Hardman & Co Research Reviews H&T Group's 1H’24 Results

Hardman & Co Research has published its analysis of H&T Group's first half of 2024 results. The company reported a 12.5% increase in pre-tax profits from the same period last year, reaching £9.9 million. Despite one significant negative factor, four key positive trends have been highlighted.

Strong demand for pledge lending saw gross advances grow by 14%, totaling £146 million. Retail sales increased by 27%, with a notable improvement in margins. The foreign exchange segment also showed double-digit profit growth. Additionally, cost control measures were effective during this period.

The negative aspect concerned last year's high spring redemption levels, which accelerated and impacted income and capital levels. As a result, Hardman & Co reduced their FY’24 estimates by £3 million but still forecast double-digit profit growth.