(Alliance News) - H&T Group PLC on Tuesday touted its core pawnbroking business as profit surged in the first half of 2023, while the company reported an increase in stores.
The Surrey-based pawnbroker and retailer of new and pre-owned jewellery and watches said pretax profit in the six months to June 30 climbed 31% to GBP8.8 million from GBP6.7 million a year prior.
Revenue jumped 31% to GBP101.7 million from GBP77.8 million. Cost of sales increased 55% to GBP46.7 million from GBP30.1 million.
The company said that its "continued momentum in our core pawnbroking business provides a robust revenue and profit foundation for the remainder of the financial year."
Net pawnbroking revenue jumped 42% to GBP32.4 million from GBP22.9 million. Retail sales were up 11% to GBP23.0 million from GBP20.8 million a year ago.
The number of stores as at June 30 increased 4.6% to 273 from 261.
H&T declared an interim dividend of 6.5 pence per share, up 30% from 5p a year prior.
Looking ahead, the company eyes an opportunity for medium-term "significant growth", citing its product offering and all its geographies including online.
H&T shares were 0.8% lower at 399.00 pence each on Tuesday afternoon in London.
By Tom Budszus, Alliance News reporter
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H&t Group Plc (HAT)