THE RETAIL BULLETIN - The home of retail news
HOME
RETAIL NEWS
RETAIL EVENTS
Fashion
Department Stores
Shopping Centres & Retail Parks
Home & DIY
Electricals
Health & Beauty
General Merchandise
Entertainment
Sports & Leisure
Retail Solutions
Food & Drink
RETAIL INSIGHTS
RETAIL SOLUTIONS
ABOUT US
CONTACT US
SUBSCRIBE FOR FREE
H&T profits hit by slump in gold prices

Pawnbroker H&T Group has reported that difficult trading conditions and a reduced gold price have impacted its first-half profits.

GENERAL MERCHANDISE

H&T profits hit by slump in gold prices

In the six months to 30 June 2013, the group’s pre-tax profit was £4.65 million compared to £ 7.5 million in the same period in the previous year.

John Nichols, H&T chief executive, said: "Trading conditions have been difficult for the group in the first half of 2013. The competitive environment, reduced volumes of gold in circulation and regulatory pressures have all impacted financial performance."

H&T’s pledge book increased by 3.9% to £48.6 million while its pawn service charge rose to £14.8 million from £14.7 million a year ago.

The group opened four greenfield sites and acquired three stores in the period which took the total store estate to 193 at 30 June although the group has slowed its rate of expansion in line with market conditions.

First half retail sales fell by 2.6% to £8.9 million while like-for-like retail sales dropped 12% year-on-year.

Retail gross profits decreased to £4 million from £4.4 million a year ago as an increased average loan on forfeited pledges reduced the group's disposition margins.

H&T is continuing to invest in its retail operations through staff training, store refurbishments and maintaining appropriate stock levels.

Nichols added: “Retail remains important to the long term success of the group acting both as an attractor to pawnbroking customers and as a hedge in the event of a falling gold price.”

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News

RETAIL EVENTS

Retail Human Resources Summit
Retail Human Resources Summit
Wednesday 3 October 2018
The Cavendish Conference Centre, London W1
The 10th HR Summit 2018, The Cavendish Conference Centre, London W1, 3rd October 2018
The Retail Design Summit 2018
The Retail Design Summit 2018
14 November 2018
The Cavendish Conference Centre
The Retail Design Summit 2018
Omnichannel Futures Conference 2019
Omnichannel Futures Conference 2019
6 February 2019
Cavendish Conference Centre, London WG1 9DT
A truly omnichannel offering requires an understanding of customer behaviour across all shopping channels and how this should impact your overall business strategy
Customer Engagement Conference 2019
Customer Engagement Conference 2019
5 June 2019
Cavendish Conference Centre, London W1
The 10th Annual Retail Customer Engagement Summit
National Minimum Wage Breakfast Briefing
National Minimum Wage Breakfast Briefing
20 September 2018
6th Floor 1, St. Martin's Le Grand London, EC1A 4AS
National Minimum Wage Breakfast Briefing