Cover design 
TBC
Annual Report and Accounts 2016
The UK’ s leading pawnbroker
Redefining 
the
pawnbroking
model ONLINE                         STORES                     APPS
EST 1897 – DISCOUNT SECONDHAND JEWELLERY
H&T PAWNBROKERS
OUR CUSTOMERS
H&T provides a range of simple and accessible financial products tailored for  
a customer base which has limited access to, or is excluded from, the traditional 
banking and finance sector
Jewellery Retail
H&T offer a unique range of new and 
second-hand jewellery and watches.
Personal Loans
Loans from £50 to £2,000 over any 
term of up to two years.
Pawnbroking
Pawnbroking loans are secured on an item  
of value with a term of up to six months.
Gold Purchasing
Gold Purchasing is a simple way for 
customers to use their unwanted 
gold to raise some cash.
Cheque Cashing
Get cash for cheques in a few minutes,  
rather than banking the cheque.
Foreign Exchange
Highly competitive rates and with  
no commission charges.
Buyback
Raise cash from electronic items such as 
phones, tablets, laptops and game consoles.
To the members of H&T Group plc
CAUTIONARY STATEMENT
The Strategic Report on pages 1 to 17 has been prepared solely to provide information to shareholders 
to assess how the Directors have performed their duty to promote the success of the Company.
The Strategic Report contains certain forward-looking statements. These statements are made by the 
Directors in good faith based on the information available to them up to the time of their approval 
of this report and such statements should be treated with caution due to the inherent uncertainties, 
including both economic and business risk factors, underlying any such forward-looking information.
The Strategic Report has been prepared for the Group as a whole and therefore gives greater 
emphasis to those matters which are significant to H&T Group plc and its subsidiary undertaking 
when viewed as a whole.
THE STRATEGIC REPORT DISCUSSES THE FOLLOWING AREAS:
• BUSINESS OVERVIEW P4
• CHIEF EXECUTIVE’S REVIEW P9
• FINANCE DIRECTOR’S REVIEW P12
• PRINCIPAL RISKS AND UNCERTAINTIES P13
• FINANCIAL RISK MANAGEMENT AND OBJECTIVES P14 
• CORPORATE SOCIAL RESPONSIBILITY P15
CONTENTS 
Strategic Report
01 Highlights
02  Chairman’s Statement
04  Business overview
06  Products
08  Developing the market
09  Chief Executive’s Review
12  Finance Director’s Review
13  Principal Risks and Uncertainties
15  Corporate Social Responsibility
Directors’ Report
18  Directors, Officers and Advisers
20  Corporate governance
22  Directors’ report 
27  Directors’ responsibilities statement 
Financial Statements
28  Independent Auditor’s report 
29  Group statement of comprehensive income
30  Group statement of changes in equity
31  Group balance sheet 
32  Group cash flow statement 
33  Notes to the consolidated  
financial statements
61  Independent Auditor’s report 
62  Parent Company balance sheet 
63  Parent Company combined reconciliation 
of movements in shareholders’ funds and 
statement of movements on reserves 
64  Notes to the Company financial statements
66  Store directory FINANCIAL OVERVIEW
KEY PERFORMANCE INDICATORS
Highlights
5.3p
PROPOSED FINAL 
DIVIDEND
(2015: 4.5p)
9.2p
PROPOSED DIVIDEND 
PER SHARE
(2015: 8p)
20.88p
DILUTED EPS
(2015: 14.86p)
£9.7m
PROFIT BEFORE TAX
(2015: £6.8m)
£13.1m
EBITDA
(2015: £10.7m)
£54.8m
GROSS PROFIT
(2015: £47.5m)
* This is the actual percentage of lending in each year which was redeemed or renewed, the 2016 figure is an estimate based 
on recent trend and early performance.
NUMBER OF STORES
181 stores (2015: 189 stores) 
RETAIL SALES (£m)
£30.5m (2015: £29.5m)
PLEDGE BOOK (£m)
£41.3m Up 5.9% (2015: £39.0m) 
RETAIL MARGIN (%)
36.8% (2015: 35.0%)
REDEMPTION OF ANNUAL LENDING (%)
83.0% (2015: 83.4%)*
GOLD PURCHASE MARGIN (%)
26.2% (2015: 15.1%)
OPERATIONAL HIGHLIGHTS 
 Personal Loans grew with the net loan 
book increasing 123.8% from £4.2m  
to £9.4m
 Gross pledge book increased 5.9%  
to £41.3m (2015: £39.0m)
 Development of larger, lower-cost Personal 
Loans and implementation of a high-street 
brokerage opportunity 
 Buyback volume grew 41.7% from  
£6.0m to £8.5m as a result of further 
systems improvements
 FX gross profits increased 92.9%  
to £2.7m (2015: £1.4m)
SERVICE PERFORMANCE 
 CUSTOMER SATISFACTION SURVEY 
During 2016, we conducted an in-store 
satisfaction survey where customers were 
asked to rate, on a scale of 0-10, how likely 
they are to recommend H&T to a friend  
or family member. Of the 1,947 responses 
received, 81% provided a rating of 10,  
and 98% gave a rating of 7 or above. 
181 2016
189 2015
191 2014
194 2013
186 2012
24.9
20.1
30.9
29.5
30.5 2016
2015
2014
2013
2012
38.5
39.0
41.3
44.1
51.6
2016
2015
2014
2013
2012
39.8
49.0
34.6
35.0
36.8 2016
2015
2014
2013
2012
77.8
75.6
82.8
83.4
83.0 2016
2015
2014
2013
2012
19.5
23.3
17.9
15.1
26.2 2016
2015
2014
2013
2012
For more information 
go to our website 
www.handt.co.uk 
Annual Report and Accounts 2016  I  01  
Strategic Report
Directors’ Report
Financial Statements Chairman’ s Statement
INTRODUCTION
The demand for small sum short-term loans remains strong. We have 
increased the Pawnbroking loan book and the growth in Personal Loans is 
a particular success. We now need to see evidence that this is a profitable 
growth strategy.
In addition, the expansion in related services such as FX and Buyback 
widens our appeal and provides an increasingly significant source of profits. 
These alternative services also provide a measure of flexibility as market 
changes take place.
During 2016, the currency volatility in connection with the US election 
result and Brexit has assisted the gold price, which has improved the 
margin on sales of scrap gold.
FINANCIAL PERFORMANCE
The Group delivered profit after tax of £7.6m (2015: £5.4m) and diluted 
earnings per share of 20.88 pence (2015: 14.86 pence). Subject to 
shareholder approval, a final dividend of 5.3 pence per ordinary share 
(2015: 4.5 pence) will be paid on 2 June 2017 to those shareholders  
on the register at the close of business on 5 May 2017. This will bring  
the full year dividend to 9.2 pence per ordinary share (2015: 8.0 pence).
The Group’s financial position is strong with net debt of £5.4m  
at 31 December 2016 (31 December 2015: £2.1m) and headroom  
of £15m on its borrowing facilities.
REGULATION
The consumer credit activities of the Group are regulated by the Financial 
Conduct Authority (FCA), from which the Group obtained authorisation  
on 11 February 2016, with specific rules governing high-cost short-term 
credit (HCSTC). The FCA implemented an interest rate cap for HCSTC  
in 2015 and have committed to reviewing the effectiveness of the cap  
in the first half of 2017. 
We have designed our Personal Loans so that all are below the  
current cap; in reality, the vast majority are significantly lower than  
the cap. We therefore believe that this review will have a limited  
impact on our business.
STRATEGY
We are developing a range of products and services that address 
customers’ need for short-term cash. We have expanded distribution 
through online, mobile and broker channels. This increased origination  
has also brought benefits to the store estate. The investments in retail 
merchandising and inventory have also begun to deliver value and  
we are further improving the presentation of our business though  
brand development.
PROSPECTS
There is some easing of the competitive environment; the wider economic 
uncertainty and fall in the value of sterling is supporting the gold price and, 
as such, demand for our products is strong. The Group is well positioned  
to take advantage of these conditions with a diverse set of products, 
developing distribution channels and consumer recognition.
On behalf of the Board and our shareholders, I would like to thank 
everyone at H&T for their hard work and dedication over the last year. 
PETER D MCNAMARA
Chairman
The Group has made good progress in developing its products to address the 
changing consumer and regulatory environment. The business has strengthened  
over the last three years to deliver a platform for growth.
02  I  www.handt.co.uk 02  I “We are developing  
a range of products and 
services that address 
customers’ need for 
short-term cash. We have 
expanded distribution 
through online, mobile 
and broker channels.”
