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H&T Group sees customers old and new pour through its doors

Last updated: 10:52 12 Mar 2024 GMT, First published: 09:24 15 Jan 2021 GMT

Snapshot

  • H&T posts record profits as economic squeeze boosts pawnbroking
  • H&T’s pledge book to grow more than expected, offsetting wage pressure - analysts
  • H&T Group reports strong year amid increased pawnbroking demand
H&T

About the company

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.

How it is doing

12 Mar 2024

H&T Group PLC (AIM:HAT) saw record profits in 2023 as the uncertain economic backdrop drove more customers to its pawnbroking chain.

Revenue, profits and its pledge book all grew over the past twelve months with January this year also a record month for lending.

Chris Gillespie, chief executive, said: “Pawnbroking is our core business and is attracting increasing numbers of new customers. 

“Throughout the year, we saw record demand for our pawnbroking service and this has continued into 2024.”

21 Feb 2024

H&T Group PLC (AIM:HAT) said it was acquiring Essex pawnbroker Maxcroft for £11.3 million as it announced £25 million of new funding that will be used to finance further expansion.

The takeover includes the purchase of Maxcroft's pledge book, primarily collateral such as gold, jewellery and watches, valued at around £6.1 million.

23 Jan 2024

H&T Group PLC (AIM:HAT) said profits for 2023 came in about 40% higher than the previous year, which will make it a record for the group.

While demand for its pawnbroking services remained at record levels, the AIM-listed group said its retail arm, which sells pre-owned and new jewellery and watches, was caught up in the challenging conditions experienced by the wider retail industry in the run-up to Christmas.

What the brokers say

11 Dec 2023

British pawnbroker H&T Group PLC (AIM:HAT) will face pressure on its operating costs when the National Living Wage goes up next April but increased funding capacity and higher-than-expected book growth will offset this, according to equities analysts at Shore Capital Markets.

H&T’s additional £10 million funding facility announced in November “suggests to us that management is confident in the outlook for pledge book growth over the medium-term”, said Shore Cap.

One of the primary catalysts for healthy pledge book growth was the withdrawal of competition from the high-cost credit market in recent years, noted analysts.

What management says

12 Mar 2024

H&T Group PLC (AIM:HAT), the UK's largest pawnbroker, has attrributed strong full-year results to increased demand for pawnbroking services amid economic conditions and limited borrowing options.

In an interview with Proactive's Stephen Gunnion, CEO Chris Gillespie highlighted that their typical customer borrows a small sum, usually £200 or less, with a noticeable rise in business owners using pawnbroking services for working capital or investment. January 2024 marked a record month for lending demand, Gillespie told Proactive.

The company recently acquired Maxcroft Securities to enhance its service for business customers, leveraging Maxcroft's specialization in loans secured against personal assets for business purposes. The acquisition aims to build on the already existing portion of H&T's lending book dedicated to business loans, spread across 280 shops.

Proactive Research

15 Aug 2018

H&T Group PLC (LON:HAT), the UK market leader in pawnbroking, released results on August 14 for the first half of 2018, showing sustained growth both in the core pawnbroking and other financial services.

H&T Group reports strong year amid increased pawnbroking demand

H&T Group PLC (AIM:HAT), the UK's largest pawnbroker, has attrributed strong full-year results to increased demand for pawnbroking services amid economic conditions and limited borrowing options. In an interview with Proactive's Stephen Gunnion, CEO Chris Gillespie highlighted that their...

6 days, 18 hours ago