TIDMHAT
RNS Number : 2267H
H&T Group PLC
16 August 2016
H&T Group plc
("H&T" or "the Group" or "the Company")
UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS
FOR THE SIX MONTHSED 30 JUNE 2016
H&T Group plc, which trades under the H&T Pawnbrokers
and est1897 brands, today announces its interim results for the six
months ended 30 June 2016.
John Nichols, chief executive, said: "This is a promising start
to the year in the face of challenging trading conditions, with a
strong operational performance aided by favourable market
conditions around the gold price.
We have reinvigorated and widened our product range to capture
the opportunities presented by the ongoing changes in the wider
market. The continued growth in our Personal Loans products and the
recent increases in gold price, if sustained, will benefit the
Group during the second half of the year."
KEY FINANCIAL RESULTS
-- Profit before tax up 42.3% to GBP3.7m (H1 2015: GBP2.6m)
-- Basic EPS of 7.99p (H1 2015: 5.53p)
-- Net debt reduced by 22.5% to GBP6.9m (30 June 2015: GBP8.9m)
-- Pledge book increased by 4.3% to GBP39.0m (30 June 2015: GBP37.4m)
-- Personal Loan book increased 85.3% to GBP6.3m (30 June 2015: GBP3.4m)
-- Pawn Service Charge down 1.4% at GBP14.1m (H1 2015: GBP14.3m)
-- Other Services income increased 68.8% to GBP2.7m (H1 2016: GBP1.6m)
-- Interim dividend of 3.9p (2015 interim: 3.5p)
OPERATIONAL HIGHLIGHTS
-- Launch of the new higher value, lower APR personal loan
product to customers with good history
-- Development of a new high-end operation on Old Bond Street, London
-- Creation of a retail merchandising team to support stock efficiency and sales
-- Enhancements to the field operations and leadership team to support new product development
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
Mark Lander, corporate broking
Freddie Barnfield, nominated adviser
Haggie Partners (public relations)
Tel: 020 7562 4444
Damian Beeley
Brian Norris
INTERIM REPORT
Introduction
The trading environment remains challenging for the sector with
most large businesses reporting losses and being forced to
significantly restructure their operations. H&T had anticipated
many of these changes and had adjusted its business model and
investment approach accordingly. As a result, we have fared
relatively well over the last two years.
The Group has made good progress realigning the business to
capture the opportunities presented by the continuing changes in
the wider market. In particular the developments in the Personal
Loan and Buyback products support the core proposition of providing
easy access to cash and extend our reach into new customer
segments.
In the medium term we will develop these areas further by
integrating the online and offline services to provide a clear
proposition to the consumer irrespective of how they access our
services.
Financial performance
Profit before tax increased by 42.3% to GBP3.7m (H1 2015:
GBP2.6m) through a combination of strong operational performance
and a rising gold price.
Gross profit increased by GBP2.3m with the majority of the
growth from Personal Loans, Buyback and FX. The average sterling
gold price during H1 2016 was GBP852 (H1 2015: GBP791), an increase
of 7.7%; gross profits from Gold Purchasing and Pawnbroking Scrap
activities increased by GBP0.9m as a result.
Total direct and administration expenses increased 6.0% to
GBP21.2m (H1 2015: GBP20.0m) principally as a result of investment
in people and systems to support product development.
The Group's balance sheet is strong with net debt at GBP6.9m (30
June 2015: GBP8.9m) and a leverage ratio of 0.57x (30 June 2016:
0.87x), well within the covenant test of 3.0x. The Group refinanced
its existing facility on 12 February 2016 with Lloyds Bank plc; the
new facility has a termination date of 30 April 2020. The GBP4.8m
increase in net debt since year end is principally due to the
planned increase in the Personal Loans and inventory balances.
The Group has closed three stores in H1 2016 resulting in 186
trading stores at 30 June 2016. The Group continues to assess
underperforming stores and anticipates a small number of closures
in the second half.
Dividend
The directors have approved an interim dividend of 3.9 pence
(2015 interim: 3.5 pence). This will be payable on 7 October 2016
to all shareholders on the register at the close of business on 9
September 2016.
