(Alliance News) - H&T Group PLC on Tuesday reported "significant progress in 2024", with profit and revenue increasing.
The stock was trading 3.9% higher at 392.55 pence per share on Tuesday afternoon in London.
The Surrey-based pawnbrokers' chain and jewellery retailer said pretax profit totalled GBP29.1 million for the year, up 10% from GBP26.4 million "as the core pawnbroking business continued its sustained growth and contribution to profit".
Diluted earnings per share rose 4.9% to 50.9 pence from 48.5p, and revenue increased to GBP243.8 million from GBP265.4 million.
Net revenue generated by H&T's 'pledge book' rose 5% to GBP77.8 million from GBP129 million, "following a particularly strong trading performance in Q4" which "included record levels of new customers borrowing from us for the first time". Retail jewellery & watch sales increased 27% to GBP61.8 million from GBP48.6 million.
H&T also proposed a final dividend of 11p per share, bringing the full-year dividend up by 5.9% to 18p from 17p.
"The group has made significant progress in 2024, delivering record profits and strong growth," said Chief Executive Chris Gillespie. "Demand for our core pawnbroking product continues to grow, with particularly strong lending demand in the final ten weeks of the year, providing a sound base for future growth."
Going forward, Chair Simon Walker commented: "We look ahead with confidence that we will achieve another year of strong growth in our pledge book and retail activities. We will widen the range of new jewellery we stock which we expect to drive further sales growth."
He continued: "We believe that demand for our core pawnbroking service will remain strong in the year ahead, with the need for small-sum, short-term lending continuing to grow as macroeconomic conditions continue to affect our customers' disposable incomes.
"Our excellent market position as the largest player in the UK provides a strong foundation for growth. "
CEO Gillespie meanwhile added: "With ongoing investment in scale, service quality, and the continuous improvement and efficiency of the customer journey, combined with the broader macroeconomic backdrop, we believe the group is well-positioned for significant growth in the medium term.
"This applies across our product offering, in particular the core pawnbroking product."
By Emma Curzon, Alliance News reporter
Comments and questions to newsroom@alliancenews.com
Copyright 2025 Alliance News Ltd. All Rights Reserved.