H&T Group PLC (AIM:HAT), the AIM-listed pawnbroker, said that trading this year has been in line with expectations with demand for pledge loans buoyant and April 2024 marking a record month for lending.
Consistent with last year, redemptions in March and April were higher than average as customers chose to collect their items, often to wear them at religious and family celebrations, but this is expected to reverse in the coming months, the pawnbroker added in a statement ahead of its annual meeting.
Elsewhere, all key pledge book metrics remain in line with expectations, with the Maxcroft pledge book performing well since its acquisition.
Pledges (excluding accrued interest and provisions) currently are worth £105 million (31 December 2023: £101 million, 30 April 2023: £91 million).
Retail sales and foreign currency revenues are in line with forecasts, with retail margins improving as expected while gold purchase and scrap revenues are benefitting from a strong metal price, the statement said.
The store estate currently stands at 280 stores after three openings and one closure this year.
Chris Gillespie, chief executive, said: "It is pleasing to be able to report a solid start to the year, with robust demand across the group's product offering.”