Trading Update and Notice of Results

RNS Number : 9938M

H&T Group PLC

18 January 2023

 

18^th January 2023

H&T Group PLC ("H&T" or the "Group")

Trading Update and Notice of Results

H&T Group Plc, the UK's largest pawnbroker and a leading retailer of high quality new and pre-owned jewellery and watches, today provides an update on trading following completion of its financial year ended 31^st December 2022.

Trading performance remained strong through the fourth quarter of the year, continuing the momentum seen across the business throughout the year. Demand for pawnbroking loans, in particular, was buoyant. This performance resulted in the pawnbroking pledge book growing to c.£99m as at the end of December 2022 (December 2021: £66.9m). Demand for pledge lending in early January 2023 has remained strong.

Retail sales in the important pre-Christmas trading period were robust. December was a record sales month after a slightly quieter than anticipated November, with watch sales being a particular December highlight. Full year retail sales rose over 30% to c.£48m (2021: £36.2m). Foreign exchange and other services continued to perform strongly.

The Group has continued its programme of capital investment in IT systems and in the store estate. The new point of sale platform was successfully deployed across all stores in line with planned timelines, and we have continued to grow our store network. At the end of December, the Group had 267 stores (31 December 2021: 257) with a further nine locations in the pipeline and expected to be opened in the first half of 2023.

The Board remains confident that full year results will be in line with current market forecasts.

The Group expects to publish its preliminary results for the financial year ended 31^st December 2022 on Tuesday 7^th March 2023.

Enquiries

H&T Group plc   Chris Gillespie, Chief Executive Officer  Diane Giddy, Chief Financial Officer	[phone]
Shore Capital Ltd (Nominated Advisor and Broker)    Stephane Auton/Iain Sexton (Corporate Advisory) Guy Wiehahn/Chloe Booker-Triolo (Corporate Broking)	[phone]
Alma PR (Public Relations)   Sam Modlin   Andy Bryant  Pippa Crabtree	[phone] [e-mail]

 

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