On 19 August 2024, the H & T directors approved a 7.0 pence per share interim dividend (2023 interim dividend: 6.5 pence per share) which equates to a dividend payment of £3,044,000 (30 June 2023: £2,819,000). The dividend will be paid on 4 October 2024 to shareholders on the share register at the close of business on 6 September 2024 and has not been provided for in the 2024 interim results. The shares will be marked ex-dividend on 5 September 2024.
Other financial highlights include:
● The capital value of the pledge book increased to £105m (December 2023: £101m;). Pledge lending in the six month period to 30 June 2024 increased by 14% to £146m (H1 2023: £128m). As in 2023, redemptions were higher than anticipated in the Spring as customers chose to repay their loans early. Redemption levels have now normalised, albeit later than anticipated.
● Profit before tax of £9.9m (H1 2023: £8.8m), up 12.5% year on year as the core pawnbroking business continues to be the foundation of Group profits.
● Retail jewellery and watch sales of £29.3m (H1 2023: £23.0m), up 27% year on year. Margins improved throughout the period to 30% (H1 2023: 28%; FY 2023: 30%), improving further in June and July.
● Foreign currency profits of £3.2m (H1 2023: £2.9m), up 10% year on year, with transaction volumes up 9% year on year.
● In February 2024 the Group acquired a pawnbroking pledge book amounting to £5.5m (excluding interest accrued and required IFRS 9 provisions) from Maxcroft Securities Limited ("Maxcroft"). Maxcroft also has a successful foreign currency business. The integration is proceeding as planned, with valuable insights being applied in other stores.
● The balance sheet remains strong with a net asset value of £181m (December 2023: £177m). Net asset value per share of 416p (December 2023: 408p).
● Diluted earnings per share of 17.7p (H1 2023: 16.3p), up 8.6% year on year.