Proposed Dividend  
Per Share 
9.2p 
(2015: 8.0p)
Diluted EPS 
20.88p 
(2015: 14.86p)
Annual Report and Accounts 2016  I  03  
Strategic Report
Directors’ Report
Financial Statements 04  I  www.handt.co.uk 04  I
Business overview
On 8 May 2006 H&T floated on the AIM Market (“AIM”), providing the 
Group with access to new sources of finance and allowing the provision  
of equity-based incentivisation to employees. Since then H&T has 
continued its development by adding new products and services and 
bringing the store network to 181 at 31 December 2016.
H&T operates in a fast moving, competitive environment and will continue 
to succeed by focussing on customer needs, the development and 
retention of staff, and the development of existing and new products 
together with expansion in locations. 
STRATEGY
“H&T will be the premier provider of alternative credit in the UK 
through a range of services that help our customers rebuild their 
credit rating and return to the mainstream”.
There are three key elements to delivery of the strategy:
1 Maintain the performance of the core products and stores
2 Develop a range of credit products to serve a wider customer base
3 Enhance distribution by delivering services in store, online and through 
mobile devices
OUR CUSTOMER
Our loan products are often used by people who cannot access 
mainstream credit. There are two key reasons why our customer may not 
qualify for a traditional loan: they may have experienced problems in the 
past which resulted in missed payment or defaults on their credit file; 
almost half of our Personal Loan customers are aged under 35 and as such 
have a thin credit file or a low credit score.
Our customers often need money to meet day-to-day expenses and  
as such they need relatively small sums quickly; this demand can  
be met very effectively by our in-store products. It is possible to complete  
a Pawnbroking or Personal Loan in store within 30 minutes. 
Customers often compare our rates against larger, well-known, short-term 
credit brands which is advantageous as we are often considerably cheaper.
PERSONAL SERVICE
We offer our services both online and in store and ensure that there  
is a member of staff available for our customers to speak to if they have 
any questions.
Our staff realise that each customer has different needs and use our range 
of products to help them find the right solution. We believe that offering 
customers the opportunity of face-to-face interaction in store helps build 
trust and understanding and delivers genuine, high quality service. 
As at 31 December 2016, H&T was the largest pawnbroking business in the UK  
by size of pledge book.
H&T has existed in some form since the late 1800s and over the years has built  
or acquired some of the oldest and largest pawnbrokers in the UK. For example,  
the store in Edinburgh has operated from the same building for more than  
150 years serving the same community.
81 PERCENT  
of respondents  
scored us 
10/10 
Pawnbroking  
or Personal Loan  
in-store within 
30 
MINUTES
181
STORES Annual Report and Accounts 2016  I  05  
Strategic Report
Directors’ Report
Financial Statements
RESPONDING TO FEEDBACK
Our customer satisfaction feedback over the years has been 
overwhelmingly positive. Customer feedback is something we take 
seriously and actively encourage. Results of mystery shopper programmes 
and online surveys are fed directly to stores aiding them in a continuous 
loop of feedback and improvement. 
From over 1,900 independent surveys conducted in 2016, when asked the 
following question: “on a scale of 0-10 how likely are you to recommend 
H&T to a friend or family member (10 being extremely likely)?”;
81% (1,577 from 1,947 responses) of the population scored us 10 out of 10.
Customers rate staff knowledge, accessibility and professionalism highly. 
They praise staff ability to answer questions clearly and quickly as well  
as proactively engage with the customer early on to anticipate their needs. 
CUSTOMER DEMOGRAPHICS
GENDER SPLIT
AGE PROFILE
CUSTOMER FEEDBACK
‘The staff are all lovely, I have been  
a customer for years and frequently  
buy things. I would never even consider 
going anywhere else. I trust the staff  
here and they always look after me’
‘I think H&T represents really good value 
for money, especially when you’re looking 
to buy gold; I would definitely not buy 
gold from any other gold shop. A Merry 
Christmas to all the staff at the Kirkcaldy 
branch and thank you for making my  
last-minute Christmas rush that little bit 
less stressful – thank you’ 
‘I would definitely recommend this and 
your other stores to any of my friends and 
family. The staff in your Rochdale branch 
are great role models for your company’
‘Been visiting the Bolton store for a long 
while and always found staff very helpful 
and always very polite’ 
  Male 57%
  Female 43%
  Male 42%
  Female 58%
  Male 64%
  Female 36%
PAWNBROKING PERSONAL LOANS BUYBACK
PAWNBROKING PERSONAL LOANS BUYBACK
23%
22%
28%
22%
5%
56+
45-55
36-44
25-35
18-24
10%
26%
20%
32%
12%
56+
45-55
36-44
25-35
18-24
8%
25%
19%
37%
11%
56+
45-55
36-44
25-35
18-24 06  I  www.handt.co.uk 06  I
Products
H&T provide a wide range of services but at the core  
is the provision of money to our customer base whether  
through a loan or by selling an asset to us. 
Pawnbroking
A pawnbroking loan is secured on an item of value with a term of up to six 
months. We will lend on any asset we can accurately value, typically jewellery  
and watches. The customer agrees on a loan amount and enters into a consumer 
credit agreement. The agreement is for a period of six months and the customer 
can redeem the goods at any point during this time providing that they repay  
the original loan amount plus any interest due. At the end of the contract, they 
also have the option to extend the loan for a further six months. If the customer 
chooses not to redeem or renew the loan H&T will take action to dispose  
of the goods. The customer has no liability to us beyond the value of the goods.
Jewellery Retail
H&T offer a unique range of new and second-hand jewellery and watches  
sourced from our pledge book, purchased over the counter or purchased  
from suppliers. All H&T’s jewellery is professionally cleaned, restored and valued  
at the Group’s refurbishment centre in Kent before being re-distributed for sale  
at stores across the country. All of H&T’s staff are trained to a high standard  
to help customers choose individual pieces to suit their requirements.
Purchasing
Purchasing is a simple way for customers to use their unwanted items, 
predominantly gold, to raise some cash. The process is straightforward with  
the store assessing the items, agreeing a price with the customer and purchasing 
the goods for cash on the spot. Customers can sell gold, watches, diamonds  
and electronics to H&T which sets us apart from other providers in the market.
Personal Loans
H&T’s Personal Loans are available in store and online. They offer flexibility  
on the length of loan and regular repayment amount, depending on the  
personal circumstances of each customer. Before issuing a loan we establish  
the customer’s identity and complete a thorough affordability assessment.  
If approved, the customer enters into a consumer credit loan agreement  
and we will collect the repayments on the dates agreed with the customer. Annual Report and Accounts 2016  I  07  
Strategic Report
Directors’ Report
Financial Statements
Buyback
Increasingly, a younger generation of customers are seeking the opportunity  
to raise cash from electronic items such as phones, tablets, laptops and game 
consoles. To take advantage of this new asset class, H&T has developed its  
Buyback offer. Customers can sell their electronic items to H&T for cash and  
buy the item back within 31 days. H&T restrict the types of item purchased  
to current models of the most popular items. This product is particularly popular 
with the younger generation; 48% of our customers are aged under 35.
Cheque Cashing
Cheque cashing is a service that allows customers to get cash for their cheques  
in a few minutes, rather than banking the cheque. Most are wage cheques, 
although other types such as personal, lottery, building society and Giro  
cheques are considered. Customers use H&T to speed up the cheque clearance 
(some building societies can take almost two weeks to clear a cheque)  
or to avoid banking the cheque into an overdrawn account. Customers are 
required to provide proof of identity and address in order to use the service.
Foreign Exchange
H&T offer a foreign exchange service at highly competitive rates and with no 
commission charges, further establishing one of our core strengths of offering 
great value to the customer. Not only does offering this additional service  
make currency exchange easier for our customers, but we are also broadening  
our appeal to a new audience.
Western Union
Every year millions of people worldwide trust Western Union to send money 
within minutes to family, friends or colleagues in other countries. Since H&T 
launched Western Union in 2012, it has increased transaction numbers  
to around 10,000 per month and introduced a new customer base to H&T.
ONLINE APPS STORES PERSONAL LOANS
We saw some encouraging signs of growth in 2016 for online Personal Loans. 
This was driven by both improved website traffic along with working closely 
with a select group of affiliates and brokers. The growth of online Personal Loans 
has also presented the stores with additional opportunity to lend, as customers 
who are declined online can still be serviced instore with the benefit  
of face-to-face underwriting along with supporting documentation. 
