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Unaudited Interim Condensed Financial Statements

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RNS Number : 7927I
H&T Group PLC
13 August 2019
 

13 August 2019

H&T Group plc

("H&T" or "the Group" or "the Company")

 

UNAUDITED INTERIM CONDENSED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2019

 

H&T Group plc today announces its interim results for the six months ended 30 June 2019.

The Group financial statements have been prepared, as required, for the first time under IFRS 16 ('Leases').

 

FINANCIAL HIGHLIGHTS

Profit before tax up £0.5m, 7.9% to £6.8m (H1 2018: £6.3m)

Operating profit before non-recurring expenses up 16.0%, £1.2m to £8.7m (H1 2018: £7.5m), after £0.5m transaction expenses up 9.3%, £0.7m to £8.2m (H1 2018: £7.5m)

Basic EPS of 15.00p (H1 2018: 13.85p)

Net pledge book, including accrued interest, increased by 3.8% from FY18 to £53.8m (30 June 2018: £47.8m)

Personal Loan book Risk Adjusted Margin increased to 54.1% (H1 2018: 37.5%)

Net debt reduced by £2.1m from FY18 to £11.6m (30 June 2018: £16.8m)

Interim dividend of 4.7p (2018 interim: 4.4p)

 

OPERATIONAL HIGHLIGHTS

Growth in pawnbroking, customer lending and new customers

Improved personal loan net profitability due to lower impairment and focus on store initiated new business

Growth of our foreign currency product, driven by improved systems and in-store displays

Improved management of our customer interactions and better conversion of our online leads via the utilisation of our integrated CRM and digital marketing platforms

Planned acquisition of 65 trading stores and 46 pledge books from the Money Shop

 

John Nichols, H&T chief executive, said:

 

"We have made a good start to the year due to the resilient nature of our product set, our investment in people, and our digital initiatives. A strengthening gold price is helpful to our business. PBT is up nearly 8% to £6.8m, and revenue is up £1.5m, primarily driven by increased pawnbroking, personal lending and retail activity.

 

"Against this solid background, in July 2019 we completed the acquisition of 65 trading stores and bought 29 pledge books from the Money Shop, all of which have been integrated into the Group (we had previously acquired 17 books for £0.4m in the period).  To facilitate this acquisition, in July we raised £6.0m of additional equity funding by way of an accelerated bookbuild placing, having renewed our £35.0m credit facility with Lloyds. The total acquisition price was £11.0m, which included taking possession of £6.0m of pledged assets, £1.0m of cash, a freehold property and trading fixtures and fittings, together with 241 employees.

 

"We can be confident of the success of this important transaction as a result of the investment in people and processes made over many years.  The acquired stores conduct similar business and will geographically complement our existing store estate.  With the application of H&T's appropriate capital, staffing support and management, and with the expansion of pledge business and the introduction of our personal lending products the investment will provide significant value to shareholders.

 

"We will further leverage this expanded store estate by continuing to develop and invest in digital multi-channel capability."

 

 

 

Enquiries:

H&T Group plc 

Tel: 0870 9022 600

John Nichols, chief executive                 

Richard Withers, interim finance director                  

 

Numis Securities (broker and nominated adviser)          

Tel: 020 7260 1000

Luke Bordewich, nominated adviser

 

Haggie Partners (financial public relations)

Tel: 020 7562 4444

Caroline Klein

Vivian Lai

 



 

INTERIM REPORT

 

Introduction

 

We have continued to achieve revenue growth from all core business activities through our ongoing focus on in-store execution excellence alongside continuing development in digital capabilities. 

 

In July we increased our store estate by 65 sites, bringing our estate to 248 stores, via the acquisition of certain assets from the Money Shop.  This growth allows us to expand our online to in-store capability.

 

FINANCIAL RESULTS

 

The Group has reported profit before tax of £6.8m (H1 2018: £6.3m), a 7.9% increase, reflecting a good operational performance. 

 

Gross profit increased by £1.5m, 3.5%, to £44.1m (H1 2018: £42.6m).  Operating profit before non-recurring expenses increased by £1.2m, 16.0%, to £8.7m (H1 2018: £7.5m).  The group incurred £0.5m of transaction related costs in respect of the acquisition of certain assets of the Money Shop which have been expensed in full. 

