H&T Pawnbroker reported flat retail like-for-likes for the 2010 calendar year but overall profit before tax soared by 38%.
Retail turnover increased by 19.2% to £19.6m in the 2010 calender year, however, driven by H&T’s store expansion. H&T chief executive John Nichols said that flat like-for-likes was “pleasing” given tough trading conditions.
He said: “On a like-for-like basis retail turnover was flat year-on-year which given the challenging high street environment and the underlying price point and therefore, affordability of gold is a pleasing result.”
Nichols said the retailer’s investment in staff training and store design had attracted retail customers.
Profit before tax across the group – which includes gold purchasing, pawnbroking scrap and jewellery sales - jumped 38% to £25.5m. The growth came from its gold purchasing business which contributed £20.1m of profits.
The pawnbroker cut its debt from £42.3m to £27m over the year.