H&T's new CFO Diane Giddy joins company
Giddy was previously CFO of FirstRand’s London branch
Company
LON:HAT
H&T Group PLC is the UK's largest pawnbroker and provides a range of financial services to meet customers' needs. The company is also one of the largest retailers of high-quality pre-owned and new jewellery and watches.
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Giddy was previously CFO of FirstRand’s London branch
The pawnbroker is expected to benefit from a post-pandemic pick-up in demand
The group has traded well since the lockdown restrictions started to be lifted in the UK in April, the company said in its results statement covering the first half of 2021
The nature of pawnbroking “potentially makes it lower risk in the eyes of the regulator and hence a more viable alternative,” said analyst Gary Greenwood
"He leaves the business in robust financial health and we wish him well for the future," said Peter McNamara, the chairman of the pawnbroking group
H&T Group was one of those businesses performing ahead of expectations last year until the retail landscape was completely changed by the spread of COVID-19
"Our business remains in good health with returning momentum in the pledge book continuing into 2021"
Strong gold price is adding to good trading performance
“Overall we are performing in line with plans and currently ahead of market expectations for the year.”
Gillespie is replacing John Nichols, who is retiring on December 31, 2020, after nearly 24 years of service with the pawnbroking group
“The group has a strong balance sheet, no debt and a good cash position," said John Nichols.
“Whilst not immune to the effects of the pandemic, H&T has come through this phase of this global crisis in good order and in a robust financial position”
The decision not to pay a final dividend strengthens the board's view that the group remains appropriately capitalised with recurring strong cash flows during this extraordinary time
The pawnbroker reported a pre-tax profit of £20.1mln, up 45.7% on the prior year, with the company’s pledge book increased by 38.8% to £72.2mln
"Demand for our products remains strong and we look to the future with confidence"
Withers joined the group in 2018 and has fulfilled the role of interim finance director with great ability, leading to his permanent appointment
H&T said it is committed to providing a service that maintains the highest standards of affordability whilst avoiding any customer detriment.
H&T says loans can be redeemed or extended through its 248 branches
"We have made a good start to the year due to the resilient nature of our product set, our investment in people, and our digital initiatives."
Steve Fenerty was diagnosed with acute lymphoblastic leukaemia last February