RETAIL
Towards the end of 2016 we started seeing some improvement in online retail 
sales. The sales were generated from our retail website www.est1897.co.uk using 
a number of advertising mediums including social media such as Facebook and 
search engine marketing. We have seen a growing trend of customers requesting 
to view an online item in store prior to purchasing, which gives us an advantage 
over online-only retail businesses. 
BRANDING
In late 2016, we rebranded 31 stores to H&T 
Money to update our image and communicate 
the wider proposition available in store. This test 
will determine whether we can attract more new 
customers for products such as Personal Loans 
and Foreign Exchange to these locations. 
CONSULTATION AREAS
As our stores continue to process more Personal Loan 
applications, we are trialling a number of in-store 
consultation areas designed to give the customer 
greater privacy and comfort. As our stores differ in both 
size and shape, we have designed and installed three 
different designs which are currently being reviewed.
2017: AN OMNI-CHANNEL APPROACH
In 2017, the Group will continue to develop both our instore 
and online products to ensure, regardless of channel, the 
customer experience is the same. We will invest in improving 
all customer journeys; removing complexity and ensuring 
all touch points are optimised to the customer’s browsing 
preferences (mobile, online or instore). 
CUSTOMER RELATIONSHIP AND ENGAGEMENT 
In September 2016, we launched a customer relationship programme allowing 
us to communicate more effectively with our existing customers via both email 
and SMS message, creating genuine lifetime value. This programme gives us 
the ability to tell our customers about our other products and services including 
retail promotions, rates on foreign exchange as well as when a customer may 
be eligible to top up their Personal Loan.
INSTORE 
Our store estate is still our largest acquisition  
channel for all products. We are trialling a number of  
new initiatives to improve both the customer experience 
and to drive more customers into our store estate. 
ONLINE
Online represents a significant opportunity for growth.  
In 2016 we added click and collect Foreign Exchange  
and raised the profile of our high-end pawnbroking  
service with a new website promoting  
our location on Old Bond St, London.
08  I  www.handt.co.uk 08  I
Developing the market Annual Report and Accounts 2016  I  09  
Strategic Report
Directors’ Report
Financial Statements
Chief Executive’ s Review
The Group has delivered a good 
operational performance and enjoyed the 
benefit of a rising gold price. These factors 
combined increased profit before tax by 
42.6% to £9.7m (2015: £6.8m).
Our store estate of 181 stores comprises 126 H&T Pawnbrokers stores,  
24 Est1897 second-hand jewellery retail stores, and 31 of our new H&T 
Money brand stores. During the year we have closed eight underperforming 
stores and expect a small number to close in 2017.
The Group has delivered significant growth in gross profits from the 
Personal Loans, FX and Buyback products which collectively increased  
by 59.2% to £7.8m (2015: £4.9m). Despite store closures, gross profits 
from Pawnbroking were flat and Retail was 8.7% up on 2015. The higher  
gold price has resulted in increased profits of £6.0m (2015: £2.4m) from 
Gold Purchasing and Pawnbroking Scrap activities.
The Group has improved the effectiveness of the online channel delivering 
133.3% growth in the online Personal Loans with 68.4% of online 
applications coming through mobile devices. We intend to develop this 
further during 2017 having established a range of brokers who introduce 
applications to us.
THE MARKET
The number of high street outlets of our main competitors has reduced  
by approximately 40% since December 2013, but by only 5% since 
December 2015 as the industry adjusts to the new trading environment. 
The favourable gold price in 2016 has helped most operators, including 
H&T, and there have been no further regulatory restrictions on high-cost 
short-term credit.
The demand for short-term small-sum loans remains strong and  
we believe the Group has developed the right products and capabilities  
to take advantage of market conditions.
OUR STRATEGY
The Group’s strategy is to serve a customer base whose access to 
mainstream credit is limited and for whom small-sum loans can help  
to address short-term financial challenges. The Group will continue  
to deliver this strategy by developing a range of lending products,  
both secured and unsecured, offered in store and online.
The development of a suite of services including Retail, Buyback and FX, 
improves returns and reduces the Group’s exposure to gold price volatility.
We continue to innovate and explore how to interact most effectively with 
our customers through the development of introducer channels, our online 
capability and our brand.
REGULATION
THE FINANCIAL CONDUCT AUTHORITY
The regulation of Consumer Credit moved from the Office of Fair Trading 
(OFT) to the Financial Conduct Authority (FCA) on 1 April 2014.  
The Group obtained authorisation from the FCA on 11 February 2016 and 
we welcome the higher standards that this change will bring to our sector.
HIGH-COST SHORT-TERM COST CAP
On 1 January 2015, the FCA implemented its cap on the interest rate  
and charges that apply to High-Cost Short-Term Credit (HCSTC). The FCA 
has stated that it will review the price cap during the first half of 2017. 
We have designed our Personal Loans so that all are below the current cap; 
in reality, the vast majority are significantly lower than the cap. We therefore 
believe that this review will have a limited impact on our product.
REVIEW OF OPERATIONS
The Group’s total gross profits increased 15.4% to £54.8m (2015: £47.5m) 
principally as a result of the increase in gold price assisting Pawnbroking 
Scrap and Gold Purchasing and strong growth in the Personal Loans and 
Other Services segments.
PAWNBROKING
Gross profits from pawnbroking were stable at £28.4m (2015: £28.4m) 
while the gross pledge book increased to £41.3m (2015: £39.0m).  
The reduction in yield was the result of a changing business mix to larger 
loans at a lower interest rate. This shift was expected as the business 
explores the new “Concession” format to access a new customer base. 
Notwithstanding the increase in gold values, high street pawnbroking 
continues to be a challenging market due to lasting competition and 
reduced gold in circulation. The Group closed eight locations during the 
year resulting in the loss of £0.1m in pledge book from two of those units 
through sale to local operators. In addition, the Group acquired £0.1m  
in pledge book from four competitor locations, relocating the customers  
to our stores.
The Group continues to invest in expanding the expertise and service  
in this critical segment through development of the business in  
Bond Street (London) and more importantly the recruitment of a small 
team of highly skilled individuals to support the wider business through  
the Expert Eye system. 
The Board believes that while there is still opportunity in Pawnbroking for 
H&T the market is shrinking and in order to maintain our position we must 
develop new channels for customer acquisition particularly through brokers 
and online.
Pawnbroking summary:
2016 
£’000
2015 
£’000
Change  
%
Year-end net pledge book 
Average net pledge book 
 
Revenue
Risk-adjusted margin
1
40,806
39,155 
28,384
72.5%
38,293
37,404 
28,437
76.0%
6.6%
4.7% 
 
-0.2% 
1
 Revenue as a percentage of the average net pledge book
GROSS PROFIT BREAKDOWN 
  Pawnbroking 51.8%
  Jewellery Retail 20.5%
  Gold Purchasing 7.2%
  Pawnbroking Scrap 3.8%
  Personal Loans 6.4%
  Other Services 10.3% 10  I  www.handt.co.uk 10  I
RETAIL
Retail sales grew by 3.4% to £30.5m (2015: £29.5m) and gross profits 
8.7% to £11.2m (2015: £10.3m). 
The Group had two focus areas for the year: improve margins and  
improve inventory management. Progress has been made on both  
of these objectives, particularly in H2 2016. During 2016 the store 
inventory increased by £5.0m as we completed the implementation  
of the planograms across the store estate.
We are encouraged by the performance in H2 2016 relative to H2 2015 
where we have seen an increase in inventory, gross profits and margins. 
The Group acknowledges the pressure on consumer spending post-Brexit 
and the challenges presented by the expected increase in inflation.  
We believe that the value presented by our second-hand offering positions 
us well among other retailers of luxury goods, while shifting behaviours  
(as customers seek the best deal) could provide opportunities for H&T.
PERSONAL LOANS
Revenue from Personal Loans increased 45.8% to £3.5m (2015: £2.4m) 
with the year-end net loan book up 123.8% to £9.4m (2015: £4.2m).
The Group believes that Personal Loans is an important opportunity, 
allowing us to expand our customer base in store, online and through 
broker channels. Over the past three years we have developed our 
understanding, systems and infrastructure to deliver what we believe are 
the most suitable products for our customer base, efficiently delivered 
using the strengths of our store network and staff. The increase in the 
monthly average loan book of 80.6% has resulted in an increase  
in revenues of 45.8%. This is in line with management expectations,  
both for credit quality and performance. 
During 2016, we have also increased the online loan book by 133.3%  
to £0.7m (2015: £0.3m), implemented a store-based broker product 
through Cash Converters stores, and launched our larger loan at lower 
interest rates. We continue to develop our platforms to serve a changing 
market; in Q4 2015 53.3% of our loan applications originated from  
a mobile device. This increased to 68.4% in Q4 2016.