REVIEW OF OPERATIONS
Pawnbroking
The pledge book increased to GBP39.0m (30 June 2015: GBP37.4m)
as a result of the development of a new distribution channel for
pawnbroking services and a slight increase in the aged pledge.
The Pawn Service Charge was GBP14.1m (H1 2015: GBP14.3m); the
interest component of the Pawn Service Charge was GBP14.1m (H1
2015: GBP14.2m) which more accurately reflects the underlying
performance of the pawnbroking segment than the total Pawn Service
Charge. The yield on the pledge book has marginally reduced due to
the changing business mix and the increase in aged pledge.
Development of the pawnbroking product remains extremely
challenging in this market. Over the last ten years a combination
of increased competition, a reduction of gold in circulation and
changing fashion have resulted in reducing numbers of customers
using the service. Recent market trends have stabilised as the
number of competitor stores reduces and gold purchasing activity
reduces.
The Group has invested heavily in its existing stores and people
to provide the highest standards of service to our customers. This
investment together with enhancements to asset valuations, the
Expert Eye central support and integration of our online and
offline services will ultimately support the development of our
pawnbroking product.
The expansion of the "we lend on anything" proposition continues
with the launch of our H&T Finance branded location on Old Bond
St, London. This provides a central London location to serve a more
affluent customer and enables access to product experts to assist
in valuation and disposition.
Pawnbroking scrap
Pawnbroking scrap produced gross profits of GBP0.6m (H1 2015:
GBP0.1m profit) for the half year, on sales of GBP4.9m (H1 2015:
GBP4.2m). This performance benefitted from the increased gold price
during H1 2016.
The impact of the EU referendum on the US$ exchange rate has
increased the sterling price of gold: the average for July 2016 was
GBP1,017 per troy oz vs a H1 2016 average of GBP852. This increase,
if sustained, will benefit the Group during H2 2016.
Retail
The Group regards the High Street retail offering as a core part
of its business. Pawnbroking and Gold Purchasing generate
significant amounts of saleable jewellery which must be sold. The
ability to retail items rather than scrap them provides a higher
return and reduces the Group's exposure to short term gold price
volatility.
Retail sales increased by 1.5% to GBP13.6m (H1 2015: GBP13.4m)
and gross profits were flat at GBP4.8m (H1 2015: GBP4.8m). During
the H1 2016 the Group closed one standalone Discount Secondhand
Jewellery store as we were unable to secure satisfactory lease
terms.
The Group has invested in a merchandising team to provide a more
focussed approach to sales and inventory management.
Gold Purchasing
Gold purchasing profits increased from GBP1.0m in H1 2015 to
GBP1.5m in H1 2016. The additional profit and margin was mainly the
result of the increasing gold price during H1 2016.
The impact of an increase in gold price to purchasing profits is
relatively short lived. There is a delay between purchasing gold in
store and realising the value through the market; if the gold price
increases during this period then margins are enhanced. As the gold
price stabilises, the rate that is paid for gold in store increases
and ultimately we return to normal margins.
Personal Loans
Personal Loans gross profits increased by 25.0% to GBP1.5m (H1
2015: GBP1.2m); the loan book net of provisions at 30 June 2016
increased 85.3% to GBP6.3m (30 June 2015: GBP3.4m).
The development of the Personal Loan product in-store and online
is a significant opportunity. H&T's Personal Loan allows for
loans of up to GBP2,500 over any term of up to three years based on
affordability. Approximately 80% of the loans issued by the Group
fell under the definition of High-Cost Short-Term Credit (HCSTC)
during H1 2016 and as such must comply with additional rules under
the Financial Conduct Authority (FCA) regulatory regime.
The Group has positioned the Personal Loan product to be cheaper
and more flexible than most comparable loans in the market and has
applied robust affordability assessments including a manual review
of each loan application. The Group intends to reduce the
proportion of HCSTC loans over time as we expand our lower APR,
longer term loans for our customers. During H1 2016 the Group lent
GBP1.0m through its larger loan product to existing customers with
good repayment history.
