Profits up 42 per cent at Surrey pawnbroker H&T Group
Surrey-based H&T Group, the UK’s largest pawnbroker, has reported profits after tax of £21.1 million – up 42 per cent on the previous year – for the twelve months ended 31st December 2023.
The business has also grown its pledge book by 28 per cent over the past year as demand for pledge lending remains at record levels.
Chris Gillespie, chief executive of H&T, said: “The group has made significant progress in 2023, delivering record profits and strong growth in a challenging environment for both businesses and individuals.
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“Pawnbroking is our core business and is attracting increasing numbers of new customers. Throughout the year, we saw record demand for our pawnbroking service, and this has continued into 2024, with January being a new record month for lending.
“While retail trading conditions, particularly in the fourth quarter, were challenging given pressure on customers’ disposable incomes, sales increased year on year by 8 per cent to £48.6 million.
“Pleasingly, demand has remained robust in the early months of 2024.
“Throughout 2023 and in February 2024, we diversified and enhanced the group’s funding arrangements. This will support the future growth of the pledge book and investment in the store estate.
“With continued investment in scale and capabilities, along with growing our business in the context of wider macroeconomic factors, we believe that the group has an opportunity for significant growth in the medium term.”
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