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H&T - Making hay from high gold price

October 2010

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Another barnstorming set of interims with pretax profit up 95% to Â£14.5m and eps up 80% to 29.4p. The main driver to the outperformance has once again been its gold purchasing activity (H&T buys second hand jewellery, which it melts down and sells as a gold ingot) and to a lesser extent the expansion of the pawnbroking chain. There are no worries about the new stores absorbing working capital and losses as they grow their pawnbook either, as net debt has reduced by Â£12m to Â£30.4m. Six greenfield sites opened, taking the estate to 128 stores. Overall the pledge book was up 10% to Â£37.3m. One measure of the growth to come from this side is that the store estate is still relatively immature, with currently only 15% of t ...

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Petropavlovsk

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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