Annual pre-tax profits up to £19m for pawnbrokers group

Its pre-tax figure was up from £10 million in 2021 to £19m.

The UK's largest pawnbroker is also a leading retailer of high quality new and pre-owned jewellery and watches.

It said demand for jewellery and watches continued to grow, with sales of £45.2m, up from £36.2m a year earlier.

The core pawnbroking business continued its sustained growth and contribution to profit, supported by strong performances across all business segments.

There was growth in the pledge book of more than 50 per cent, to finish the year at £100.7m.

Foreign currency net income grew significantly to £5.7m from £3m, exceeding pre-Covid levels, as international travel demand continued to build momentum.

The proposed full year dividend is 15p, up 3p on 2021.

Chris Gillespie, H&T chief executive, said: "H&T has a proud history and celebrated its 125th anniversary in 2022. I am delighted with the progress we have made in growing our business and investing in its future during the year. Our success is built upon a strong ethos of putting customers at the heart of everything we do. This is only possible because of the exceptional colleagues we have, right across the group, and I thank them all for their unwavering dedication and commitment to the success of H&T."

January 2023 was a record month for the group both for lending demand and for online retail sales, the value of which reached £1m in a single month for the first time. As at the end of February the pledge book had seen further growth and stood at around £104m.

During 2022 H&T opened 11 new stores with one closure, increasing the store estate to 267.

Two new stores have been added since the year end, taking the total to 269, with seven further store openings currently in course.