H&T the country’s largest pawnbroker is forecasting ‘double-digit’ revenue growth in its half-year results as consumers seek to generate more money using its services.
According to the Daily Mail, H&T expects growth after customers have been swapping possessions for cash, which has driven the value of H&T’s ‘pledge book’ – the volume of outstanding loans.
Retail sales increased 7% as a result of new store openings. Like-for-like sales slumped 11%, which it said was due to less customers looking to buy rather then get loans.
The pawnbroker said it is continuing its growth strategy, opening another 14 stores in the year in addition to its 174 stores and 55 GoldBar outlets.
H&T’s gold-buying operations have been under pressure, as it competed with rivals. Recently Albemarle & Bond warned it profits would not reach expectations after gold prices weakened, coming off record highs it reached in 2011.