News) - Pawnbroker and jewellery retailer H&T Group reported a robust set of preliminary results on Tuesday, with profit before tax jumping...

12 Mar 2024 10:54

H&T Group ups dividend thanks to higher revenue and profit

(Alliance News) - H&T Group PLC on Tuesday announced an increased full-year dividend, on the back of higher revenue and profit.

5 Mar 2024 16:06

UK earnings, trading statements calendar - next 7 days

21 Feb 2024 14:32

H&T enhances pawnbroking business with MaxCroft Securities acquisition

(Alliance News) - H&T Group PLC on Wednesday said it had deepened its dominance of the UK pawnbroking market with a new acquisition, as the company al...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.