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H&T - Gold purchasing drives profit growth

June 2011

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

With gold simmering at new highs above US$1,500 / oz, pawnbroker H&T's final results were strong and in line with previously upgraded forecasts. In the year to 31 December pretax profit rose 38% to Â£25.5m, while diluted eps rose 27% to 47.5p. Net debt fell from Â£42.3m to Â£27m.As previously flagged most of the profit growth came from gold purchasing (gross profit up almost 50% from Â£13.5m to Â£20.1m) and also solid 8% growth in the pledge book to Â£39.5m, while the pawn service charge increased 8% to Â£21.8m. While much of last year's gains were of a windfall nature thanks to the 28% increase in average gold prices to Â£794 / oz, H&T nevertheless has an impressive growth strategy based around opening new stores. ...

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H&T - Forecasts upgraded (February 2012)

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H&T - Gold purchasing drives profit growth

June 2011

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