Operationally we have relocated our call centre operations to a new 
purpose-built location and implemented new dialler and customer 
relationship management systems. The developments to date have been 
successful and provide a strong foundation for our expansion into this 
exciting market.
The FCA has announced its review into the high-cost short-term credit 
(HCSTC) cost cap in 2017. Approximately 80% of the loans issued fell 
under the definition of HCSTC in 2016; none of our loans were at the 
interest cap. The H&T personal loan is significantly cheaper than loans 
offered by our competitors to this market and, while the outcome of the 
review is unknown, we do not anticipate that it will have a significant 
impact on our product.
Chief Executive’ s Review (continued)
H&T Money 
31 
STORES Annual Report and Accounts 2016  I  11  
Strategic Report
Directors’ Report
Financial Statements
Personal Loans summary:
2016  
£’000
2015  
£’000
Change  
%
Year-end net loan book
Average monthly net loan book 
Interest before impairment
Impairment
Revenue
Interest yield
1
Impairment % of interest
Risk-adjusted margin
2
9,356 
6,348 
 
5,848 
(2,349)
3,499 
92.1%
40.2%
55.1%
4,152 
3,514 
 
3,711 
(1,322)
2,389 
105.6%
35.6%
68.0%
125.3%
80.6% 
57.6%
77.7%
46.5% 
 
 
1
 Interest before impairment as a percentage of average loan book 
2
 Revenue as a percentage of average loan book 
PAWNBROKING SCRAP
Gross profits from Pawnbroking Scrap increased to £2.1m (2015: £0.1m) 
principally due to the increase in the sterling gold price since the EU 
referendum result. 
The average gold price during 2016 was £926 per troy ounce (2015: £759), 
a 22.1% increase. The gold price directly impacts the revenue received  
on the sales of scrapped gold.
GOLD PURCHASING
Gross profits from Gold Purchasing increased 69.6% to £3.9m (2015: £2.3m) 
principally as a result of the increase in gold price and the different trends 
in the gold price through the year versus 2015. 
H&T purchase gold to achieve a particular margin and it takes around two 
months to process items directly to scrap. If the gold price increases during 
this processing period then our margins are enhanced, if it reduces then 
our margins are compressed.
During 2015, the gold price fell by 7% from January to December,  
whereas during the same period in 2016 it increased by 29%.  
Accordingly, our margins were significantly enhanced in 2016 vs 2015.
We estimate that overall volumes of fine gold purchased fell by 3.2%  
from 2015 to 2016.
STORE DEVELOPMENT
2009 2010 2011 2012 2013 2014 2015 2016
Acquired
New Stores
Closed
—
17
—
1
12
—
1
24
—
6
22
(2)
3
5
—
1
4
(8)
—
—
(2)
—
—
(8)
Estate Total 122 135 160 186 194 191 189 181
OTHER SERVICES
The continued improvements both in FX and Buyback increased gross 
profits from the Other Services segment by 43.6% to £5.6m (2015: £3.9m).
Buyback has been a particular success as part of the “We buy anything” 
proposition as the value purchased increased to £8.5m (2015: £6.0m).  
We continue to develop the product through systems development 
supporting the identification, testing and valuation of items to reduce 
transaction time and accuracy in store. 
This development will be supported through further enhancements  
in 2017 together with closer integration of online and in-store systems  
to support the “clicks to bricks” customer acquisition process.
FX continues to grow with sales of currency increasing 86.3% from  
2015 as a result of increased customer awareness and the introduction  
of a wider range of currencies. The volatility in exchange rates as a result  
of the EU referendum also assisted the 105.0% growth in the value  
of currency purchased. 
PROSPECTS
The Group is evolving into a provider of alternative credit services  
to serve an increasing customer base. The development in 2016 has  
been very encouraging and provides a platform for growth into 2017. 
Current trading is in line with management’s expectations for 2017. 
I would also like to add my great thanks to those of the chairman,  
in recognising all of our people whose skills, commitment and enthusiasm 
continue to drive our success, and who give us confidence in the future. 
JOHN G NICHOLS 
Chief Executive
END OF PERIOD STERLING GOLD PRICE  
(£ per troy oz)
727.2
985.1
1,019.7
773.0
719.0
927.4
897.7
673.4
2015
2016
2014
2013
2012
2011
2010
2009 12  I  www.handt.co.uk 12  I
FINANCIAL RESULTS
For the year ended 31 December 2016 gross profit increased 15.4% from 
£47.5m to £54.8m driven by the higher gold price improving revenues 
from Pawnbroking Scrap and Gold Purchasing together with the growth  
in the Personal Loans and Other Services segments. 
Total direct and administrative expenses increased by 11.8% from £39.9m 
to £44.6m, principally as a result of investment in staff to support business 
volumes and new initiatives. The Board considers the continued investment 
in people and systems to be vital in repositioning the business to take 
advantage of the market conditions.
Finance costs were largely in line with 2015 at £0.5m (2015: £0.7m).
Profit before tax increased by £2.9m to £9.7m, up 42.6% from £6.8m  
in 2015.
CASH FLOW
The Group generated positive cash flow from operating activities of £1.3m 
(2015: £11.2m). Working capital movements led to an outflow of £9.8m 
(2015: £2.2m inflow), which was principally a result of the £8.1m growth 
in the Pawnbroking and Personal Loans loan books.
BALANCE SHEET
As at 31 December 2016, the Group had net assets of £98.8m  
(2015: £94.1m) with year-end net debt of £5.4m (2015: £2.1m)  
delivering an increase in gearing to 5.5% (2015: 2.2%) (see note 27). 
On 12 February 2016, the Group refinanced the existing facility with  
Lloyds Bank plc allowing for maximum borrowings of £30.0m, subject to 
covenants, at a margin of between 1.75% and 2.75% above LIBOR.  
At year end £15.0m was drawn on the facility and the Group was well 
within the covenants with a net debt to EBITDA ratio of 0.40x and EBITDA  
to interest ratio of 38.71x (see note 3 for the definition of EBITDA).  
The new facility has a termination date of 30 April 2020.
The combination of low gearing and a secure long term credit facility 
provides the Group with the ability to make selective investments in the 
future while maintaining appropriate headroom.
INVESTMENTS AND DISPOSALS
During the year, the Group completed the acquisition of four pawnbroking 
loan books for a total consideration of £0.1m and disposed of two for  
a total consideration of £0.1m.
IMPAIRMENT
The Group performs an annual review of the expected earnings of each 
acquired store and considers whether the associated goodwill and other 
property, plant and equipment are impaired. There was no impairment 
charge during 2016 (2015: £nil/none).
SHARE PRICE AND EPS
At 31 December 2016, the share price was 259.75p (2015: 197.0p)  
and market capitalisation was £95.5m (2015: £72.6m). Basic earnings  
per share were 20.94p (2015: 14.88p), diluted earnings per share were 
20.88p (2015: 14.86p).
STEPHEN A FENERTY 
Finance Director
Finance Director’ s Review
 Pawnbroking and  
Personal Loan books
£8.1m
GROWTH 
Profit before tax 
£9.7m 
(2015: £6.8m) Annual Report and Accounts 2016  I  13  
Strategic Report
Directors’ Report
Financial Statements
Principal Risks and Uncertainties
The Directors of H&T Group plc confirm that they have carried out  
a robust assessment of the principal risks facing the Company, including 
those that could threaten its business model, future performance,  
solvency or liquidity.
The Board retains ultimate responsibility for the Group’s risk management 
framework, including reviewing its effectiveness. The Board has delegated 
responsibility for annually reviewing the overall effectiveness of the risk 
management programme to the Audit Committee. The internal audit 
function provides assurance to the Audit Committee on the effectiveness 
of the internal control procedures through completion of the annual 
internal audit plan, which takes into account current operational risks. 
The Group’s risk management framework is embedded in the Group’s 
management and governance processes and is overseen by the Board. 
Risks are identified at both a Board and an operational level, they are 
assessed and, where appropriate, individuals within the business are given 
responsibility for the management of that risk. The Group has in place 
formal processes for the identification of new risks or a change to an 
existing risk. The Risk Committee oversees a formal periodic review  
of our assessment of individual risks, mitigating activities and associated 
remedial actions.
The table below sets out the principal risks and uncertainties facing the 
Group and how we mitigate them. This is not an exhaustive analysis  
of all the risks the Group may face as there may be additional risks  
and uncertainties that are not currently known to the Board or have not 
been included in this section on the basis that they are not considered  
to be material.
