16 May 2024
H&T Group
plc
("H&T", the "Company" or
the "Group")
AGM Trading
Update
H&T Group plc, the UK's largest
pawnbroker and a leading retailer of high quality new and pre-owned
jewellery and watches, is pleased to provide the following update
for the four months trading period from 1 January 2024 to 30 April
2024 ("the period"), ahead of the Group's Annual General Meeting
("AGM") 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."
Enquiries
|
H&T Group plc
Chris Gillespie, Chief Executive
Officer
Diane Giddy, Chief Financial
Officer
|
+44(0)20 8225 2700
|
|
Shore Capital Ltd (Nominated Advisor and
Broker)
Stephane Auton / Iain Sexton
(Corporate Advisory)
Guy Wiehahn / Isobel Jones (Corporate
Broking)
|
+44(0)20 7408 4090
|
|
Alma
Strategic Communications (PR Advisor)
Sam Modlin
Rebecca
Sanders-Hewett
Andy
Bryant
Will Merison
|
+44(0)20 3405 0205
handt@almastrategic.com
|