H&T Group PLC Trading Statement (7149B)
January 09 2015 - 1:00AM
UK Regulatory
TIDMHAT
RNS Number : 7149B
H&T Group PLC
09 January 2015
9 JANUARY 2015
H&T GROUP PLC
TRADING UPDATE
H&T Group plc ("H&T" or "the Group"), which trades under
the H&T Pawnbrokers and est1897 brands, today issues a trading
update prior to the announcement of its preliminary results for the
year ended 31 December 2014. H&T expects to report its
preliminary results for the year ended 31 December 2014 on 5 March
2015.
The Board expects full year profit before tax to be in line with
current market consensus expectations.
The impact of low gold prices, competition and regulatory change
have combined to place the business under significant pressure in
2014. Despite this backdrop, the business has generated strong cash
flows and has continued to implement a range of strategies and
measures to improve performance going forward.
The pledge book reduced by 12.7% to GBP38.5m as at 31 December
2014 (2013: GBP44.1m) principally as a result of the competitive
environment and reduced lending rates. The pledge book has
stabilised over the last six months and on a like-for-like basis
the pledge book reduced by just GBP0.3m from 30 June 2014.
The Group's focus on retail sales as a more effective means of
disposition has continued to deliver growth. Q4 2014 like-for-like
retail sales increased 10.5% against Q4 2013 with gross profits
increasing by 7.4% period on period.
The Board expects that the current challenging market will
accelerate the industry consolidation and rationalisation that we
believe is necessary in the short term. During the year the Group
closed eight underperforming stores, opened one new H&T
Pawnbrokers, acquired one established pawnbroking store and opened
three stand-alone est1897 retail outlets. At 31 December 2014 the
Group operated from 191 stores, comprising 152 H&T Pawnbrokers
stores and 39 est1897 retail stores.
The Group continued to de-risk its balance sheet in 2014 by
reducing borrowings, with net debt at year end of GBP9.7m (2013:
GBP20.8m).
For further information, please contact:
H&T Group plc Tel: 0870 9022
600
John Nichols, Chief Executive
Steve Fenerty, Finance Director
Numis Securities Tel: 020 7260
1000
Etienne Bottari / Freddie Barnfield
- Nominated Advisor
Mark Lander - Corporate Broking
This information is provided by RNS
The company news service from the London Stock Exchange
END
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