 

The average H1 2019 gold price has increased 5.4% to £1,010 per troy ounce for H1 2019 (H1 2018: £958).

 

Total direct and administrative expenses increased by £0.3m, reflecting a £0.2m reduction in impairment charges despite aggregate increases in our lending books and a £0.5m, 3.5% increase in wage-related costs, as a result of increases in pension and living wage costs.

 

The Group's balance sheet remains strong with net debt at £11.6m (30 June 2018: £16.8m) and a net debt to EBITDA ratio, calculated in accordance with bank covenant arrangements, of 0.64x (30 June 2018: 0.97x).

 

The reduced borrowings reflected the cash generative nature of the Group and a relative slow-down in the growth of our personal lending offering. The bank debt position is well within the covenant test of 3.0x.  The Group had £14.0m (30 June 2018: £9.0m) of headroom available on its debt facility of £35.0m at 30 June 2019. The credit facility was renewed with Lloyds on principally the same terms for a period of up to five years, expiring in June 2024.

 

Dividend

 

The Board has approved an interim dividend of 4.7 pence (2018 interim: 4.4 pence). This will be payable on 4 October 2019 to all shareholders on the register at the close of business on 6 September 2019.

 

IFRS 16

 

IFRS 16, applicable for accounting periods beginning on or after 1 January 2019 has been adopted by the Group and prior periods restated using the fully retrospective approach.  The standard introduces the identification of lease arrangements and the impact on the Group's financial statements is shown in detail at note 10. 

 

As at 30 June 2019 the Group has non-cancellable operating lease commitments of £22.0m (30 June 2018: £25.3m).  The new accounting requirement results in a reduction in retained earnings of £3.1m, primarily resulting from the Group recognising a right-of-use asset capitalised at a net book value of £18.4m (30 June 2018: £21.5m) offset by a lease liability of £20.7m (30 June 2018: £24.0m).  The impact on the Group's statement of comprehensive income for H1 2019 is £0.1m (H1 2018: £0.1m).    

 

 

REVEW OF OPERATIONS

 

Pawnbroking

 

Pawnbroking remains a core product for H&T and we report that the gross pledge book increased to £53.8m, including accrued interest (30 June 2018: £47.8m).  This growth has been achieved due to the following factors:

 

Increase in number of customer transactions by 6.5% on H1 2018

Higher carat lending, principally 14ct and 22ct, driving a £0.9m increase in book value from this category on 31 December 2018

Improvement in the quality-watch segment of the book, with the support of the Expert Eye system and additional specialist valuation staff, which has seen a £0.5m book increase on 31 December 2018

Consistently high redemption rate of 84% (H1 2018: 84%)

Continued growth in customer lending sourced via our appointed introducers

 

Pawnbroking-revenue less impairment increased £0.6m to £16.8m (H1 2018: £16.2m) resulting in an annualised risk-adjusted margin (RAM) of 62.9% (H1 2018: 67.9%).  The was a consequence of a change in mix towards lending on higher value (higher carat gold and premium watches) items.  

 

 

Pawnbroking summary:

 

6 months ended 30 June:

2019

2018

Change


£'000

£'000

%

Year-end net pledge book1

53,799

47,847

12.4%

Average monthly net pledge book

53,422

47,665

12.1%





Revenue less impairment

16,793

16,182

3.8%

Annualised Risk-adjusted margin2

62.9%

67.9%


Notes to table




1 - Includes accrued interest




2 - Revenue less impairment as a percentage of average pledge book


 

 

Pawnbroking scrap

 

Pawnbroking scrap produced gross profits of £0.4m (H1 2018: £1.0m) for the half year, on sales of £5.9m (H1 2018: £8.0m).  The reduced margin from 13% to 7% results primarily from delay in the realisation of diamond sales yet to be auctioned.

 

Retail

 

Retail sales increased 12.8% to £18.5m (H1 2018: £16.4m) while gross profits reduced by 10.0% to £5.4m (H1 2018: £6.0m). Margin at 29.2% (H1 2018: 36.6%) is reflected by an increased proportion of lower-margin watches sold in store and online and higher watch repair and refurbishment costs.  The Group has also reduced its stock holding of aged items, requiring higher level of sales discounting.  As a result, retail stock has reduced by £2.3m to £31.6m (30 June 2018: £33.9m). 