AREA DESCRIPTION OF RISK EXAMPLES OF MITIGATING ACTIVITIES
REGULATORY 
RISK
Loss arising from a breach of existing regulation 
or regulatory changes in the markets within 
which the Group operates.
• Experienced Board both in Credit and FCA regulated businesses
• Dedicated Internal Audit and Compliance functions
• Well-developed procedures, training, systems and operational controls
• Head of Compliance monitors legislative changes and supports 
departmental compliance functions as required
• Expert third-party legal and/or compliance advice is sought  
where necessary
• Membership of appropriate trade associations who assist with both 
regulatory awareness and relationships
GOLD PRICE A significant fall in the gold price impacting  
the security of pledge and the revenues from 
scrap operations.
• Ensure sufficient headroom on bank covenants to absorb a reduction 
in gold price, should it occur, without covenant breach
• Monitoring of gold price at Board level
• Annual testing of forecasts sensitised for gold price
• Maintenance of appropriate margin between pledge value  
and gold price
• Lending on alternative high value items
• Review possible use of hedging instruments
• Focus on increasing redemption rates to minimise reliance  
on disposition
• Increase retail sales as a disposition hedge
THEFT AND 
FRAUD
Loss of inventory or pledge. • High levels of physical security
• Insurance for material losses
• Systems and procedures to minimise risk
Internal theft and fraud. • Ensure staff are highly motivated
• Avoid lone working to reduce opportunity
• Internal audit team focused on loss prevention and other 
manipulation for personal gain
• Fair, ethical, compliant and competitive incentive schemes and other 
benefits offered
REPUTATIONAL 
RISK
An event or circumstance could adversely impact 
on the Group’s reputation, including adverse 
publicity from the activities of legislators, pressure 
groups and the media.
• Consider regulatory and reputational impact of business changes
• Maintain focus on competitive advantage of customer service 
• Ensure staff are highly motivated
• Ensure high level of compliance in product and service delivery
• Ensure price or short-term earnings are not the dominant factor  
in decision making 14  I  www.handt.co.uk 14  I
Principal Risks and Uncertainties (continued)
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The Group’s activities expose it to several financial risks including interest 
rate risk, credit risk, liquidity risk, price risk and exchange rate risk.  
The use of financial derivatives is governed by the Group’s policies 
approved by the Board of Directors, which provide written principles  
on the use of financial derivatives to manage these risks. The Group does 
not use derivative financial instruments for speculative purposes.
A summary of the principal financial risks is provided below.  
Further detailed discussion is provided in note 26 to the consolidated 
financial statements.
INTEREST RATE RISK
The Group’s activities expose it primarily to the financial risks of changes  
in interest rates. Finance costs have reduced as a result of lower interest 
rates and lower loan balances and at present the Board does not consider 
it necessary to enter into a hedging arrangement. This position is reviewed 
by the Board on a regular basis.
CREDIT RISK
The Group’s principal financial assets are bank balances and cash, trade 
and other receivables. The Group’s credit risk is primarily attributable  
to its trade receivables, the most significant of which are the pledge book,  
the Personal loan book and Cheque Cashing balances. In all cases, 
exposure on trade and other receivables is spread over a large number  
of counterparties and customers.
The risk attributable to the pledge book is further mitigated due to the 
presence of security (the customer’s pledges) which can be easily liquidated 
in almost all cases fully recovering the amount lent. 
The risks attached to the unsecured Personal Loan book are mitigated  
by the continual monitoring of bad debts and a possible modification  
of lending criteria. The Group performs an external credit check prior  
to lending. Similar procedures mitigate the risks associated with Cheque 
Cashing activities.
The amounts presented in the balance sheet are net of allowances for 
doubtful receivables. An allowance for impairment is made where there  
is an identified loss event which, based on previous experience, is evidence 
of a reduction in the recoverability of the cash flows.
The credit risk on liquid funds and derivative financial instruments  
is considered to be low as funds are held with financial institutions with 
high credit-ratings assigned by international credit-rating agencies to the 
Group’s bankers as shown below:
MOODY’S CREDIT RATING
Barclays Bank plc
The Royal Bank of Scotland plc
Lloyds Bank plc
A1
A3
A1
The Group had no significant concentration of credit risk at year end other 
than on bank balances of £76,099 (2015: £580,917) with Royal Bank  
of Scotland plc, £944,936 with Barclays Bank plc (2015: £880,801) and 
£1,412,480 (2015: £3,761,106) with Lloyds Bank plc. 
LIQUIDITY RISK
In order to maintain liquidity to ensure that sufficient funds are available 
for ongoing operations and future developments, the Group uses a 
mixture of long-term and short-term debt finance. At 31 December 2016, 
the Group had sufficient headroom on its current borrowings and remains 
in full compliance with all loan covenants.
Furthermore, the Group will review at the appropriate time, the possibility 
of raising future equity finance or refinance existing banking facilities  
to expand activities.
PRICE RISK
With regard to the current balance sheet position, the Group is not 
exposed to price risk, as the majority of its jewellery and all of its scrap gold 
is obtained through unredeemed pledges, which have a cost to the Group 
which is lower than the retail value. The Group is however exposed to 
adverse movements in the price of gold in its gold scrap activities and the 
value of the pledge collaterals. Should the price of gold drop significantly, 
the Group can mitigate that risk by changing its lending policy on 
pawnbroking pledges or by entering hedging instruments. Currently the 
Group has no gold hedge in place, although this is reviewed by the Board 
on a regular basis.
EXCHANGE RATE RISK
While the Group’s activities are largely conducted in the United Kingdom, 
the Group is impacted by foreign currency exchange rates affecting the 
gold price exchange from USD to GBP and the revaluation of foreign 
currency cash holdings in store.
AREA DESCRIPTION OF RISK EXAMPLES OF MITIGATING ACTIVITIES
CYBER CRIME We have observed an increase in the frequency, 
severity and sophistication of cyber-attacks on  
UK businesses in general and in our own business. 
H&T is increasingly utilising online platforms for 
both transactional processing and customer 
acquisition and as such we are including cyber 
crime as a key risk for the first time.
Failure to adequately manage cyber threats  
and to continually review and update processes 
in response to new threats could result in 
operational disruption, financial loss, data loss, 
reputational damage and regulatory fines. 
• Utilise appropriate levels of industry-standard information security 
solutions for critical systems
• Conduct annual penetration testing to identify vulnerabilities and 
deliver improvements
• Continue to monitor cyber-threats using internal and external 
resources and where necessary implement changes to combat this Annual Report and Accounts 2016  I  15  
Strategic Report
Directors’ Report
Financial Statements
WORKSHOPS 
The Group’s goal is to provide the best possible technical and behavioural 
training to our people, enabling our staff to be fully effective in their roles. 
We have a collection of 12 workshops which include compulsory training 
for all staff in the identification of diamond stones and high-end watches 
both at introduction and advanced levels, sales and negotiation techniques 
and health and safety. Additionally, we provide further classroom-based 
training on a needs-driven basis in managerial subjects such as training and 
coaching, effective management of teams, and disciplinary and 
performance capability.
At the beginning of 2017 we introduced a week long induction 
programme. These courses are being held in one of our seven new training 
stores located within existing locations across the UK. New employees 
attend these courses upon joining to give them a significant and extensive 
foundation for their role at H&T. 
MANAGEMENT DEVELOPMENT PROGRAMMES
In 2016 we ran 2 Management Development Programmes for aspiring 
Deputy Store Managers looking for preparation to Branch Manager.  
In 2017 as well as MDP we will again be running our Star Development 
Programme which is designed for Branch Managers looking for their next 
step, be it Area Manager, Internal Auditor or Manager of a larger store. 
This programme includes 360 feedback and psychometric testing. 
E-LEARNING 
E-learning continues to be a big part of our blended learning approach.  
In 2016 we implemented a new e-learning platform which is more user 
friendly and offers us greater flexibility to tailor our courses. We are able  
to include our short “how to” videos covering a number of subjects  
such as phone testing, and till talk. Currently, the programme offers  
over 18 different modules that focus more on the theoretical side  
of our products and knowledge, leaving the workshops to tackle the  
more practical elements. Our e-learning supports our face-to-face training 
offering with pre, and post workshop modules.
E-learning is instrumental in helping the Group and staff to meet all the 
requirements of FCA compliance regulations.
