H&T Group reports strong fourth-quarter performance

Pawnbroker and jewellery retailer H&T Group said in an update on Wednesday that its trading performance remained strong through the fourth quarter of 2022, continuing the momentum seen across the business throughout the year.

The AIM-traded firm described demand for pawnbroking loans in particular as “buoyant”.

It said that performance resulted in the pawnbroking pledge book growing to £99m by the end of December, from £66.9m a year earlier.

Demand for pledge lending in early January, meanwhile, remained “strong”.

H&T said retail sales in the important pre-Christmas trading period were “robust”, with December a record sales month after a slightly quieter-than-anticipated November, and watch sales described as a particular December highlight.

Full-year retail sales rose more than 30% to £48m, while 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 board said in its statement.

“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, with a further nine locations in the pipeline and expected to be opened in the first half of 2023.”

H&T Group said it remained “confident” that full-year results would be in line with current market forecasts.

The company said it planned to publish its preliminary results for the year ended 31 December on 7 March.

At 1512 GMT, shares in H&T Group were down 5.88% at 464p.

Reporting by Josh White for Sharecast.com.