Hardman & Co Research on H&T Group (HAT):

Growing pawnbroking core will drive other services
 

In our 15 March 2023 initiation, , and later notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. Subsequent to the initiation, we had raised our pledge book forecast twice, and we do so again with the latest . In this note, we explore how pawnbroking growth is a key driver to the retail offering,S pawnbroking scrap and gold purchase, with varying degrees of time lag. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Xmas 2023. We have cut 2023E PBT by £3m (11%).

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