18th Jan 2023 11:05
(Alliance News) - H&T Group PLC on Wednesday appointed a new chair to replace its long-serving incumbent, while it said fourth-quarter trading in 2022 remained strong, particularly for pawnbroking loans.
The Surrey, England-based pawnbroker and retailer of new and pre-owned jewellery and watches said it will promote Non-Executive Director Simon Walker to chair, effective April 1.
He will replace Peter McNamara, who steps down as chair at the end of March after 14 years in post and 17 years as a member of the board. This is in order to focus on his business interests outside of H&T, the company said.
H&T said McNamara was "pivotal" to the company's development, including at its initial public offering 2008 and its subsequent growth under his guidance.
"He leaves the group in a stronger place following its capital raise last year, with the group having the necessary capital resources to take advantage of a favourable economic climate for pawnbroking as the business grows its store estate in a measured and thoughtful manner," H&T said in a statement.
Incoming chair Walker has served on the board since September. At the time, H&T had called Walker an experienced financial risk management professional. He worked at KPMG for 42 years before retiring as a partner after 30 years with the firm.
"Though founded over 125 years ago, the present strength of the business has been evidenced in the last year by the stock being one of the market's best performers," McNamara said. H&T shares rose 63% in 2022.
The stock was down 3.5% to 476.00 pence each in London on Wednesday morning.
H&T said trading in the fourth quarter of 2022 remained strong, continuing the momentum seen across the year.
The pawnbroking pledge book grew to around GBP99 million as at the end of December, up from GBP66.9 million a year earlier. Demand for pledge lending remained strong in early January, H&T said.
For all of 2022, retail sales rose 33% to around GBP48 million from GBP36.2 million in 2021, after a record sales month for December following a "slightly quieter than anticipated" November. Watch sales were a particular December highlight, H&T said.
Foreign exchange and other services continued to perform strongly, as well.
H&T said it continued its capital investment programme in IT systems and in the store estate.
It grew its number of stores to 267 on December 31 from 257 a year earlier, with a further nine locations in the pipeline and expected to open in the first half of 2023.
H&T said it remains confident that full-year results, which will be published on March 7, will be in line with current market forecasts.
By Greg Rosenvinge, Alliance News reporter
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