Last checked at 24 May 2013 07:00
24 MAY 2013
H&T GROUP PLC ("the Group")
TRADING UPDATE
The Board continues to be pleased with the overall pledge book performance. The Group's recent new store openings continue to build their pledge book in line with original expectations, while the older stores continue to benefit from the recent interest rate stratification, albeit their performance has been impacted by an increasingly competitive environment.
The Group's Pawn Service Charge for FY 13 remains in line with expectations set at the beginning of the year and the Group has not sought to increase short term profits to the detriment of its loan to value on the core pawnbroking product.
Overall results however are inevitably impacted by the highly volatile gold price, and market consensus has not yet reflected price movements since the Group last reported on 7 March 2013 when the gold price was £1,054. The Board estimates that a 10% movement in the gold price will impact profit before tax by approximately £2m based on current business mix and gold price. In the medium term, the Group's business model presents an opportunity for a degree of hedging against a lower gold price through its ability to operate in the wholesale and retail markets.
The Group expects to report its interim results for the six months to 30 June 2013 on 20 August 2013.
For further information, please contact:
H&T Group plc | Tel: 0870 9022 600 |
John Nichols, Chief Executive | |
Alex Maby, Finance Director | |
Numis Securities | Tel: 020 7260 1000 |
Etienne Bottari / Freddie Barnfield - Nominated Advisor | |
Mark Lander - Corporate Broking | |
Pelham Bell Pottinger (Public relations) | Tel: 020 7861 3139 |
Damian Beeley |