Core franchise build, short-term retail noise

Hardman & Co Research on H&T Group:

Core franchise build, short-term retail noise

In our 15 March 2023 initiation, Pawnbroking royalty, with strong, profitable growth, and subsequent notes, we have highlighted the strong market for pawnbroking and why H&T, as the market leader, is uniquely placed to take advantage of these opportunities. These results reconfirmed both, with the pledge book up 28% and net pawnbroking revenue up 36%. Like many in the retail space, H&T faced the challenge of customers focusing on lower-value, lower-margin items in the key run-up to Christmas 2023. Forex profits grew 11%, again helped by H&T’s unique franchise. While there are government-driven and inflationary pressures on costs, 2023 expenses were below our forecast, evidencing good cost control.

Please click on the link below for the full report:

https://hardmanandco.com/research/corporate-research/handt-core-franchise-build-short-term-retail-noise/

If you are interested in meeting the company, you can register your interest by clicking on the above link

Hardman & Co Research can still be accessed for free after MiFID II. Please click here to read the statement.

About Hardman & Co: Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Attention is drawn to the important disclaimers at the end of the report.