Last checked at 7 Jan 2013 07:00
7 JANUARY 2013
H&T GROUP PLC
PRE-CLOSE TRADING UPDATE
H&T Group plc ("H&T" or "the Group"), today issues a trading statement ahead of entering its close period prior to the announcement of its preliminary results for the year ended 31 December 2012. H&T expects to report its preliminary results for the year ended 31 December 2012 on 7 March 2013.
The Board expects full year profit before tax to be in line with current market expectations.
The core pawnbroking operations continue to perform well, and the Group is pleased to announce that it has become the first UK pawnbroker to build a pledge book of over £50m. At the year-end the Group's pledge book was £51.6m driven by both new store openings and the Group stratifying its interest rates to become more competitive on larger loans.
As expected, gold purchasing profits are down year on year predominantly due to a decline in margin. Underlying volumes for H2 12 however have been relatively stable, and gold purchasing is expected to remain as a steady source of profitability and cash flow for the Group, albeit at lower levels than in recent years.
The Board has continued its strategy of expansion, with an increase of 26 stores in 2012, including 6 acquisitions. Today, the Group's estate consists of 186 stores and 23 GoldBar units.
For further information, please contact:
H&T Group plc | Tel: 0870 9022 600 |
John Nichols, Chief Executive | |
Alex Maby, Finance Director | |
Canaccord Genuity Hawkpoint Limited (Nominated adviser) | Tel: 020 7665 4500 |
Lawrence Guthrie / Sunil Duggal | |
Numis Securities (Broker) | Tel: 020 7260 1000 |
Mark Lander | |
Pelham Bell Pottinger (Public relations) | Tel: 020 7861 3139 |
Damian Beeley |