 

Our online retail site continues to grow, with online generated sales reaching £2.0m (H1 2018: £1.1m).  Our www.est1897.co.uk website typically holds more than 2,000 high-end pre-owned watches and jewellery items.

 

Electronic item sales are a necessary consequence of buyback fee income.  Revenue from electronic items was £1.9m (H1 2018: £1.5m).  In the period, losses from these items were £0.4m (H1 2018: profit £0.1m).  Our online sales process only became operational end H1 2019. As a result, a higher proportion of items were disposed of at auction, as opposed to online or in-store where we achieve a higher price, resulting in these net losses and depressing the overall retail margin.

 

Personal Loans

Net revenue increased 74.2% to £5.4m (H1 2018: £3.1m), while the loan book decreased 5.3% from 31 December 2018 to £19.4m (30 June 2018: £17.8m).  Organic store lending increased 2.1% vs H1 2018.

We have improved the annualised risk-adjusted margin to 54% (H1 2018: 37%) by taking proactive action in areas identified as not economically viable.  Since the end of 2018 we have been refocusing on the quality of our lending.

Marketing activities have been stepped up to leverage our investment in our Customer Relations Management system so that we can more effectively engage with and redirect loan enquiries to local branches. The process of encouraging a potential customer from the website to a physical branch is now an important component of our strategy, blending a digital offering with our store estate.  

We have made further progress in delivery of the longer-term strategy of helping our customers to rebuild their credit rating, with more customers obtaining access to one of the two lower interest rate and longer-term products.  As a result, the proportion of loans that fall under the definition of high-cost short-term credit fell to 36% (H1 2018: 50%).

Personal Loans summary:

 

6 months ended 30 June:

2019

2018

Change


£'000

£'000

%

Period-end net loan book

19,363

17,757

9.0 %

Average monthly net loan book

20,050

16,639

20.5%





Revenue

11,620

10,566

10.0%

Impairment

(6,196)

(7,443)

(16.8%)

Revenue less impairment

5,424

3,123

73.7%

Annualised Risk-adjusted margin1

54.1%

37.5%


Notes to table




1 - Revenue less impairment as a percentage of average loan book


 

 

Gold purchasing

 

Gold purchasing profits reduced to £1.5m (H1 2018: £2.1m) on sales of £8.4m (H1 2018: £10.1m).  The reduced margin from 21% to 18% is a result of timings differences in the sales of purchased gold together with diamonds awaiting auction as at 30 June 2019.  Gold held in stock for melting was £1.7m (30 June 2018: £1.4m).

 

 

 

Other services

Total revenues from other services increased to £3.3m (H1 2018: £2.8m) with a £0.3m increase in Foreign Currency (FX) transaction profit partially offset by reductions in buyback income.

FX profit increased by 18.8% to £1.9m (H1 2018: £1.6m) while the value of currency traded increased by 14.0% from £71.9m to £82.0m.  We continue to maintain competitive rates as we raise customer awareness in the product.  The product is still relatively new to the business and we have seen trading uplift due to a new system deployment that optimises currency holdings in store.  We continue to see improved customer awareness through development of marketing and point-of-sale materials. 

Buyback customer transactions were up 14.4% on H1 2018, driving an additional £0.1m in fees with revenue at £0.9m (H1 2018: £0.8m).

 

Cheque cashing revenue was flat at £0.4m (H1 2018: £0.4m).

 

REGULATION

 

Continued focus on affordability and creditworthiness in consumer credit

 

Our historic approach to affordability and creditworthiness ensured we were in a positive position to be able to meet all new requirements with minimal changes to our policies or procedures.  In November 2018 the FCA's new rules and guidance on assessing affordability and creditworthiness in consumer credit came into force. The Group's strategy is to evolve the Personal Loans product to lower interest rates.

 

Senior Managers & Certification Regime 

 

The FCA is extending the Senior Managers & Certification Regime (SM&CR) to all firms from the 9th December 2019. The Group has always adopted a robust approach to governance and internal controls and is well placed to meet the additional demands of the SM&CR.

