Last checked at 7 Jul 2016 07:00
7 July 2016
H&T Group plc
Trading update and notice of results
H&T Group plc ("H&T" or "the Group"), today issues a trading update prior to the announcement of its interim results for the six months ended 30 June 2016 which are expected to be reported on 16 August 2016.
The Board expects full year profit before tax to be in line with market consensus expectations.
The Group has made a good start to the year, maintaining the pledge book and producing strong year-on-year growth in the Personal Loans and Other Services segments. The Board is encouraged by the development of the balance sheet as the combined pledge and Personal Loans books increased by 10.8% to £45.2m (30 June 2015: £40.8m).
The development of a new format for pawnbroking services focused on larger loans at lower interest rates enabled the Group to increase the pledge book by 4.3% to £39.0m (30 June 2015: £37.4m). In line with management's expectations the Personal Loans book increased by 82.4% to £6.2m (30 June 2015: £3.4m) as H&T establishes the product in the store estate through staff training, systems and local marketing.
The recent increase in gold price, if maintained, will benefit the Group.
During the period the Group closed three underperforming stores; at 30 June 2016 the Group operated from 186 stores, comprising 149 H&T Pawnbrokers stores and 37 est1897 retail focused stores.
ENDS
For further information:
H&T Group plc
Tel: 020 8225 2797
John Nichols, Chief Executive
Steve Fenerty, Finance Director
Numis Securities (Broker and Nominated Adviser)
Tel: 020 7260 1000
Freddie Barnfield - Nominated Adviser
Mark Lander - Corporate Broking
Haggie Partners (Public Relations)
Tel: 020 7562 4444
Damian Beeley
Brian Norris