H&T Group PLC (AIM:HAT), the UK's largest pawnbroker, said it saw record retail sales and strong pledge book numbers in December.
In a trading update, the company said pawnbroking loans were particularly in demand, as evidenced by the pledge book growing to £99mln as of the end of December 2022, a 48% year-on-year increase.
Retail sales in the pre-Christmas trading period were also robust, with watch sales being a particular highlight, after a slightly quieter-than-anticipated November. Full-year retail sales rose by over 30% to £48mln, while foreign exchange and other services continued to perform strongly.
“The board remains confident that full-year results will be in line with current market forecasts,” the company said.
At the end of December 2022, the group had 267 stores, having added 10 throughout the year, with a further nine locations in the pipeline expected to be opened in the first half of 2023.
McNamara steps down from the board
H&T also announced that after 17 years as a member of the board, including over 14 years as its chair, Peter McNamara will step down at the end of March 2023 to focus on his business interests outside of the group.
Simon Walker, who joined the board as a non-executive director in September 2022, will take over as chair, effective from April 1.
Reflecting on his time at the pawnbroker, McNamara said in a statement: "It has been an extraordinary privilege to help guide this business over the last 17 years. Though founded over 125 years ago, the present strength of the business has been evidenced in the last year by the stock being one of the market's best performers.
"This is all down to the outstanding employees who have run the business day to day, building strong and enduring relationships with our customers. I will greatly miss them all. I am very pleased that Simon will succeed me as chair."
Walker commented: "Peter has steered the business effectively through an ever-changing economic landscape over the last 14 years. I am pleased to have the opportunity to take over as chair of an outstanding business with a clear growth strategy, a strong leadership team and exceptional colleagues right across the business."
A recruitment process to further broaden the range of skills and experience of the board is underway, the company said.