H&T Group PLC Trading Update and Notice of Results (4423S)
July 08 2015 - 2:00AM
UK Regulatory
TIDMHAT
RNS Number : 4423S
H&T Group PLC
08 July 2015
8 July 2015
H&T Group plc
Trading Update and Notice of Results
H&T Group plc ("H&T" or "the Group"), today issues a
trading update prior to the announcement of its interim results for
the six months ended 30 June 2015 which are expected to be reported
on 18 August 2015.
The Board expects to deliver full year profit before tax in line
with current market expectations.
The sector as a whole has been severely impacted by market
conditions and the lower gold price; the Board believes that the
steps taken over the last two years position the business to
succeed as those conditions improve. The balance sheet is strong
with net debt at 30 June 2015 of GBP8.9m (30 June 2014: GBP13.5m)
and the focus has now shifted to achieving revenue growth.
The pledge book at 30 June 2015 was GBP37.4m (30 June 2014:
GBP38.5m). This modest reduction is due to improved redemption
rates which, combined with the increase in interest rates in
December 2013, has improved the yield and resulted in a small
increase in interest income year on year.
Retail has performed well with sales and gross profits ahead of
prior year. The recently established products have also shown
encouraging growth, the Personal Loan book now stands at GBP3.4m
(June 2014: GBP2.6m) and activity on both Buyback and FX has more
than doubled since H1 2014.
The Group has closed one store this year and had 190 trading
units at 30 June 2015. The Board anticipates a small number of
additional closures during the remainder of the year as we take
advantage of lease breaks.
The number of stores in the sector continues to reduce as a
result of the trading environment and changing regulation, we would
expect this to continue during the remainder of the year. The Board
believes that the Group is well positioned to take advantage of
this changing marketplace as and when opportunities arise.
Enquiries:
H&T Group plc
Tel: 0870 9022 600
John Nichols, Chief Executive
Steve Fenerty, Finance Director
Numis Securities (Broker and Nominated Adviser)
Tel: 020 7260 1000
Etienne Bottari / Freddie Barnfield - Nominated Adviser
Mark Lander - Corporate Broking
Haggie Partners (Public Relations)
Tel: 020 7562 4444
Mob: 07950 481795
Damian Beeley
Brian Norris
This information is provided by RNS
The company news service from the London Stock Exchange
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