Last checked at 20 May 2010 07:00
20 May 2010
H&T GROUP PLC
("H&T" or the "Group")
AGM Statement
And Trading Update
At the Annual General Meeting (AGM) of H&T Group plc, to be held at 12pm today, Chairman Peter McNamara will make the following statement:
"Underlying trading is in line with the board's expectations, and we remain pleased with both the continued growth in the Group's core pawnbroking operations and the new store expansion programme which progresses in accordance with the Board's strategy.
"Results for the year to 31 December 2010 are expected to benefit from a reduction both in overall stock levels and the period required to dispose of purchased gold, leading to a one off improvement in the Group's scrap profits. As a result of these working capital improvements, the Board expects full year results to exceed current market consensus forecasts. In addition, H&T's net debt position is likely to be materially lower at 30 June 2010 than at 31 December 2009, despite the continued new store expansion.
"The Board is also pleased to announce that on 7 May 2010, H&T acquired the systems and assets of a small online pawnbroker for the total consideration of £80,000. This acquisition provides the platform for the Group to expand its pawnbroking service to a wider range of customers."
ENDS
For further information, please contact:
| H&T Group plc John Nichols, Chief Executive Alex Maby, Finance Director | 0870 902 2600 |
|
Hawkpoint Partners Limited Lawrence Guthrie / Sunil Duggal |
020 7665 4500
|
|
Numis Securities Limited Mark Lander |
020 7260 1000 |
|
Pelham Bell Pottinger Polly Fergusson / Damian Beeley |
020 7337 1508 |