H&T Group trades as expected through first half

23rd Jul 2024 11:58

(Sharecast News) - Pawnbroker and jewellery retailer H&T Group said in an update on Tuesday that group trading in the first half had continued in line with expectations since its last update on 16 May.

The AIM-traded firm said the availability of small-sum credit remained generally constrained for consumers, leading to robust demand for its pawnbroking services.

While the increase in redemptions seen in the spring took longer to moderate, they had steadied through June and into July.

The capital value of the pledge book, excluding accrued interest and provisions, stood at £105m as of 30 June, compared to £95m on the same date in 2023 and £101m at the end of December.

All key metrics for the pledge book were in line with expectations.

Retail sales of high-quality new and pre-owned jewellery and watches, along with foreign currency revenues, continued to perform as forecast.

Additionally, scrap margins were reportedly improving as anticipated.

"I am pleased to report that overall, trading performance in the first six months of the financial year has been in line with our expectations," said chief executive officer Chris Gillespie.

"I look forward to updating the market fully when we announce the group's interim results on 20 August."

H&T Group said it would announce its interim results for the six months ended 30 June on 20 August.

At 1142 BST, shares in H&T Group were down 5.36% at 386.12p.

Reporting by Josh White for Sharecast.com.