 

STRATEGY AND OUTLOOK

 

We are excited about the opportunity to achieve uplift and return from our newly enlarged store estate.  We will continue to focus on people development and transfer the Group's success factors into the 65 newly acquired ex-Money Shop stores.  We will also look at opportunities where the Money shop excelled (for example Western Union, FX, cheque cashing) and transfer knowledge and synergies where relevant.  

 

The demand for small-sum, short-term cash loans remains strong.  The Company continues to focus and seek strategies to grow its pawnbroking offering while sensibly expanding its unsecured personal lending product and retail offering by focusing on digital and online strategies to complement its store estate. 

 

We will continue to work towards our vision of helping our customers to rebuild their credit history by giving them access to more affordable lending products.  We will also maintain our relentless focus on operational effectiveness aligned with the training, development and progression of our valuable staff.

 

Current trading is in line with management's expectations. 



 

Interim Condensed Financial Statements

 

Unaudited statement of comprehensive income

For the 6 months ended 30 June 2019

 





6 months ended 30 June 2019

6 months ended 30 June 2018

12 months ended 31 December 2018


Note



Total

Total

Total





Unaudited

 

Unaudited

Restated*

Restated*





£'000

£'000

£'000








Revenue

2



69,999

68,486

143,025

Cost of sales




(25,929)

(25,915)

(54,781)





________

________

________

 

Gross profit

 

2



44,070

42,571

88,244








Other direct expenses




(28,013)

(27,740)

(58,736)

Administrative expenses




(7,384)

(7,341)

(13,272)





________

________

________

 

Operating profit before non-operating expenses

 

 



8,673

7,490

16,236





________

________

________








Non-recurring expenses

11



(500)

-

-





________

________

________

 

Operating profit

 

3



8,173

7,490

16,236








Investment revenues




-

3

3

Finance costs

5



(1,342)

(1,196)

(2,468)





________

________

________

 

Profit before taxation




6,831

6,297

13,771








Tax on profit

6



(1,275)

(1,197)

(2,818)





________

________

________

 

Total comprehensive income for the period




5,556

5,100

10,953





________

________

________












Pence

Pence

 Pence








Earnings per ordinary share - basic

7



15.00

13.85

29.69

Earnings per ordinary share - diluted

7



14.97

13.78

29.59








 

All results derive from continuing operations.

 

 

 

 

 

 

 

 

* Certain comparative information has been restated as a result of the initial application of IFRS 16 as set out in note 10.

 

 



Unaudited condensed consolidated statement of changes in equity

 

For the 6 months ended 30 June 2019

 


Note  

6 months

 ended

30 June
2019

6 months

 ended

30 June
2018

12 months

ended

31 December

2018



Unaudited

 

Unaudited

Restated*

Restated*



£'000

£'000

£'000






Opening total equity


103,821

96,404

96,404






Total comprehensive income for the period


5,556

5,100

10,953

Issue of share capital


328

522

522

Share option movement taken directly to equity


368

(12)

(72)

Dividends paid

9

(2,496)

(2,329)

(3,986)



________

________

________

Closing total equity


107,577

99,685

103,821



________

________

________

 

 

 

 

 

 

 

 

 



Unaudited condensed consolidated balance sheet

 

At 30 June 2019

 



At 30 June

2019

At 30 June

2018

At 31 December

2018



Unaudited

 

Unaudited

Restated*

Restated*


Note

£'000

£'000

£'000

Non-current assets





Goodwill


17,643

17,643

17,643

Other intangible assets


280

449

343

Property, plant and equipment


6,497

6,660

6,032

Deferred tax assets


1,760

2,015

1,683

Right-of-use assets

10

18,408

21,529

20,159



 

 

 



44,588

48,296

45,860

Current assets





Inventories


30,653

33,035

29,262

Trade and other receivables


74,315

67,219

73,379

Other current assets


947

841

877

Cash and cash equivalents


9,501

9,272

11,414



 

 

 



115,416

110,367

114,932



 

 

 

Total assets


160,004

158,663

160,792



 

 

 

Current liabilities





Lease liability

10

(4,830)

(4,657)

(4,779)

Trade and other payables


(9,031)

(7,086)

(7,384)

Current tax liabilities


(722)

(759)

