H&T Group PLC on Tuesday touted its core pawnbroking business as profit surged in the first half of 2023, while the company reported an increase in stores.

The Surrey-based pawnbroker and retailer of new and pre-owned jewellery and watches said pretax profit in the six months to June 30 climbed 31% to £8.8 million from £6.7 million a year prior.

Revenue jumped 31% to £101.7 million from £77.8 million. Cost of sales increased 55% to £46.7 million from £30.1 million.

The company said that its ‘continued momentum in our core pawnbroking business provides a robust revenue and profit foundation for the remainder of the financial year.’

Net pawnbroking revenue jumped 42% to £32.4 million from £22.9 million. Retail sales were up 11% to £23.0 million from £20.8 million a year ago.

The number of stores as at June 30 increased 4.6% to 273 from 261.

H&T declared an interim dividend of 6.5 pence per share, up 30% from 5p a year prior.

Looking ahead, the company eyes an opportunity for medium-term ‘significant growth’, citing its product offering and all its geographies including online.

H&T shares were 0.8% lower at 399.00 pence each on Tuesday afternoon in London.

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