REWARD AND RECOGNITION 
As well as offering competitive salaries, we are proud to offer a generous 
benefits package to our employees. This includes life assurance for all  
of our staff members, interest free season ticket loans, Childcare Vouchers, 
an Employee Assistance Programme, enhanced sick and holiday pay,  
an innovation scheme (successful ideas and suggestions can earn  
an employee a reward of up to £1000, depending on the overall benefit  
to our business), health insurance for management, eye care vouchers,  
and discounts on bicycles through our cycle to work scheme. All of these 
are offered in addition to monthly, and annual bonuses that can be 
achieved dependant on hitting targets relating to profitability and Key 
Performance Indicators.
Corporate Social Responsibility
OUR PEOPLE
At H&T we believe that our employees are our single greatest asset,  
and accordingly we endeavour to ensure our workforce are highly trained, 
motivated and feel valued. 
H&T’S COMMITMENT TO DEVELOPING OUR PEOPLE 
We support our staff to realise their potential, aiming to promote internally 
where possible. Our Learning and Development programme ensures our 
people are developed to support them in their role. Throughout 2016  
we have continued to build on this, meeting the needs of our customers, 
the business and our employees. There are a range of specific activities  
to support development:
STAIR STEPS
STAIR 
STEPS 4-5
Stair Steps 4 and 5, offers more managerial  
and behavioural training and which offer 
workshops such as Introduction to Management, 
Managing Your Team More Effectively  
and Introduction to Training & Coaching.
STAIR 
STEPS 1-3
All new joiners work through our Stair Steps 
programme. Stair Steps 1-3 focus on the 
fundamentals of our business; including a 
classroom based workshop on technical areas 
such as diamonds, watches and electronics. 16  I  www.handt.co.uk 16  I
YOUR VOICE MEETINGS 
Bi-annually, we hold a council-style meeting with a group of employees 
from a variety of positions within the Group, and geographically from 
around the country. These meetings allow our staff a medium in which  
to discuss suggestions and ideas with those at the top of our management 
structure. We have found the meetings to be hugely productive and 
resourceful, as alongside providing us with new innovations from within 
our organisation, it also permits us to receive direct feedback on new 
strategies, or indeed any issues that arise in our stores. 
PROGRESSION AND RECOGNITION
H&T’s retention strategy encourages its people to seek opportunities  
within the Group, across Stores and Offices in order to enhance their skills. 
We advertise all available positions weekly to every employee in order  
to assist them in applying for these positions. 47% of our Deputy Manager 
and Store Manager roles were filled internally in 2016.
MANAGERS’ TENURE (years of service)
DIVERSITY AND INCLUSION
Diversity and inclusion are key areas of focus in our people agenda;  
we appreciate the importance of ensuring that the makeup of our 
workforce reflects the diversity of our customers and continue to ensure 
that we offer career opportunities without discrimination.
We know that being able to communicate with our customers is of key 
importance for the development of our brand, and that is why we aim  
to recruit people with foreign language skills into our stores. This is  
of particular importance where there is a large population of other 
nationalities in the local area, and we are proud to say that 20% of our 
employees speak at least one foreign language.
The following chart shows the gender mix across the Group at the end  
of the year.
FULL TIME/PART TIME/MALE/FEMALE RATIOS
Whilst acknowledging the importance of diversity, appointments to the 
Board, as with all positions in the Group, are based purely on merit and  
not according to personal characteristics such as race and gender. 
 
SERVING OUR CUSTOMER
A pawnbroker advances money secured on items of value. Therefore, it is 
vital that we can determine what those items are worth to ensure adequate 
security, whilst also being able to give the customer what they want.
Corporate Social Responsibility (continued)
  Male 226
  Female 485
FULL TIME STAFF
TOTAL 711
  Male 35
  Female 335
  Male 5
  Female 0
PART TIME STAFF
TOTAL 370
BOARD OF 
DIRECTORS 
TOTAL 5
87%
68%
24% >10
>5
>3 
H&T’s pawnbroking loans 
are almost entirely secured 
by gold, diamond set 
jewellery or watches,  
as those items are relatively 
easy to value and in the 
event of default they can 
be sold either through  
the retail window or as  
a commodity.
1
Our staff ask the customer 
how much they would like 
to borrow and perform  
a visual examination of the 
item. We now have a good 
idea of what the item  
is worth based on our 
general lending guidelines.
2
If we can meet the 
customer’s expectations 
then the item is tested. 
Gold is tested with a range 
of acids to determine  
the carat, diamonds are 
verified using electronic 
testing equipment, 
watches are closely 
examined and verified 
through Expert Eye. 
3
The customer details and  
a full description of the 
item are entered to the 
computer system which 
calculates a range of loan 
values in accordance with 
Group policy. A credit 
agreement is produced  
and the cash issued to  
the customer.
4 Annual Report and Accounts 2016  I  17  
Strategic Report
Directors’ Report
Financial Statements
IN THE COMMUNITY
It is our continued ambition to support local and national charities  
and organisations. This has continued throughout 2016 with a year filled 
with events, fun days and fundraising. 
We have raised thousands of pounds and collected thousands of gifts  
for a number of organisations, see some examples below:
EASTER EGG COLLECTION
In April, we collected 2,000 Easter eggs for local and national children’s 
charities and hospitals.
MACMILLAN PARTNERSHIP
In 2015, we launched our Macmillan partnership and commitment to raise  
enough money to fund a Macmillan nurse for a year. H&T’s partnership 
with Macmillan continued throughout 2016, raising over £7,000.  
Stores have embraced this challenge with a range of activities, including
• Macmillan Coffee Morning: On 26 September we took part in the 
World’s Biggest Coffee Morning, with tea and cakes in our stores  
and head office
• Throughout the year there were a range of activities in stores including 
cake, book and plant sales; sporting challenges; raffles; themed fancy 
dress days; and entertainment events
CHRISTMAS COLLECTIONS
Throughout December Head Office collected over 200 gifts for the 
Children’s Trust based in Tadworth Surrey. The Children’s Trust is a charity 
which offers both residential and community based rehabilitation services 
for children and young people with brain injuries. 
On 9 December all stores participated in Alzheimer’s UK “Elf Day” raising 
over £1,000. 
STRATEGIC REPORT APPROVAL
This report was approved by the Board of Directors on 10 March 2017  
and signed on its behalf by:
STEPHEN A FENERTY
Company Secretary
10 March 2017
Registered and Head Office  
H&T Group plc 
Times House, Throwley Way,  
Sutton, Surrey SM1 4AF 18  I  www.handt.co.uk 18  I
Directors, Officers and Advisers 
JOHN G NICHOLS Chief Executive, 66
After an early career in the RAF , John entered the leisure industry with the Rank Organisation where 
he held several senior executive positions. John joined H&T as Managing Director in 1997 and 
subsequently became Chief Executive. He has been instrumental in developing and implementing  
the business strategy and delivering growth in stores, revenues and profitability.
PETER D MCNAMARA Chairman, 66
Peter spent the majority of his career with Lloyds Bank plc, as chief manager for strategic planning, 
mergers and acquisitions, and then as the managing director of Personal Banking. He subsequently 
served as Group managing director of the Alliance & Leicester plc and Chief Executive of Wesleyan 
Assurance Society, a mutual life insurance business. In 2002 he left to become Chairman and 
subsequently executive Chairman of Moneybox plc, the leading ATM deployer operating in the UK, 
Germany and the Netherlands, which he led to flotation on AIM. In 2006 he set up a new ATM 
business, Notemachine Ltd and is the CEO.
MALCOLM L BERRYMAN, 62
Malcolm is currently a Non-Executive Director at STM Group PLC and Southern Health NHS 
Foundation Trust and runs his own consultancy business primarily involved in life and general 
insurance. Between 1990 and 2005, he was Chief Executive of two Insurers, Liverpool Victoria  
and Crown Financial Management. He qualified as an Actuary in 1983.
JAMES F THORNTON, 59
James Thornton has more than fifteen years of experience in UK financial services organisations,  
most recently as a Director at Hannam & Partners, from 2009-2015, and previously as  
Head of Finance at BAT Industries, Group Deputy Finance Director and UK Finance Director  
at Old Mutual plc and Head of Foreign Exchange at IFX plc. James has also held senior positions with 
Lord Ashcroft KCMG associated companies – Anne Street Partners and Global Health Partner plc. 
James is a Fellow of the Institute of Chartered Accountants in England and Wales.
STEPHEN A FENERTY Finance Director, 43
Stephen trained with KPMG’s banking and finance team and since then he has pursued  
a variety of management roles in the alternative credit sector. Stephen joined H&T in March 2005  
as Commercial Director before taking on the role as Finance Director in December 2013.  
Stephen has direct responsibility for finance, IT, unsecured lending, acquisitions, compliance  
and credit risk. He is a member of the Institute of Chartered Accountants in England and Wales.
