|
H&T Group PLC on Tuesday touted its core pawnbroking business as profit surged in the first half of 2023, while the company reported an increase in stores. The Surrey-based pawnbroker and retailer of new and pre-owned jewellery and watches said pretax profit in the six months to June 30 climbed 31% to £8.8 million from £6.7 million a year prior. Revenue jumped 31% to £101.7 million from £77.8 million. Cost of sales increased 55% to £46.7 million from £30.1 million. The company said that its ‘continued momentum in our core pawnbroking business provides a robust revenue and profit foundation for the remainder of the financial year.’ Net pawnbroking revenue jumped 42% to £32.4 million from £22.9 million. Retail sales were up 11% to £23.0 million from £20.8 million a year ago. The number of stores as at June 30 increased 4.6% to 273 from 261. H&T declared an interim dividend of 6.5 pence per share, up 30% from 5p a year prior. Looking ahead, the company eyes an opportunity for medium-term ‘significant growth’, citing its product offering and all its geographies including online. H&T shares were 0.8% lower at 399.00 pence each on Tuesday afternoon in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
|
