21st Jun 2012 07:00
21 JUNE 2012
H&T GROUP PLC
PRE-CLOSE TRADING UPDATE
H&T Group plc ("H&T" or "the Group"), today issues a trading statement ahead of entering its close period prior to the announcement of its interim results for the six months ended 30 June 2012. H&T expects to report its interim results for the six months to 30 June 2012 on 21 August 2012.
The Board expects a good first half trading performance and to deliver full year profit before tax in line with current market expectations.
The core pawnbroking operations continue to perform strongly, with the Group due to report double digit year-on-year growth in its pledge book and largest income stream, the Pawn Service Charge. An increased average loan, a marginal improvement in redemption and faster than expected pledge book build in the Group's newer stores have contributed to this performance.
The Group's gold purchasing operation has experienced competitive pressure on margins, but the underlying volumes have remained constant over the last 12 months.
Year to date retail sales are up 7% reflecting the new store additions and the continued focus on retail as the preferred and most profitable route to disposition. Year to date like-for-like sales are down 11% on prior year, while profit margins have been maintained - a pleasing result given the current high street environment and continued strength in the gold price.
The Board continues its strategy of expansion, with a further 14 stores having been added year to date, including 2 acquisitions and the conversion of 2 GoldBar retail mall units into fully fitted stores. Today, the Group's estate consists of 174 stores and 55 GoldBar units.
For further information, please contact:
H&T Group plc | Tel: 0870 9022 600 |
John Nichols, Chief Executive | |
Alex Maby, Finance Director | |
Canaccord Genuity Hawkpoint 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: 020 7861 3139 |
Damian Beeley |
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