13th Aug 2019 10:58
(Alliance News) - Pawnbroker and loan provider H&T Group PLC said Tuesday its profit rose on a steady revenue increases in the first half of 2019, with growth in pawnbroking, customer lending and new customers.
For the six months to the end of June, pretax profit increased 7.9% to GBP6.8 million from GBP6.3 million, on revenue that grew by 2.8% to GBP70.0 million from GBP68.5 million.
H&T's Pawnbroking unit saw revenue increase by 8.4% to GBP21.8 million, as customer transactions grew and higher carat lending during the period drove an increase in book lending.
Personal Loans also rose by 10% to GBP11.6 million, and the loan book up 9% to GBP19.4 million from GBP17.8 million the prior year.
However, the Pawnbroking scrap unit saw sales decline by 26% at GBP5.9 million, mainly due to a delay in the realisation of diamond sales yet to be auctioned.
H&T declared an interim dividend of 4.7 pence per share, up from 4.4p the year before.
Post-period, H&T raised GBP6.0 million in a placing in July, which would go towards the acquisition of 65 trading stores and another 29 pledge books from The Money Shop, the trading name for Instant Cash Loans Ltd and TM Sutton Ltd, for GBP10.6 million in total.
"The demand for small-sum, short-term cash loans remains strong. The company continues to focus and seek strategies to grow its pawnbroking offering while sensibly expanding its unsecured personal lending product and retail offering by focusing on digital and online strategies to complement its store estate," H&T said in a statement.
Shares in H&T were up 0.2% at 342.25 pence on Tuesday.
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