Shares of pawnbroking services provider H&T Group Plc (HAT.L) fell about 12 percent Friday morning, as the firm said its overall results are inevitably impacted by highly volatile gold price. According to the firm, market consensus has not yet reflected price movements, when gold price was 1,054 pounds, since the Group last reported on March 7.
The board estimates that a 10 percent movement in gold price will impact profit before tax by about 2 million pounds, based on current business mix and gold price.
However, the company said its board continues to be pleased with overall pledge book performance. H&T said its recent new store openings continue to build their pledge book in line with original expectations, while the older stores continue to benefit from the recent interest rate stratification, even as their performance has been impacted by an increasingly competitive environment.
H&T noted that its pawn service charge for fiscal 2013 remains in line with expectations, set at the beginning of the year.
In early March, the company announced that its full year 2012 profit before taxation decreased to 16.97 million pounds from 23.47 million pounds last year. The Group said a fall in gold purchasing profits accounted for the majority of this decline, together with increased cost base associated with store expansion programme.
The Group expects to report its interim results for the six months ending June 30, on August 20.
HAT.L is currently trading at 222.4 pence, down 30.1 pence or 11.92 percent on the LSE.
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