(842)



 

 

 



(14,583)

(12,502)

(13,005)



 

 

 

Net current assets


100,833

97,865

101,927



 

 

 

Non-current liabilities





Borrowings

4

(20,656)

(25,831)

(24,888)

Lease liability

10

(15,890)

(19,326)

(17,825)

Provisions


(1,298)

(1,319)

(1,253)



 

 

 



(37,844)

(46,476)

(43,966)



 

 

 

Total liabilities


(52,427)

(58,978)

(56,971)



 

 

 

Net assets


107,577

99,685

103,821



 

 

 






EQUITY





Share capital

8

1,891

1,883

1,883

Share premium account


27,472

27,153

27,152

Employee Benefit Trust share reserve


(35)

(35)

(35)

Retained earnings


78,249

70,684

74,821



 

 

 

Total equity attributable to equity holders of the parent


107,577

99,685

103,821



 

 

 

 

 

* Certain comparative information has been restated as a result of the initial application of IFRS 16 as set out in note 10.



Unaudited condensed consolidated cash flow statement

For the 6 months ended 30 June 2019


 

Note

6 months

ended

30 June

2019

6 months

ended

30 June

2018

12 months ended

31 December 2018



Unaudited

 

Unaudited

Restated*

Restated*



£'000

£'000

£'000

Cash flows from operating activities





Profit for the period


5,556

5,100

10,953

Adjustments for:





Investment revenues


-

(3)

(3)

Finance costs


1,342

1,196

2,468

Increase/(decrease) in provisions


45

6

(60)

Income tax expense


1,275

1,197

2,818

Depreciation of property, plant and equipment


1,045

1,160

2,333

Depreciation of right-of-use assets


2,004

2,092

4,188

Amortisation of intangible assets


71

72

150

Loss on disposal of property, plant and equipment


5

81

133

Share based payment expense


146

-

-



 

 

 

Operating cash flows before movements in working capital


11,489

10,901

22,980






(Increase)/decrease in inventories


(1,391)

1,112

4,884

Increase in other current assets


(70)

(176)

(212)

Increase in receivables


(517)

(3,821)

(9,947)

Decrease in payables


(259)

(4,264)

(5,405)



 

 

 

Cash generated from operations


9,252

3,752

12,300






Income taxes paid


(1,248)

(1,511)

(2,776)

Interest paid


(1,206)

(1,128)

(2,344)



 

 

 

Net cash generated from operating activities


6,798

1,113

7,180



 

 

 

Investing activities





Interest received


-

3

3

Purchases of property, plant and equipment

(1,520)

(1,563)

(2,101)

Acquisition of right-of-use assets

(253)

(548)

(1,275)

Acquisition of trade and assets of business

(419)

(569)

(575)


 

 

 

Net cash used in investing activities

(2,192)

(2,677)

(3,948)


 

 

 

Financing activities




Dividends paid   

9

(2,497)

(2,329)

(3,986)

(Decrease)/increase in borrowings

(4,000)

4,000

3,000

Debt restructuring cost

(350)

(34)

(31)

Proceeds on Issue of shares

328

523

523


 

 

 

Net cash (used in)/generated from financing activities

(6,519)

2,160

(494)


 

 

 





Net (decrease)/increase in cash and cash equivalents

(1,913)

596

2,738





Cash and cash equivalents at beginning of period

11,414

8,676

8,676


 

 

 

Cash and cash equivalents at end of period

9,501

9,272

11,414


 

 

 

 

 



Unaudited notes to the condensed interim financial statements

For the 6 months ended 30 June 2019

 

Note 1 Basis of preparation

 

The interim financial statements of the group for the six months ended 30 June 2019, which are unaudited, have been prepared in accordance with the International Financial Reporting Standards ('IFRS') accounting policies adopted by the group and set out in the annual report and accounts for the year ended 31 December 2018, except for the adoption of IFRS 16.  The group does not anticipate any change in these accounting policies for the year ended 31 December 2019. As permitted, this interim report has been prepared in accordance with the AIM rules but not in accordance with IAS 34 "Interim financial reporting". While the financial figures included in this preliminary interim earnings announcement have been computed in accordance with IFRSs applicable to interim periods, this announcement does not contain sufficient information to constitute an interim financial report as that term is defined in IFRSs.

