25th Jan 2021 15:20
H&T Group PLC - Surrey, England-based pawnbroker - Expects 2020 pretax profit to be ahead of market expectations, as almost all 253 of its stores remain open during the lockdown, being considered essential services by the UK government. H&T had reported GBP20.1 million in pretax profit for 2019, 46% higher than 2018's figure of GBP13.8 million. At the halfway stage in 2020, the company recorded GBP5.0 million in pretax profit, down from GBP6.8 million a year before.
Says retail jewellery sales were strong in the second half, particularly in December, down only 6% from the second half of 2019. What's more, a higher gold price lifted returns from precious metal scrappage by 58%. Foreign currency income was "remarkably robust", considering the travel restrictions in place to contain coronavirus, with Western Union transaction volumes three-times higher than in 2019. H&T says its year-end pledge book was GBP48 million and personal lending book GBP6 million, with reduced impairments and repayments more than offsetting new lending.
H&T expects to report its full-year results on March 23.
Current stock price: 300.00 pence, up 11% on Monday
Year-to-date change: up 17%
By Tom Waite; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
H&t Group Plc