Retailers

Pawnbrokers H&T Group sees revenues and profits jump in H1 2018

The growth was driven by increases in pawnbreaking of items such as Rolex watches and increases of personal loans

Pawnbroking firm H&T Group has reported it continued to achieve profit growth and revenue growth from all of its core revenue streams in the first half of 2018.

The pawnbroker that deals with watch brands such as Rolex, Tag Heuer and Breitling saw its profit before tax in the six months to the end of June rise 10.9% to £6.1m from £5.5m the previous year.

It also posted that revenue climbed to £68.5m from £57.7m attributed to the net pledge book, including accrued interest having increased by 8.6% to £47.8m from £44m in the first half of 2017. The personal loan book also increased by 78% to £17.8m, up from £10.m.

John Nichols, the chief executive officer of H&T, said: “Steady pawnbroking growth, driven by increasing numbers of new customers and the continuing growth of the personal loans book, is pleasing. The personal lending book has increased by 19% since December 2017. We have maintained this growth while ensuring we remain disciplined around our credit-risk management practices.

“The broadening of our product suite into lower APR categories has proven successful, with 54% of our personal lending now out of the High-Cost Short-Term credit category.This is important as we strive towards our vision of helping our customers to rebuild their credit rating.”

He added “We have further developed our digital platforms by upgrading and revamping our retail site, www.est1897.co.uk, and our main H&T site. Our click-to-bricks retail and lending offering has been further expanded by introducing click-and-collect foreign currency. We will continue to invest in digital technology as we refine the pawnbroking model and leverage our store estate.”

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