HAT H&T Group

Hardman & Co Research on H&T Group: 1H’24 results - Four-one at half time, but the one wins

Hardman & Co Research
Hardman & Co Research on H&T Group: 1H’24 results - Four-one at half time, but the one wins

20-Aug-2024 / 11:50 GMT/BST
The issuer is solely responsible for the content of this announcement.

Hardman & Co Research on H&T Group:

1H’24 results: Four-one at half time, but the one wins

 

H&T 1H’24 results saw pre-tax profits rise 12.5% from 1H’23 to £9.9m. We have identified five key ongoing business messages, four of them favourable and one unfavourable. The scale of the latter, though, means we have reduced our FY’24 estimates by £3m, but still forecast double-digit profit growth. The positive messages were i) strong demand for pledge lending (gross advances up 14% to £146m, ii) retail sales up 27% with an improving margin, iii) FX delivering double-digit profit growth, and iv) good cost control. The downside was a repeat, indeed acceleration, in last year’s unusually high spring redemption levels impacting income and capital levels.

 

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About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.


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End of Announcement - EQS News Service

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20/08/2024

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