H&T Group plc (HAT.L), in its pre-close trading update, said the board expects a good first half trading performance, also anticipating full-year pre-tax profit in line with current market view.
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. H&T added that an increased average loan, a marginal rise in redemption and faster than expected pledge book build in the Group's newer stores have contributed to this performance.
Year-to-date retail sales rose 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 were down 11% on last year, while profit margins have been maintained.
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. The Group expects to report its interim results for the six months to June 30, 2012 on August 21, 2012.
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by RTT Staff Writer
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