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H&T - Pledge book still growing nicely

October 2012

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Pawnbroker, H&T announced a 27% fall in pretax profit to £7.5m, with eps down from 21.2p to 15.4p, but this reflects the deflating of the gold buying bubble, which had been well flagged by management. Net debt increased £3.1m to £34.2m. The core pawnbroking side again made good progress with gross profit up 12% to £14.7m thanks to a 13.6% rise in the pledge book to £46.8m. This in turn was driven mainly by store expansion with 21 stores soon to be opened, taking the total to 184. Gross profit from pawn broking scrap also rose, by 44% to £3.8m. As previously indicated, H&T encountered increased competition on its gold buying side as more players entered the market, which caused gro ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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H&T - Pledge book still growing nicely

October 2012

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