EXECUTIVE DIRECTORS
NON-EXECUTIVE DIRECTORS Strategic Report
Directors’ Report
Financial Statements
  I  19  
Registered and Head Office and Advisers
REGISTERED AND HEAD OFFICE 
H&T Group plc 
Times House 
Throwley Way 
Sutton 
Surrey 
SM1 4AF 
Tel: +44 (0) 870 9022 600
BROKER AND NOMINATED ADVISER
Numis Securities Limited 
10 Paternoster Square 
London 
EC4M 7LT
LEGAL ADVISERS TO THE GROUP
Berwin Leighton Paisner LLP 
Adelaide House 
London Bridge 
London  
EC4R 9HA
INDEPENDENT AUDITOR
Deloitte LLP 
Chartered Accountants  
Crawley
BANKERS 
Lloyds Bank plc 
25 Gresham St 
London 
EC2V 7HN
Barclays Bank plc 
1 Churchill Place 
London 
E14 5HP
The Royal Bank of Scotland plc 
2nd Floor, Brunel House 
17/27 Station Road 
Reading  
Berkshire 
RG1 1LG
REGISTRARS 
Equiniti Group PLC 
Aspect House 
Spencer Road 
Lancing 
West Sussex 
BN99 6DA
PUBLIC RELATIONS 
Haggie Partners LLP 
4 Sun Court 
66-67 Cornhill 
London 
EC3V 3NB Corporate governance
The Directors recognise the importance of adopting good corporate 
governance practices in the best interests of all shareholders. Although the 
Group is not required to report on compliance with the UK Corporate 
Governance Code (“the Code”) since its shares are traded on the AIM 
Market, the Group applies the principles of sound Corporate Governance 
in the following ways:
DIRECTORS
THE BOARD
The Board comprises two Executive Directors and three Non-Executive 
Directors. Their biographies appear on page 18. A review of these shows  
a range of experience and expertise sufficient to bring independent 
judgement on issues of strategy, performance, resources and standards of 
conduct which is vital to the success of the Group. The three Non-Executive 
Directors each hold shares as disclosed on page 22. However, because the 
number of shares held is small, there is no entitlement to share options  
for Non-Executives, and there are no cross directorships between Executive 
and Non-Executive Directors; the Non-Executive Directors are considered  
to be independent. 
BOARD MEETINGS
The Board is responsible to the shareholders for the proper management 
of the Group. A Directors’ responsibilities statement in respect of the 
financial statements is set out in this Annual Report on page 27. 
The Board meets 10 times during the year. To enable the Board to 
discharge its duties, all Directors receive appropriate and timely information. 
Briefing papers are distributed to all Directors in advance of the Board 
meetings. There is a formal schedule of matters reserved to the Board 
which include the determination of strategy, approval of new stores and 
acquisitions, approval of budget and major capital expenditure. 
At Board meetings, the agenda normally comprises a review of the 
management financial statements, a CEO review of operations, a review  
of new store proposals and potential acquisitions and an update on the 
progress of the Group’s other strategic objectives. 
The Board meetings in August and March cover the approval of the interim 
and preliminary financial results respectively and the November meeting 
deals with the approval of the annual budget.
The following committees deal with the specific aspects of the  
Group’s affairs:
REMUNERATION COMMITTEE
The Remuneration Committee comprises three independent Non-Executive 
Directors of the Company. The members of the Committee are:
• Malcolm L Berryman (Chairman)
• Peter D McNamara
• James F Thornton
The Committee meets at least twice in each year and at such other times 
as the Chairman of the Committee sees fit.
The Chairman of the Committee is appointed by the Board on the 
recommendation of the Nomination Committee. The quorum for the 
Committee is two.
The duties of the Committee are to:
• determine and agree with the Board the framework or broad policy  
for the remuneration of the Chairman, Executive Directors and any 
employees that the Board delegates to it;
• within the terms of the agreed policy, determine individual 
remuneration packages including bonuses, incentive payments,  
share options, pension arrangements and any other benefits;
• determine the contractual terms on termination and individual 
termination payments, ensuring that the duty of the individual  
to mitigate loss is fully recognised;
• in determining individual packages and arrangements, give due regard 
to the comments and recommendations of the Code;
• be told of and be given the chance to advise on any major changes  
in employee benefit structures in the Company;
• recommend and monitor the level and structure of remuneration  
for senior managers below Board level as determined;
• agree the policy for authorising claims for expenses from the  
Chief Executive and from the Chairman of the Board; and
• recommend an annual report for the Board to put to Shareholders  
on executive remuneration compliant with relevant legal and 
regulatory provisions.
The Committee is authorised by the Board to:
• seek any information it requires from any employee of the Group  
in order to perform its duties;
• be responsible for establishing the selection criteria and then for 
selecting, appointing and setting the terms of reference for any 
remuneration consultants providing advice to the Committee,  
at the Group’s expense; and
• obtain, at the Group’s expense, outside legal or other professional 
advice where necessary in the course of its activities.
AUDIT COMMITTEE
The Audit Committee comprises three independent Non-Executive 
Directors of the Company. The members of the Committee are:
• James F Thornton (Chairman)
• Malcolm L Berryman 
• Peter D McNamara
The Audit Committee reviews each year the arrangements for 
safeguarding auditor objectivity and independence. The Audit Committee 
reviews the scope, results and cost-effectiveness of internal and external 
audit, and has delegated power from the Board to exercise the power from 
shareholders to agree fees for external auditors. The Audit Committee  
is responsible for satisfying itself on the independence and objectivity  
of external auditors and the independence of internal auditors. 
As directed by the Audit Committee, the principal function of the Group’s 
internal audit team is to verify the physical presence and control procedures 
surrounding the cash, pledge and inventory balances within stores and  
the Group’s Jewellery Centre. The internal audit team report to the Audit, 
Security and Compliance executive meetings and the Audit Committee 
reviews those minutes.
The Committee reviews the operation of internal controls and  
reports to the Board on the annual review of the internal control and  
risk management.
20  I  www.handt.co.uk 20  I RISK COMMITTEE
The Risk Committee comprises three independent Non-Executive Directors 
of the Company. The members of the Committee are:
• Malcolm L Berryman (Chairman)
• Peter D McNamara 
• James F Thornton
The Risk Committee is responsible for reviewing and reporting  
to the Board on:
• the Group’s risk appetite (the extent and categories of risk which  
the Board regards as acceptable for the Company to bear); 
• the Group’s risk management and internal controls framework  
(it’s principles, policies, methodologies, systems, processes, procedures 
and people); and
• in respect of the processes and procedures, the arrangements  
for the identification, assessment, monitoring management and 
oversight of risk.
The Risk Committee reviews the regular reports of the Head of Compliance 
to oversee the operational management of the compliance framework.
The Committee should make recommendations to the Board in respect  
of all risks faced by the Company outside of its declared risk appetite.
NOMINATION COMMITTEE
The Nomination Committee comprises three independent Non-Executive 
Directors of the Company. The members of the Committee are:
• Peter D McNamara (Chairman)
• Malcolm L Berryman
• James F Thornton
The function of the Nomination Committee is to provide a formal,  
rigorous and transparent procedure for the appointment of new Directors 
to the Board. In carrying out its duties, the Nomination Committee  
is primarily responsible for:
• identifying and nominating candidates to fill Board vacancies;
• evaluating the structure and composition of the Board with regard  
to the balance of skills, knowledge and experience and making 
recommendations accordingly;
• reviewing the time requirements of Non-Executive Directors;
• giving full consideration to succession planning; and
• reviewing the leadership of the Group.
INTERNAL CONTROL
The Board acknowledges that it is responsible for the Group’s system  
of internal control and for the continuing process of reviewing the 
effectiveness of the internal controls. Internal control systems are designed 
to manage rather than eliminate the risk of failure to achieve business 
objectives and can only provide reasonable and not absolute assurance 
against material misstatement or loss. The Directors confirm that they  
have reviewed the effectiveness of the systems of internal control that  
have been in operation during the year. The Group has an internal audit 
function principally for periodic store visits. 
INTERNAL CONTROL: FINANCIAL
The internal control process has been reviewed and its main features are:
• Financial Reporting: there is a comprehensive budgeting system with 
an annual budget approved by the Board. Monthly trading results  
are reported against the corresponding figures for the budget and 
previous year. The Board also reviews re-forecasts on a regular basis.
• Capital Expenditure: there is a comprehensive budgeting system for 
capital expenditure with an annual budget approved by the Board.  
The Finance Director authorises individual items of capital expenditure 
and material items are also authorised by the Board or CEO.
