Hardman & Co Research on H&T Group (HAT): Delivering the pawnbroking growth opportunity

Hardman & Co Research on H&T Group (HAT):

Delivering the pawnbroking growth opportunity 

In our 15 March initiation, Pawnbroking royalty, with strong, profitable growth, we highlighted that H&T’s core is pawnbroking and related retail services operations. The 8 August interim results confirmed that H&T is delivering on the opportunities, with i) gross pledge book lending up 22%, to £128m, and the end-period pledge book up 14%, to £115m (December 2022: £101m) – with this growth achieved across the customer spectrum, ii) retail sales up 11%, iii) scrap volumes particularly strong, with profits ahead of expectations, and iv) foreign exchange (forex) volumes rising 19% YoY, and at record levels. We have raised our revenue forecasts, although they are offset by higher cost of sales, expenses and finance costs.

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