H&T Group shares were up 3% to 331.3p in late morning trading on Monday after the firm announced demand for pledge lending had continued to gather momentum in HY1 2022.
The pawnbroker reported its pawnbroking pledge book at 30 June 2022 was £84.2 million against £48.3 million in the previous year, with growth marked across all geographies.
The cost of living crisis has seen record numbers of customers turn to pawnbrokers in a desperate bid to match skyrocketing fuel costs and rising food inflation as the war in Ukraine and Covid-19 aftereffects cripple production supply chains.
H&T Group highlighted that pledge lending remained at record levels with incremental growth month-on-month over the financial term.
It noted lending volumes currently over 40% in excess of pre-pandemic levels, and a maintained average loan size, loan-to-value rations and redemption rates.
The company further mentioned its retail sales had been consistently strong and trading was in line with expectations.
H&T Group also commented its gold purchasing had remained buoyant, supported by a rising gold price which drove volumes and improved margins.
The firm said its foreign currency revenues had more than doubled in HY1 2022 as a result of international holiday travel returns, with transaction volumes almost returning to pre-pandemic levels.
“I am delighted with the progress we have made in the first half of 2022, and the momentum with which we enter the second half of the year. I look forward to updating the market fully when we report on the 9th of August,” said H&T Group CEO Chris Gillespie.