H&T Group PLC on Tuesday raised its dividend for the first half of 2002, driven by a considerable rise in profit through a strong performance from the pawnbroking business.

For the six months ended June 30, the Surrey-based pawnbroker posted £6.7 million in pretax profit, up 43% from £4.7 million the same period a year before.

This was on revenue which grew 50% year-on-year to £77.8 million from £51.9 million, attributed to robust growth from the Pawnbroking and Retail segments.

Pawnbroking revenue grew 44% to £30.0 million, as demand for pledge lending continued to gather momentum, as increased need to access small sums of short-term credit comes at a time of reduced market supply.

Retail revenue meanwhile rose 68% to £20.8 million, on returning demand for gold products and an increase in the average price.

H&T Group declared an interim dividend of 5.0 pence per share, up 25% from 4.0p the same period a year prior.

Looking ahead, H&T said it has an opportunity for significant growth in the medium term, and will look to open new stores, and broaden its business, started with the acquisition of Swiss Time Services Ltd.

‘The positive trading momentum which began in late in 2021 has continued into 2022, with monthly demand for pledge lending growing, consistent appetite for our new and pre-owned retail products, and a strong rebound in gold purchase and foreign currency sales. We anticipate that demand for our services will continue to grow in the months ahead, and we are investing in scale and capabilities, both operational and technological, in order to take advantage of the opportunities ahead of us,’ said Chief Executive Chris Gillespie.

Shares in H&T Group were 7.2% higher at 440.00 pence on Tuesday in London.

Copyright 2022 Alliance News Limited. All Rights Reserved.