H&T GROUP PLC

Report Publication Announcement • Jul 8, 2015

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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 £8.9m (30 June 2014: £13.5m) and the focus has now shifted to achieving revenue growth. 

The pledge book at 30 June 2015 was £37.4m (30 June 2014: £38.5m).  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 £3.4m (June 2014: £2.6m) 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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