“Solid start” to year propels H&T’s interim revenues to £68m

Six month revenues at H&T Pawnbrokers increased by £10.8m following what the company has described as a ‘solid start’ to 2018.

After 6 months ended June 30, revenue had increased from £57.7m to £68.4m on the same period last year.

Operating profit was also a positive for the firm, rising from £5.7m to £6.4m.

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Profit before tax increased too, up from £5.5m to £6.1m on the same period last year while basic EPS also showed a rise, and is now at 13.51p in comparison to 11.7p in the H1 results last year.

However, net debt of the company also went up, currently at £16.8m. The report states that this increase, from £11.5m this time last year, is due to personal loan and other working capital increases.

Operationally, H&T saw growth in pawnbroking customer lending and new customers.

Progress can also be seen in the development of its Expert Eye valuation system and the enhancement of its website, which has made more than 2,000 high-end watches and jewellery pieces available online or through click-and-collect.

John Nichols, H&T chief executive, said: “We have made a solid start to the year due to the resilient nature of our product set and our digital initiatives.”

He added: “We have maintained this growth, while ensuring we remain disciplined around our credit-risk management practices.  The broadening of our product suite into lower APR categories has proven successful, with 54% of our personal lending now out of the High-Cost Short-Term credit category. This is important as we strive towards our vision of helping our customers to rebuild their credit rating.”

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