10th Mar 2020 10:11
(Alliance News) - H&T Group PLC on Tuesday posted a notably higher annual profit, with a strong performance from its Pawnbroking unit.
Shares in H&T were up 10% at 336.00 pence in London in morning trading.
The Surrey-headquartered pawnbroker reported a GBP20.1 million pretax profit for 2019, 46% higher than 2018's figure of GBP13.8 million.
Revenue jumped 12% to GBP160.2 million from GBP143.0 million, including a 26% rise in Pawnbroking net revenue to GBP39.0 million from GBP30.9 million. The firm's gross pledge book was 39% higher at GBP72.2 million compared to USD52.0 million.
H&T lifted its total dividend per share by 6.4% to 11.7 pence from 11.0p.
Chief Executive John Nichols said: "We are improving retail through an expanded range of new jewellery and the development both of click-and-collect and online sales. We are pleased with the growth of our foreign exchange proposition, cheque cashing and newly introduced money-wire transfer operations.
"The group's growing momentum demonstrates the success of our strategy and the demand for our pawnbroking and related products remains strong. We look forward with confidence whilst remaining mindful of the external factors and current macro uncertainties."
Chair Peter McNamara noted "risks relating to the spread of covid-19", as well as concerns over the virus's UK impact but expressed confidence in the company's ability to weather the storm.
McNamara said: "H&T is continuously reviewing its contingency plans for the various potential and highly uncertain developments that may impact on our staff both at our operations centres and our stores, our customers, and the suppliers and logistics partners on whom we rely.
"While the macroeconomic impact of these risks is uncertain, we believe our range of products is well positioned in any eventuality to support our clients' needs. The business has traded positively throughout the recent period of heightened uncertainty as the gold price has strengthened in response."
By Anna Farley; [email protected]
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