H&T GROUP PLC – UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2011
H&T ANNOUNCES STRONG RESULTS
H&T Group plc, which trades under the H&T Pawnbrokers brand, today announces its interim results, for the six months ended 30 June, 2011.
John Nichols, Chief Executive, commented: "We are delighted to report another excellent set of results, with profit before tax of £10.3m for the first six months of 2011. Trading has been especially strong in the Group's core pawnbroking operations with year on year increases in the key performance indicators of both lending and redemption. As a result, the gross pledge book has risen to £41.2m as at 30 June 2011 and the Group has delivered a 14% increase in its key revenue stream, the Pawn Service Charge.
"Performance of the stores added in recent years continues to be excellent and supports the Board's view of the growth potential they offer. We have opened 15 new stores year to date, including the achievement of a significant milestone for the Group with the recent opening of our 150th store. In addition the Group currently has 45 Gold Bar retail mall units.
"The outlook remains positive and on the basis of the current gold price we are pleased to announce our expectation for full year results to be above the top end of current market forecasts. The Board has approved an interim dividend of 3.75 pence, which itself represents compound growth of 23% per annum since flotation."
· Profit before tax of £10.3m (H1 2010: £9.6m, excluding working capital gain of £4.9m)
· Net debt of £31.3m (30 Jun 2010: £30.4m). Interest charges of £0.8m (H1 10: £1.7m)
· Pledge book increased by 10.5% to £41.2m (30 Jun 2010: £37.3m)
· Pawn Service Charge increased 14.3% to £13.2m (H1 10: £11.5m)
· Basic EPS of 21.21p (H1 10: 19.52p, excluding working capital gain)
· Increase in interim dividend to 3.75p (2010 interim: 2.50p + 1.00p special)
· 11 new stores opened taking the total store estate to 146 as at 30 June 2010 (H1 2010: 128 stores); 4 additional stores opened post 30 June and provisional lease terms are agreed on a further 6stores
· Converted 6 retail mall units into new style 'Gold shops' or 'H&T Lite' stores
· Launched an on-line pay day loans product and deployed H&T's new underwriting model in store thus accessing a wider customer base
· Enhanced central pricing and central distribution capabilities