The increase in Personal Loans has been delivered principally
through operational improvements in store, the store loan book
represents approximately 95% of the total Personal Loans book.
Online presents a significant opportunity for the Group: during H2
2016 we will complete the implementation of new underwriting
systems to support the expansion of this segment.
Other Services
Other Services revenues increased 68.8% to GBP2.7m (H1 2016:
GBP1.6m). Foreign Exchange, Buyback and Western Union have
collectively contributed GBP2.3m in H1 2016 (H1 2015: GBP1.0m) and
brought a significant number of new customers to H&T. FX and
Buyback delivered the majority of the growth with an increase in
gross profits of GBP0.8m and GBP0.4m respectively.
FX is a simple transactional product based around sales of
retail foreign currency on the high street. Our experience
demonstrates that there are low barriers to entry and customers
show a willingness to shop around for the best rates. We believe
that further expansion in this product is possible through keen
pricing and increasing awareness. The larger providers typically
charge a significantly higher margin than H&T while also
capturing the vast majority of the market. As we become established
in the market we believe that more customers will seek us out.
During H1 2016 sales of FX increased by 60.4% and purchases more
than doubled delivering transactional profits of GBP1.2m (H1 2015:
GBP0.7m). Exchange rate gains during H1 2016 were GBP0.1m (H1 2015:
GBP0.2m loss), the Group introduced hedging of the foreign currency
balances in June 2016 to manage this exposure. The recent weakness
of sterling and travellers' concerns about safety may result in
slower growth in the short term.
Our Buyback offering supports the "we buy anything" proposition
by expanding the range of assets we accept into high end consumer
electronics. Demographically the Buyback customer base is younger
and more likely to be male than a pawnbroking customer. Changing
fashion also means that younger customers are more likely to own a
high end phone than a piece of quality jewellery. The Buyback
product allows us to address this changing market.
Buyback gross profit doubled to GBP0.8m (H1 2015: GBP0.4m), the
value of goods purchased using the Buyback service increased 72.0%
to GBP4.3m (H1 2015: GBP2.5m).
REGULATION
The Financial Conduct Authority
The regulation of Consumer Credit moved from the Office of Fair
Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April
2014. The Group obtained authorisation from the FCA on 11 February
2016 and we welcome the higher standards that this change will
bring to our sector.
High-cost short-term cost cap
On 1 January 2015 the FCA implemented its cap on the interest
rate and charges that apply to High-Cost Short-Term Credit (HCSTC).
The FCA has stated that it will review the price cap during the
first half of 2017.
The vast majority of H&T Personal Loans are well within the
current cap; we therefore believe that this review will have a
limited impact on our product.
THE MARKET
The market is now characterised by store closures and trading
losses, with few exceptions. H&T had planned for many of the
changes experienced by the market, particularly around HCSTC and
the risk of a reducing gold price. We have stabilised the business,
strengthened the balance sheet and reinvigorated and widened our
product range.
There will be more store closures among our competitors and
further regulatory pressure on the market, only those businesses
with the right products and capabilities to address the market will
prosper.
STRATEGY AND OUTLOOK
The demand for small-sum, short-term cash loans remains strong.
By increasing the range of assets the Group accepts, by expanding
Personal Loans and expanding our online services we will be ideally
positioned to grow as the market adjusts in the future.
Current trading is in line with management's expectations. The
recent increases in gold price, if sustained, will benefit the
Group in the remainder of the year.
Interim Condensed Financial Statements
Unaudited statement of comprehensive income
For the 6 months ended 30 June 2016
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2016 2015 2015
Note Total Total Total
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Revenue 2 42,385 40,848 89,355
Cost of sales (17,192) (17,922) (41,782)
________ ________ ________
Gross profit 2 25,193 22,926 47,573
Other direct expenses (15,841) (15,802) (32,079)
Administrative expenses (5,398) (4,167) (7,976)
________ ________ ________
Operating profit 3 3,954 2,957 7,518
Investment revenues - 1 1
Finance costs 5 (208) (334) (679)
________ ________ ________
Profit before taxation 3,746 2,624 6,840
Tax on profit 6 (857) (626) (1,462)
________ ________ ________
Total comprehensive income
for the period 2,889 1,998 5,378
________ ________ ________
Pence Pence Pence
Earnings per ordinary
share - basic 7 7.99 5.53 14.88
Earnings per ordinary
share - diluted 7 7.97 5.52 14.86
All results derive from continuing operations.
