7 June 2018 – annual results
The diversified financial services group, which has interests in pawnbroking, foreign currency exchange, precious metals buying and selling and the retailing of new and second hand jewellery, has announced excellent results for the year to 31 March. Group revenues for the year rose by 16% to £39.9m (2017: £34.5m) whilst underlying pre-tax profits jumped by 60% to £6.5m (2017: £4.0m). Earnings per share on the same basis rose by 61% to 16.3p (2017: 10.1p) and the dividend for the year rose substantially to 6.6p (2017: 1.3p). At the year end the group held net cash of £12.7m (2017: £9.5m). These results have benefited from a strong performance from foreign currency exchange and the jewellery retail business although all four business segments increased revenue over the year. In total the group dealt with over 800,000 customers during the year. The retail estate was increased to 131 stores (2017: 127 stores). The new financial year has started well and although the economic environment remains uncertain, the company is optimistic about future prospects. We continue to rate the shares as a BUY.