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H&T holds golden smile
Pawnbroker H&T Group (HAT) has reported a £700,000 increase in adjusted pre-tax profits for the six months to June on a surging bullion price.
The AIM-quoted constituent increased its earnings per share from 19.52p to 21.21p, while the interim dividend rose from 2.5p (as well as a special dividend of 1p) to 3.75p a share. Net debt rose from £30.4 million to £31.3million while its pledge book ( items such as jewellery on which it has given money) increased 10.5 per cent to £41.2 million. H&T opened 11 new stores in the first half year, bringing its total estate to 146.
Commercial director Steve Fenerty remarks that H&T has found the rising price of gold to be 'very beneficial', noting that the price of the precious metal had increased on average 2 per cent a month. Furthermore, he adds that the rising price also causes people 'to start talking about gold' and to consider the value of any gold they may possess.
H & T's Future plans are focused on building profits through its core pawnbroking business. Fenerty enthuses that gold buying had 'been fantastic' for the company, as it has enabled it to expand its store count considerably.
Following the results analysts at broker Brewin Dolphin increased their pre-tax profit forecast for the full year from £16.5 million, for earnings of 32.8p a share, to £18.5 million and earnings of 36.8p a share.
Growth Company Investor recommended H & T shares in April 2009 at 260p and advised partial profit taking at 322p this March. With gold at the time of writing currently trading just short of $1900 per ounce and the Eurozone crisis likely to push the bullion price ahead further, they now trade at 400p and the company should have further to grow in the coming year through gold buying and its core operations. Paying a dividend and with some impressive cash generation the shares represent good value. Add.
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