The group's performance over the past three years demonstrates the continuing success of our strategy to access more customers and markets
Its pawnbroking business buys and sells used jewellery, watches, gold, handbags and art.
The group also provides in-store personal loans of up to £5,000 and sells foreign currency to holidaymakers.
How it's doing
H&T reported a surge in profits for 2019 as its business was lifted by acquisitions and what its chief executive said was a “beneficial gold price”.
For the year ended 31 December, the pawnbroker reported a pre-tax profit of £20.1mln, up 45.7% on the prior year, with the company’s pledge book (the value of pawned items) increased by 38.8% to £72.2mln.
The company added 70 new stores and 159 pledge books to its operation following the acquisitions of Money Shop and Albermarle & Bond, which it bought in July and October 2019 respectively.
H&T had also seen strong returns from precious metal scrappage as a result of high gold prices, which over the year have risen to around US$1,663 an ounce from around US$1,300 at the start of 2019.
What the CEO says: John Nichols
"The group's growing momentum demonstrates the success of our strategy and the demand for our pawnbroking and related products remains strong.
"We look forward with confidence whilst remaining mindful of the external factors and current macro uncertainties"
- The AIM-listed company has been investing in its digital presence as more customers shift to online.
- As part of its investments in technology, the group has upgraded and revamped its pre-owned jewellery retail website www.est1897.co.uk and the main H&T site.
- Strong gold price is adding to good performance