Unaudited condensed consolidated statement of changes in
equity
For the 6 months ended 30 June 2016
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
Note 2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Opening total equity 94,060 90,863 90,863
Total comprehensive income
for the period 2,889 1,998 5,378
Share option credit taken
directly to equity 16 70 104
Dividends paid 9 (1,666) (996) (2,285)
Closing total equity 95,299 91,935 94,060
Unaudited condensed consolidated balance sheet
At 30 June 2016
At 30 June At 30 June At 31 December
2016 2015 2015
Unaudited Unaudited Audited
Note GBP'000 GBP'000 GBP'000
Non-current assets
Goodwill 17,692 17,707 17,707
Other intangible assets 619 893 752
Property, plant and
equipment 7,365 9,059 8,138
Deferred tax assets 542 528 542
26,218 28,187 27,139
Current assets
Inventories 29,043 31,595 24,802
Trade and other receivables 53,889 48,187 50,893
Other current assets 834 493 646
Cash and cash equivalents 14,118 7,929 10,923
97,884 88,204 87,264
Total assets 124,102 116,391 114,403
Current liabilities
Trade and other payables (6,081) (5,825) (5,482)
Current tax liabilities (718) (602) (645)
Borrowings 4 - (1,755) -
(6,799) (8,182) (6,127)
Net current assets 91,085 80,022 81,137
Non-current liabilities
Borrowings 4 (20,667) (14,835) (12,911)
Provisions (1,337) (1,439) (1,305)
(22,004) (16,274) (14,216)
Total liabilities (28,803) (24,456) (20,343)
Net assets 95,299 91,935 94,060
EQUITY
Share capital 8 1,843 1,843 1,843
Share premium account 25,409 25,409 25,409
Employee Benefit Trust
share reserve (35) (35) (35)
Retained earnings 68,082 64,718 66,843
Total equity attributable
to equity holders of
the parent 95,299 91,935 94,060
Unaudited condensed consolidated cash flow statement
For the 6 months ended 30 June 2016
6 months 6 months 12 months
Note ended ended ended
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Cash flows from operating
activities
Profit for the period 2,889 1,998 5,378
Adjustments for:
Investment revenues - (1) (1)
Finance costs 208 334 679
Movement in provisions 32 (51) (216)
Income tax expense 857 626 1,462
Depreciation of property,
plant and equipment 1,419 1,454 2,897
Amortisation of intangible
assets 133 163 321
Share based payment expense 16 70 104
Loss on disposal of fixed
assets 172 16 75
Operating cash inflows before
movements in working capital 5,726 4,609 10,699
(Increase)/decrease in inventories (4,241) (2,324) 4,469
Increase in other current
assets (188) (264) (417)
(Increase)/decrease in receivables (3,036) 1,236 (1,367)
Increase/(decrease) in payables 340 (222) (507)
Cash (used in)/generated
from operations (1,399) 3,035 12,877
Income taxes paid (785) (352) (1,160)
Debt restructuring cost (326) - -
Interest paid (138) (222) (508)
Net cash (used in)/generated
from operating activities (2,648) 2,461 11,209
Investing activities
Interest received - 1 1
Purchases of property, plant
and equipment (572) (540) (1,207)
Proceeds on disposal of property,
plant and equipment 81 - -
Acquisition of trade and assets
of business - - (120)
Net cash used in investing activities (491) (539) (1,326)
Financing activities
Dividends paid 9 (1,666) (996) (2,285)
Net increase /(decrease) in borrowings 8,000 (1,247) (3,000)
Decrease in Bank overdraft - - (1,925)
Net cash generated from/(used
in) financing activities 6,334 (2,243) (7,210)
Net increase/(decrease) in cash
and cash equivalents 3,195 (321) 2,673
Cash and cash equivalents at
beginning of period 10,923 8,250 8,250
Cash and cash equivalents at
end of period 14,118 7,929 10,923
Unaudited notes to the condensed interim financial
statements
For the 6 months ended 30 June 2016
Note 1 Basis of preparation
The interim financial statements of the Group for the six months
ended 30 June 2016, which are unaudited, have been prepared in
accordance with the International Financial Reporting Standards
('IFRS') accounting policies adopted by the Group and set out in
the annual report and accounts for the year ended 31 December 2015.
