Hardman & Co Research on H&T Group 101 0 Kommentare Core franchise build, short-term retail noise

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H&T Group: Strong pawnbroking market, retail challenges
Market leader with 28% pledge book growth, 36% revenue increase
Good cost control, government and inflation pressures addressed

Hardman & Co Research
Hardman & Co Research on H&T Group: Core franchise build, short-term retail noise

04-Apr-2024 / 16:57 GMT/BST
The issuer is solely responsible for the content of this announcement.

Hardman & Co Research on H&T Group:

Core franchise build, short-term retail noise

In our 15 March 2023 initiation, Pawnbroking royalty, with strong, profitable growth, and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2023. Forex profits grew 11%, again helped by H&T’s unique franchise. While there are government-driven and inflationary pressures on costs, 2023 expenses were below our forecast, evidencing good cost control.

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1873743 04-Apr-2024