17th Jun 2011 07:00
17 June 2011
H&T GROUP PLC
Trading Update
H&T Group plc ("H&T" or "the Group") has traded strongly in the first five months of the current financial year. Accordingly, the Board expects strong first half results and to deliver full-year profit before taxation above the top end of current market expectations, despite the costs of the continuing new store expansion programme, with 10 new stores having opened so far this year.
Strong like-for-like lending, driven predominantly by the continued rise in the gold price supporting an increased average loan, and a marginal improvement in redemption has contributed to the Group's core income stream, the Pawn Service Charge, exceeding Board expectations. In addition, the Group has experienced a good performance from its recent store openings with the pledge book build being better than expected.
Gold purchasing profits have also remained strong and the Board expects that profits and margins for H1 11 from this segment to be broadly in line with H2 10.
H&T expects to report its interim results for the six months to 30 June 2011 on 23 August 2011.
For further information, please contact:
H&T Group plc | Tel: 0870 9022 600 |
John Nichols, Chief Executive | |
Alex Maby, Finance Director | |
Hawkpoint Partners Limited (Nominated adviser) | Tel: 020 7665 4500 |
Lawrence Guthrie / Sunil Duggal | |
Numis Securities (Broker) | Tel: 020 7260 1000 |
Mark Lander | |
Pelham Bell Pottinger (Public relations) | Tel: 07950 481795 |
Damian Beeley |
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