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Pin to quick picksH&t Group Plc Regulatory News (HAT)

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TRADING UPDATE AND NOTICE OF RESULTS

25 Jan 2021 07:00

RNS Number : 6790M
H&T Group PLC
25 January 2021
 

25 January 2021

 

 

H&T Group plc

("H&T" or "the Group" or "the Company")

 

TRADING UPDATE AND NOTICE OF RESULTS

 

H&T Group plc ("H&T" or "the Group"), the UK's leading pawnbroker, today announces a trading update for the financial year ended 31 December 2020. H&T expects to report its final results for the year on 23 March 2021.

 

Following stronger than anticipated November and December trading, despite lockdown measures, H&T expects the full-year profit before tax to be ahead of market expectations.

 

Almost all of the 253 stores remain open, albeit with shortened trading hours. Pawnbroking, foreign exchange, cheque cashing and money transfer services continue to be available in-store having been categorised by HM Government as essential services. Customers continue to be offered retail jewellery through either click and collect or click and deliver services, and H&T's e‐commerce websites are operating as usual.

In terms of FY20 outturn:

 

- Retail jewellery sales during H2 were strong, particularly in December, and for the six months to the year-end were only 6% below prior year

- Returns from precious metal scrappage were 58% up on prior year, reflecting the high gold price

- Against the background of travel restrictions foreign currency income was remarkably robust, achieving 65% of prior full year levels and Western Union transaction volumes were more than three times higher than in 2019

- The year-end pledge book was £48m, in line with the figure reported in the 5th November update, with a resilient performance building through Q4

- The personal lending book as at 31 December 2020 was £6m, with reduced impairment charges and with repayments and recoveries more than offsetting new lending

- Balance sheet cash balance of £34m and our £35m bank facility is undrawn

 

The Group continues to work with the appointed Skilled Person and the FCA in respect of the HCSTC lending review, and H&T expects an outcome within previous guidance. Given the ongoing disruption from the pandemic the outcome of this review will now likely be delayed beyond March.

 

Chris Gillespie, chief executive, said:

 

"I have joined H&T in a strong position. We have ended 2020 robustly with an outturn ahead of expectations, showing the strength of the Company in these challenging conditions.

"Our stores are open for business operating safely and in full compliance with Government requirements. Our business remains in good health with returning momentum in the pledge book continuing into 2021. Our retail operations remain robust, despite the ongoing restrictions. We have no debt and good cash resources to rebuild the pledge book as underlying customer demand returns. Meanwhile we will be taking the opportunity to invest in our store estate, our technology and in the ongoing training and development of our colleagues.

"The Group has taken every step during 2020 to protect the health, safety and wellbeing of our customers, colleagues and community. We ensured that our customers did not suffer financially while our stores were closed during the Spring, by suspending pawnbroking interest during that period. We continue to work with customers financially impacted by Covid to agree payment deferral arrangements where it is in their best interests to do so. We serve the communities where we operate - through our in-store, online and telephone offerings - and the compliant and high quality of service provided by our store and support colleagues remains our key strength. I look forward to the future of H&T with confidence."

 

- ENDS -

 

H&T Group plc

Tel: 020 8225 2797Chris Gillespie, Chief ExecutiveRichard Withers, Chief Financial Officer

Numis Securities (Broker and Nominated Adviser) Tel: 020 7260 1000Luke Bordewich - Nominated AdviserHenry Slater

Haggie Partners (Public Relations) Tel: 020 7562 4444Damian BeeleyVivian Lai 

 

 

 

 

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