The Group does not anticipate any change in these accounting
policies for the year ended 31 December 2016. As permitted, this
interim report has been prepared in accordance with the AIM rules
and not in accordance with IAS 34 "Interim financial reporting".
While the financial figures included in this preliminary interim
earnings announcement have been computed in accordance with IFRSs
applicable to interim periods, this announcement does not contain
sufficient information to constitute an interim financial report as
that term is defined in IFRSs.
The financial information contained in the interim report also
does not constitute statutory accounts for the purposes of section
434 of the Companies Act 2006. The financial information for the
year ended 31 December 2015 is based on the statutory accounts for
the year ended 31 December 2015. The auditors reported on those
accounts: their report was unqualified, did not draw attention to
any matters by way of emphasis and did not contain a statement
under section 498 (2) or (3) of the Companies Act 2006.
After conducting a further review of the Group's forecasts of
earnings and cash over the next twelve months and after making
appropriate enquiries as considered necessary, the directors have a
reasonable expectation that the Company and Group have adequate
resources to continue in operational existence for the foreseeable
future. Accordingly, they continue to adopt the going concern basis
in preparing the half yearly condensed financial statements.
Note 2 Segmental Reporting
Consolidated
for the
6 months
ended
30 June
Gold Pawnbroking Personal Other 2016
2016 Pawnbroking Purchasing Retail Scrap Loans Services Unaudited
Revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
sales 14,130 5,599 13,555 4,898 1,481 2,722 42,385
Total revenue 14,130 5,599 13,555 4,898 1,481 2,722 42,385
Segment result
- gross profit 14,130 1,471 4,820 569 1,481 2,722 25,193
Other direct expenses (15,841)
Administrative expenses (5,398)
Operating profit 3,954
Investment revenues -
Finance costs (208)
------------
Profit before taxation 3,746
Tax charge on profit (857)
------------
Profit for the financial
year and total comprehensive
income 2,889
============
Consolidated
for the
6 months
ended
30 June
Gold Pawnbroking Personal Other 2015
2015 Pawnbroking Purchasing Retail Scrap Loans Services Unaudited
Revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
sales 14,283 6,279 13,364 4,196 1,158 1,568 40,848
Total revenue 14,283 6,279 13,364 4,196 1,158 1,568 40,848
Segment result
- gross profit 14,283 1,047 4,797 73 1,158 1,568 22,926
Other direct expenses (15,802)
Administrative expenses (4,167)
Operating profit 2,957
Investment revenues 1
Finance costs (334)
------------
Profit before taxation 2,624
Tax charge on profit (626)
------------
Profit for the financial
year and total comprehensive
income 1,998
============
Note 2 Segmental Reporting (continued)
Consolidated
For the
year
ended
Gold Pawnbroking Personal Other 2015
2015 Pawnbroking Purchasing Retail Scrap Loans Services Audited
Revenue GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
External
sales 28,437 15,260 29,543 9,718 2,389 4,008 89,355
Total revenue 28,437 15,260 29,543 9,718 2,389 4,008 89,355
Segment result
- gross profit 28,437 2,297 10,326 116 2,389 4,008 47,573
Other direct expenses (32,079)
Administrative expenses (7,976)
Operating profit 7,518
Investment revenues 1
Finance costs (679)
------------
Profit before taxation 6,840
Tax charge on profit (1,462)
------------
Profit for the financial
year and total comprehensive
income 5,378
============
Note 3 Operating profit and EBITDA
EBITDA
The Board considers EBITDA as a key measure of the Group's
financial performance.