The financial information contained in the interim report also does not constitute statutory accounts for the purposes of section 434 of the Companies Act 2006. The financial information for the year ended 31 December 2018, prior to the restatement as a result of the adoption of IFRS 16, is based on the statutory accounts for the year ended 31 December 2018. The auditors reported on those accounts: their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.

After conducting a further review of the group's forecasts of earnings and cash over the next twelve months and after making appropriate enquiries as considered necessary, the directors have a reasonable expectation that the company and group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the half yearly condensed financial statements.

 

 



 

Unaudited notes to the condensed interim financial statements

For the 6 months ended 30 June 2019

 

Note 2 Segmental Reporting

 

2019

Revenue

 

Pawnbroking

£'000

Gold

purchasing

£'000

Pawnbroking scrap

£'000

Other

Services

£'000

Consolidated

for the 6 months ended

30 June 2019

£'000








External revenue

21,790

8,752

18,511

6,040

11,620

3,286

69,999


___________

__________

_______

__________

______

__________

___________

Total revenue

21,790

8,752

6,040

11,620

3,286

69,999


 

 

 

 

 

 

 

Gross profit

21,790

1,495

5,432

447

11,620

3,286

44,070


 

 

 

 

 

 

 

 

Impairment

(4,997)

-

-

(6,196)

-

(11,193)


 

 

 

 

 

 

 

Segment result

16,793

1,495

447

5,424

3,286

32,877


 

 

 

 

 

 

Other direct expenses excluding impairment




(16,820)

Administrative expenses




(7,384)





 

Operating profit before non-recurring expenses




8,673

Non recurring expenses




(500)





 

Operating profit




8,173

Investment revenue




-

Finance costs




(1,342)





 

Profit before taxation




6,831

Tax charge on profit




(1,275)





 

Profit for the period and total comprehensive income




5,556





 

 

2018

Revenue

 

Pawnbroking

£'000

Gold

purchasing

£'000

Pawnbroking scrap

£'000

Other

Services

£'000

Consolidated

for the 6 months ended

30 June 2018

£'000








External revenue

20,092

10,611

16,420

7,954

10,566

2,843

68,486


 

 

 

 

 

 

 

Total revenue

20,092

10,611

7,954

10,566

2,843

68,486


 

 

 

 

 

 

 

Gross profit

20,092

2,107

5,965

998

10,566

2,843

42,571


 

 

 

 

 

 

 

 

Impairment

(3,910)

-

-

-

(7,443)

-

(11,353)


 

 

 

 

 

 

 

Segment result

16,182

2,107

5,965

998

3,123

2,843

31,218


 

 

 

 

 

 

 

Other direct expenses excluding impairment




(16,387)

Administrative expenses




(7,341)





 

Operating profit




7,490

Investment revenue




3

Finance costs




(1,196)





 

Profit before taxation




6,297

Tax charge on profit




(1,197)





 

Profit for the period and total comprehensive income




5,100





 

 

 

 

 

Unaudited notes to the condensed interim financial statements (continued)

For the 6 months ended 30 June 2019

 

Note 2 Segmental Reporting (continued)

 

 

2018

Revenue

 

Pawnbroking

Restated*

£'000

Gold

purchasing

£'000

Pawnbroking scrap

£'000

Other

Services

Restated*

£'000

For the year

ended 2018

Restated*

£'000








External revenue

41,278

20,745

14,059

22,472

6,133

143,025


 

 

 

 

 

 

 

Total revenue

41,278

20,745

14,059

22,472

6,133

143,025


 

 

 

 

 

 

 

Gross profit

41,278

3,757

1,401

22,472

6,133

88,244


 

 

 

 

 

 

 

 

Impairment

(10,366)

-

-

(15,515)

-

(25,881)


 

 

 

 

 

 

 

Segment result

30,912

3,757

1,401

6,957

6,133

62,363


 

 

 

 

 

 

 

Other direct expenses excluding impairment




(32,855)

Administrative expenses




(13,272)





 

Operating profit




16,236

Investment revenue




3

Finance costs




(2,468)





 

Profit before taxation




13,771

Tax charge on profit




(2,818)





 

Profit for the financial year and total comprehensive income




10,953





 

 

 

Note 3 Operating profit and EBITDA

 

The Board consider EBITDA to be a key performance measure as the Group borrowing facility includes a number of loan covenants based on it.

