H&T profits surge boosted by higher gold prices

H&T Group, the parent company of H&T Pawnbrokers said it received a significant boost to its already successful gold purchasing projects thanks to the higher price of gold over the first six months of the year.

The company's pre-tax profit rose 62.2% to £6m on the back of a 47.7% jump in volumes of gold scrapped to £6.5m from £4.4m.

Revenue rose to £49.05 from £42.39m in 2016.

An 87.3% surge in personal loans up to £11.8m concerned some, chief executive John Nichols referred to it as "pleasing" and that there was, "scope to maintain this trajectory."

Net debt had jumped considerably, to £11.5m from £6.9m year-on-year.

Basic earnings per share had also gone up from the 7.99p the company posted last year, to 13.07p.

Nichols said it was a "strong start" in the company's 120th anniversary year, with the increase in profit driven by revenue increases in all key segments.

"The results reflect a series of initiatives beginning to bear fruit and a favourable gold price."

"This is a milestone year in the history of H&T and the enhancements we have made across our business, which have redefined the pawnbroking model, allow us to look to the future with confidence."

As of 1450 BST, shares had advanced 6.05% to 290.31p.