H&T Group plc (LON:HAT), the UK’s largest pawnbroker and a leading retailer of high quality new and pre-owned jewellery and watches, has provided the following update for the four months trading period from 1 January 2024 to 30 April 2024, ahead of the Group’s Annual General Meeting being held at 13:00 today.
The AGM will also be hosted digitally via a webinar. Shareholders can pre-register for live viewing of the meeting at https://handt.co.uk/pages/investor-relations.
Trading Update
Trading performance has been in line with expectations during the period.
Demand for pledge loans continues to be buoyant and April 2024 was a record month for lending. Consistent with last year, redemptions in March and April were higher than average as customers chose to collect their items, often to wear them at religious and family celebrations. This is expected to reverse in the coming months.
All key pledge book metrics remain in line with expectations. The Maxcroft pledge book has performed well since acquisition. The capital value of the Group’s pledge book (excluding accrued interest and provisions) is currently £105m (31 December 2023: £101m, 30 April 2023: £91m).
Retail sales and foreign currency revenues are in line with forecasts, with retail margins improving as expected. Gold purchase and scrap revenues are benefitting from a strong gold price.
Three stores have been added to the store estate so far this calendar year, including Maxcroft, with one closure. The store estate currently stands at 280 stores.
Chris Gillespie, H&T Chief Executive, said:
“It is pleasing to be able to report a solid start to the year, with robust demand across the Group’s product offering. I look forward to updating the market further as the year unfolds, and as always, I would like to pass on my grateful thanks to our amazing colleagues for their hard work, dedication, and unwavering commitment to customer service.”
The company also announced today the appointment of Canaccord Genuity Limited as Joint Broker, to work alongside Shore Capital, the Company’s Nominated Adviser and Joint Broker, with immediate effect.
H&T Group is the UK’s largest pawnbroker and provides a range a financial services to meet customers’ needs. We are the 6th largest retailer of high quality pre-owned and new jewellery and watches. With an increasing need for small-sum, short-term loans at a time when supply of such credit is constrained, H&T retail products represent good value for money, a store of value and have strong sustainability credentials.