 

EBITDA is defined as Earnings Before Interest, Taxation, Depreciation and Amortisation. It is calculated by adding back depreciation and amortisation to the operating profit as follows:

 

6 months ended 30 June 2019

Unaudited

6 months ended

 30 June

 2019

 

Unaudited

6 months ended

 30 June

 2018

Restated*

Unaudited

12 months ended

 31 December 2018

Restated*

Audited


 

Total

 

Total

 

Total


£'000

£'000

£'000





Operating profit

8,173

                7,490

16,236

Depreciation and amortisation

1,116

1,232

2,483

Depreciation of right-of-use assets

2,004

2,092

4,188


 

 

 

EBITDA

11,293

10,814

22,907


 

 

 

See note 10 for impact of IFRS 16 ('leases').

 

 

 

 

Unaudited notes to the condensed interim financial statements (continued)

For the 6 months ended 30 June 2019

 

Note 4 Borrowings

 


6 months

ended

 30 June
2019

6 months

ended

 30 June
2018

12 months

ended

 31 December

 2018


Unaudited

Unaudited

Audited


£'000

£'000

£'000









Long term portion of bank loan

21,000

26,000

25,000

Unamortised issue costs

(344)

(169)

(112)





Amount due for settlement after more than one year

20,656

25,831

24,888









 

Note 5 Finance costs


6 months

ended

 30 June

 2019

6 months

ended

 30 June

 2018

12 months

ended

 31 December

 2018


Unaudited

Unaudited

Audited


£'000

£'000

£'000





Interest payable on bank loans and overdraft

                    331

294

657

Other interest

1

1

1

Amortisation of debt issue costs

118

53

109

Interest on right-of-use assets

892

848

1,701


 

 

 

Total finance costs

1,342

1,196

2,468


 

 

 

 

 

Note 6 Tax on profit

 

The taxation charge for the 6 months ended 30 June 2019 has been calculated by reference to the expected effective corporation tax and deferred tax rates for the full financial year to end on 31 December 2019. The underlying effective full year tax charge is estimated to be 19% (six months ended 30 June 2018: 19%).

 

 



Unaudited notes to the condensed interim financial statements (continued)

For the 6 months ended 30 June 2019

 

 

Note 7 Earnings per share

 

Basic earnings per share is calculated by dividing the profit for the period attributable to equity shareholders by the weighted average number of ordinary shares in issue during the period.

 

For diluted earnings per share, the weighted average number of ordinary shares in issue is adjusted to assume conversion of all dilutive potential ordinary shares.  With respect to the group these represent share options granted to employees where the exercise price is less than the average market price of the company's ordinary shares during the period.

 

Reconciliations of the earnings per ordinary share and weighted average number of shares used in the calculations are set out below:

 


Unaudited

Unaudited (Restated*)

(Restated*)


6 months ended 30 June 2019

6 months ended 30 June 2018

12 months ended 31 December 2018


                                                              

                                                                   

                                                                  


Earnings

£'000

Weighted average number of shares

Per-share amount pence

Earnings

£'000

Weighted average number of shares

Per-share amount pence

Earnings

£'000

Weighted average number of shares

Per-share amount pence











Earnings per share -

basic

5,556

37,039,443

15.00

5,100

36,832,563

13.85

10,953

36,895,316

29.69











Effect of dilutive securities










Options

-

70,999

(0.03)

-

165,465

(0.07)

-

126,277

(0.10)


 

 

 

 

 

 

 

 

 

Earnings per share diluted

5,556

37,110,442

14.97

5,100

36,998,028

13.78

10,953

37,021,593

29.59


 

 

 

 

 

 

 

 

 

 

 

Note 8 Share capital

 


At

 30 June 2019

At

30 June 2018

At

31 December 2018


Unaudited

Unaudited

Audited

Allotted, called up and fully paid

(Ordinary Shares of £0.05 each)




£'000 Sterling

1,891

1,883

1,883


 

 

 

Number

37,827,501

37,658,511

37,658,511

 

 

 

 

 

Note 9 Dividends

 

On 9 August 2019, the directors approved a 4.7 pence interim dividend (30 June 2018: 4.4 pence) which equates to a dividend payment of £1,866,000 (30 June 2018: £1,657,000), which incorporates additional shares issued on 4 July 2019 (see note 11). The dividend will be paid on 4 October 2019 to shareholders on the share register at the close of business on 6 September 2019 and has not been provided for in the 2019 interim results. The shares will be marked ex-dividend on 5 September 2019.

