26th Oct 2009 07:00
H&T GROUP PLC
TRADING UPDATE
H&T Group plc ("H&T" or the "Group"), the UK's largest pawnbroker by size of pledge book, announces that it is trading well ahead of current market expectations for the year.
Since 30 June 2009, the Group has benefited considerably from higher gold purchasing volumes. Based on the strength of the gold price and the media attention on selling gold, H&T identified the opportunity of building a retail network focused on gold purchasing in early 2009 and has opened 56 Retail Mall Units so far. These units are branded as H&T but operate separately from the pawnbroking store network. The Board is conscious that current volumes may not be sustainable and so has avoided locking in to a fixed cost structure for the new Retail Mall Units.
The Group's core pawnbroking and retail business continues to trade in line with Board expectations. Uncertainty as to the sustainability of either current gold purchasing volumes or related margins leads the Board not to change its expectations for the Group for 2010.
The Group is also pleased with the continuing success of the pawnbroking store expansion programme, expecting 12 new stores to be opened in H2 2009, making 122 by the year-end.
For further information, please contact:
|
H&T Group plc John Nichols, Chief Executive Alex Maby, Finance Director |
0870 9022 600 |
|
Hawkpoint Partners Limited (Nominated Adviser to the Group) Lawrence Guthrie / Sunil Duggal |
020 7665 4500 |
|
Numis Securities Limited Lee Aston / Charles Farquhar |
020 7260 1000 |
|
Pelham PR Polly Fergusson |
020 7337 1519 |
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