EBITDA is defined as Earnings Before Interest, Taxation,
Depreciation and Amortisation. It is calculated by adding back
depreciation and amortisation to the operating profit as
follows:
6 months ended 30 June 2016 6 months 6 months 12 months
Unaudited ended ended ended
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
Total Total Total
GBP'000 GBP'000 GBP'000
Operating profit 3,954 2,957 7,518
Depreciation and amortisation 1,552 1,617 3,218
EBITDA 5,506 4,574 10,736
Unaudited notes to the condensed interim financial statements
(continued)
For the 6 months ended 30 June 2016
Note 4 Borrowings
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Secured borrowing at amortised
cost
Short term portion of bank
loan - 1,755 -
Amount due for settlement within
one year - 1,755 -
========= ========= ============
Long term portion of bank loan 21,000 15,000 13,000
Unamortised issue costs (333) (165) (89)
--------- --------- ------------
Amount due for settlement after
more than one year 20,667 14,835 12,911
========= ========= ============
Note 5 Finance costs
6 months 6 months 12 months
ended ended ended
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
GBP'000 GBP'000 GBP'000
Interest payable on bank loans
and overdraft 126 258 524
Other interest - - 2
Amortisation of debt issue
costs 82 76 153
Total finance costs 208 334 679
Unaudited notes to the condensed interim financial statements
(continued)
For the 6 months ended 30 June 2016
Note 6 Tax on profit
The taxation charge for the 6 months ended 30 June 2016 has been
calculated by reference to the expected effective corporation tax
and deferred tax rates for the full financial year to end on 31
December 2016. The underlying effective full year tax charge is
estimated to be 20% (six months ended 30 June 2015: 20.3%).
Note 7 Earnings per share
Basic earnings per share is calculated by dividing the profit
for the period attributable to equity shareholders by the weighted
average number of ordinary shares in issue during the period.
For diluted earnings per share, the weighted average number of
ordinary shares in issue is adjusted to assume conversion of all
dilutive potential ordinary shares. With respect to the Group these
represent share options granted to employees where the exercise
price is less than the average market price of the Company's
ordinary shares during the period.
Reconciliations of the earnings per ordinary share and weighted
average number of shares used in the calculations are set out
below:
Unaudited Unaudited Audited
6 months ended 6 months ended 12 months ended
30 June 2016 30 June 2015 31 December 2015
Earnings Weighted Per-share Earnings Weighted Per-share Earnings Weighted Per-share
GBP'000 average amount GBP'000 average amount GBP'000 average amount
number pence number pence number pence
of shares of shares of shares
Earnings
per share
-
basic 2,889 36,154,799 7.99 1,998 36,154,799 5.53 5,378 36,154,799 14.88
Effect of
dilutive
securities
Options - 74,159 (0.02) - 29,533 (0.01) - 34,805 (0.02)
Earnings
per share
diluted 2,889 36,228,958 7.97 1,998 36,184,332 5.52 5,378 36,189,604 14.86
Unaudited notes to the condensed interim financial statements
(continued)
For the 6 months ended 30 June 2016
Note 8 Share capital
At At At
30 June 30 June 31 December
2016 2015 2015
Unaudited Unaudited Audited
Allotted, called up
and fully paid
(Ordinary Shares of
GBP0.05 each)
GBP'000 Sterling 1,843 1,843 1,843
Number 36,856,264 36,856,264 36,856,264
Note 9 Dividends
On 11 August 2016, the directors approved a 3.9 pence interim
dividend (30 June 2015: 3.5 pence) which equates to a dividend
payment of GBP1,440,000 (30 June 2015: GBP1,290,000). The dividend
will be paid on 7 October 2016 to shareholders on the share
register at the close of business on 9 September 2016 and has not
been provided for in the 2016 interim results. The shares will be
marked ex-dividend on 8 September 2016.
On 28 April 2016, the shareholders approved the payment of a 4.5
pence final dividend for 2015 which equates to a dividend payment
of GBP1,666,000 (2014: GBP996,000). The dividend was paid on 6 June
2016.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR GGUWGRUPQGQA
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