 

On 2 May 2019, the shareholders approved the payment of a 6.6 pence final dividend for 2018 (2017: 6.4 pence) which equates to a dividend payment of £2,450,000 (2018: £2,329,000). The dividend was paid on 31 May 2019.



Unaudited notes to the condensed interim financial statements (continued)

For the 6 months ended 30 June 2019

 

 

Note 10 Explanation of adoption of IFRS 16

 

The table below shows the impact of adopting IFRS 16 on each financial statement line item affected.

 

Impact on profit or loss, other comprehensive income and total comprehensive income

 


As at

30 June 2019

Unaudited

£'000

As at

30 June 2018

Unaudited

£'000

As at 31 December

2018

Unaudited

£'000






Decrease in Operating expenses


3,052

3,135

6,126

Increase in Depreciation


(2,004)

(2,092)

(4,189)

Increase in Finance costs


(892)

(848)

(1,701)

Increase in Tax charged on profit


(64)

(71)

(112)



-----------

-----------

-----------

Increase in Profit for the year


92

124

124
















Impact on assets, liabilities and equity

As at 31 December 2017

Unaudited

£'000

As at

30 June 2019

Unaudited

£'000

As at

30 June 2018

Unaudited

£'000

As at 31 December

2018

Unaudited

£'000






Increase in Right-of-use assets (NBV)

23,073

18,408

21,529

20,159

Increase in Deferred tax assets

675

574

641

608

Decrease in Trade and other receivables

(1,389)

(1,269)

(1,324)

(1,291)

Increase in Trade and other payables

(25,656)

(20,720)

(23,983)

(22,604)

Increase in Current tax liabilities

-

(74)

(37)

(45)


------------

------------

------------

-----------

Total reduction in net assets

(3,297)

(3,081)

(3,174)

(3,173)

Retained earnings

(3,297)

(3,081)

(3,174)

(3,173)

 

 

Note 11 Subsequent events

 

On 1 July 2019 the Group completed the acquisition of 65 trading stores and 29 pledge books from the Money Shop, all of which have been integrated into the Group, having previously acquired 17 books for £0.4m in the period.  To facilitate this acquisition, the Group raised £6.0m of additional equity funding by way of an accelerated bookbuild Placing. The total acquisition price was £11.0m, which included taking possession of £6.0m of pledged assets, £1.0m of cash, a freehold property and trading fixtures and fittings, together with 241 employees.

 

The group incurred £0.5m of transaction related costs in the form of legal and professional fees in respect of the acquisition of assets from the Money Shop which have been expensed in full in the period. 

 

 

Movement in share capital as a result of the Placing 

Allotted, called up and fully paid

(Ordinary Shares of £0.05 each)



At 30 June 2019

37,827,501

Shares issued (placing priced at £3.16 and issued 4 July 2019)

1,882,925


------------

At 4 July 2019

39,710,426

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
IR UUURRKNAWAUR

Quick facts: H&T GROUP PLC

Price: 372

Market: LSE
Market Cap: £147.82 m
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Capital Network's Ed Stacey suspects buying opportunity at H&T Group Plc

capital Network analyst Ed Stacey looks through H&T Group PLC's (LON:HAT) interim numbers. The pawnbroking firm's continued to achieve growth from all of its core revenue streams in the first half of 2018. ''The numbers were strong - 11% PBT growth - that's come from all of the...

on 15/8/18

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Second Price Monitoring Extn

1 week, 2 days ago

Price Monitoring Extension

1 week, 2 days ago

Second Price Monitoring Extn

1 week, 3 days ago

Price Monitoring Extension

1 week, 3 days ago

Additional Listing

4 weeks ago

Executive Director

on 18/9/19

Additional Listing

on 6/9/19