23rd Jan 2019 10:04
LONDON (Alliance News) - H&T Group PLC on Wednesday expressed confidence for the year ahead following strong growth in 2018 across all of its trading segments.
H&T is a pawn broker and lender and also provides currency exchange services. The stock was trading 8.8% higher on Wednesday at 292.55 pence a share.
H&T said it expects to report pretax profit for the year to the end of December 2018 in line with market forecasts.
H&T said 2018 was a good year for its lending operations, with the pledge book increasing by 8% year-on-year due to higher customer numbers and higher demand for quality watches.
The personal loans book rose by 35% during the year, helped by expansion of the company's longer term, lower interest rate loan offering.
The company also saw an improved performance in its jewellery retail business, as it delivered 7% sales growth in 2018, while the foreign exchange segment demonstrated strong performance, with income up 22% on prior year.
"The growth in retail sales has come through an expanded range of new jewellery and the development of both click-and-collect and online sales," said Chief Executive John Nichols.
"Demand for our products remains strong, and we look to the future with confidence," added Nichols.
H&T said it plans to announce its 2018 results on March 12.
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