H&T's online investment pays back

H&T Group shares climbed on Wednesday after the pawnbroker reported that full-year results will meet market expectations as online developments contributed to a "strong" fourth quarter.

The AIM-listed company said that, compared to the year before, it enjoyed growth of 35% in the Personal Loans book because of the expansion in its longer term, lower interest rate loan product, while the pledge book increased by 8% due to increased customer numbers and an increase in loans on watches.

John Nichols, chief executive of H&T, said: "We continued to make good progress in delivering our strategy in the past year, particularly in developing our digital capability to complement our store estate. We have also seen growth in our secured pawnbroking lending, primarily driven by increased customer numbers."

He said personal loan product offering has also been refined with a focus towards in-store lending, with more customers qualifying for lower-cost loans.

The jewellery retail business delivered 7% growth after H&T expanded its range of new items and developed click-and-collect and online sales, while income from the foreign exchange segment increased by 22% on that seen the prior year.

"We are particularly pleased with the growth of our foreign exchange proposition," said Nichols, adding that demand remains strong and he looked to the future with confidence.

H&T's shares were up 6.20% at 285.67p at 0923 GMT.