• Cash flow: an annual cash flow forecast is drawn up and approved  
by the Board and actual cash flow is reviewed monthly against  
this forecast.
• Organisational Structure: a clear organisational structure with defined 
responsibilities and clear authority levels has been set.
• Store Audits: a Store Audit function exists to ensure that Group 
procedures regarding cash, pledges and stock handling are being 
adhered to. On average the internal audit visits to stores are  
performed biannually. 
INTERNAL CONTROL: RISK MANAGEMENT 
During the year, the Group had in place formalised procedures to identify, 
evaluate and manage significant risks and to enable management to assess 
and regularly report to the Board on issues relating to business, 
operational, financial, regulatory and non-compliance risks.
RELATIONS WITH SHAREHOLDERS
The Board recognises the importance of communications with 
shareholders. The Chief Executive’s Review on pages 9 to 11 include  
a detailed review of the business and future developments. There is  
a regular dialogue with institutional shareholders including presentations 
after the Group’s preliminary announcement of the year-end results and  
at the half year results.
Annual Report and Accounts 2016  I  21  
Strategic Report
Directors’ Report
Financial Statements Directors’ report
The Directors present their annual report and the audited financial 
statements for the year ended 31 December 2016.
PRINCIPAL ACTIVITIES AND REVIEW OF THE BUSINESS
The main activities of the Group continue to be pawnbroking, gold 
purchasing, retail of jewellery, cheque cashing, unsecured lending and 
other related services operated through Harvey & Thompson Limited.  
The principal activity of the Company is that of a non-trading holding 
Company for Harvey & Thompson Limited.
A review of the business and its future development (including the 
information that fulfils the relevant requirements of section 417 of the 
Companies Act 2006) is given in the Chairman’s Statement and Strategic 
Report on pages 1 to 17.
DIVIDENDS
The Directors propose a final dividend of 5.3p (2015: 4.5p) per share 
subject to approval at the Annual General Meeting on 5 May 2017.  
This proposed dividend, in accordance with IAS 10 ‘Events after the 
balance sheet date’ for the Group, has not been provided for in the 
attached financial statements. 
During the year, the Company paid the final dividend for the year ended 
31 December 2015 of 4.5p per share and an interim dividend for the year 
ended 31 December 2016 of 3.9p per share (2015: 3.5p per share). 
CAPITAL STRUCTURE 
Details of the authorised share capital are shown in note 27 to the 
consolidated financial statements. The Company has one class of ordinary 
shares which carry no right to fixed income. Each share carries the right  
to one vote at general meetings of the Company. As disclosed in note 27, 
during the period 187,223 ordinary shares (2015: none) of £0.05 each 
were issued, called up and fully paid as part of the Group’s share option 
and long term incentive plans.
The nominal issued share capital as at 31 December 2016 was £1,852,174 
(31 December 2015: £1,842,813).
As at 1 March 2017, the Company has been notified of the following 
voting rights by major shareholders of the Company:
 Percentage of voting rights 
Name of holder and issued share capital
Artemis Investment Management 10.0%
Fidelity International 10.0%
Fidelity Management & Research 8.5%
Close Brothers Asset Management 7.2%
Camelot Capital Partners 6.6%
Henderson Global Investors 6.1%
BlackRock 4.2%
Directors 3.8%
Octopus Investments 3.7%
Investec Asset Management 3.6%
Details of employee share schemes are set out in note 28. Under these 
share schemes, there are currently potentially an additional 1,281,558 
shares that will be issued to current option holders at the call of the option 
holder. Under its Articles of Association, the Company has authority to allot 
under these share schemes, for cash, up to a maximum of 3,704,349 
ordinary shares without being required to offer such securities to all 
shareholders in accordance with statutory pre-emption rights.
On any date, no option may be granted under any share option scheme  
or long term incentive plan, if (as a result) the aggregate nominal value  
of ordinary shares issued or issuable pursuant to options granted during 
the previous 10 years under any share option scheme would exceed  
10% of the nominal value of the share capital of the Company in issue  
on that date.
There are no other potentially dilutive equity instruments in the Company 
in issue at 31 December 2016 or 31 December 2015. 
No person has any special rights of control over the Company’s share 
capital and all issued shares are fully paid. 
With regard to the appointment and replacement of Directors,  
the Company is governed by its Articles of Association, the Companies 
Acts and related legislation and requires certain Directors annually to retire 
by rotation. The Articles themselves may be amended by special resolution 
of the shareholders. 
There are a number of agreements that take effect, alter or terminate upon 
a change of control of the Company, such as commercial contracts, bank 
loan agreements, property lease arrangements and employees’ share plans. 
None of these are considered to be significant in terms of their likely 
impact on the business of the Group as a whole. Furthermore the Directors 
are not aware of any agreements between the Company, or any  
other Group Company, and its Directors or employees that provide for 
compensation for loss of office or employment that occurs because  
of a takeover bid.
DIRECTORS AND THEIR INTERESTS
The Directors who served throughout the year and to the date  
of this report, except where otherwise stated, were as follows:
EXECUTIVE
J G Nichols 
S A Fenerty
NON-EXECUTIVE
P D McNamara 
M L Berryman  
J F Thornton 
The Directors hold the following notifiable beneficial interests in the ordinary share capital of the Company:
Director Type of share
At 1 January 
2016
Acquired 
in the year
Disposed of  
in the year
At 31 December 
2016
J G Nichols
S A Fenerty
P D McNamara
M Berryman
J F Thornton
Ordinary 5p shares
Ordinary 5p shares
Ordinary 5p shares
Ordinary 5p shares
Ordinary 5p shares
1,079,530
305,933
17,351
2,000
5,000
—
—
—
—
—
—
—
—
—
—
1,079,530
305,933
17,351
2,000
5,000
22  I  www.handt.co.uk 22  I DIRECTORS AND THEIR INTERESTS (CONTINUED)
As a result of the Approved and Unapproved Share Option Schemes operated by the Group, the Directors have a beneficial interest in the following 
options granted over ordinary shares in H&T Group plc:
Director
At start  
of year  
No.
Granted  
during  
the year  
No.
Exercised  
during  
the year  
No.
Forfeited  
during  
 the year  
No.
At end  
of year  
No.
Exercise  
price  
pence
Market  
Price on  
date  
exercised  
pence
Date from 
which 
exercisable
Expiry  
date
J G Nichols
– 2006 Scheme
– 2007 Scheme
– 2008 Scheme
– 2009 Scheme
– 2010 Scheme
87,397
78,390
92,293
87,628
93,686
—
—
—
—
—
87,397
—
—
—
—
—
—
78,390
92,293
87,628
93,686
182.5
217.5
175.5
194.0
245.5
288.0
—
—
—
—
8/9/2009
17/5/2010
15/5/2011
1/5/2012
20/4/2013
7/9/2016
16/5/2017
14/5/2018
30/4/2019
19/4/2020
439,394 — 87,397 — 351,997
S A Fenerty
– 2006 Scheme
– 2007 Scheme
– 2008 Scheme
– 2009 Scheme
– 2010 Scheme
51,233
45,517
59,544
61,855
54,989
—
—
—
—
—
51,233
—
—
—
—
—
45,517
59,544
61,855
54,989
182.5
217.5
175.5
194.0
245.5
288.0
—
—
—
—
8/9/2009
17/5/2010
15/5/2011
1/5/2012
20/4/2013
7/9/2016
16/5/2017
14/5/2018
30/4/2019
19/4/2020
273,138 — 51,233 — 221,905
No share options were granted to any Director since 2012.
The following Directors have also a beneficial interest in conditional shares granted as part of the Long Term Incentive Plan  
(further details are provided within note 28):
Director
At start  
of year  
No.
Granted  
during  
the year  
No.
Exercised  
during  
the year  
No.
Forfeited  
during  
the year  
No.
At end  
of year  
No.
Exercise  
price  
pence
Date when 
conditional  
grant is 
achievable
J G Nichols
– 2013 LTIP 82,276 — — 82,276 — — 28/3/2016
82,726 — — 82,276 —
S A Fenerty
– 2013 LTIP 41,048 — — 41,048 — — 28/3/2016
41,048 — — 41,048 —
At 31 December 2016, the market price of H&T Group plc’s shares was 259.75p and the range during the year ended 31 December 2016  
was 180p – 300.5p.
At 31 December 2015, the market price of H&T Group plc’s shares was 197p and the range during the year ended 31 December 2015  
was 156p – 208p.
None of the Directors hold any interests in the shares of any other Company within the H&T Group plc Group.
At the forthcoming annual general meeting of the Company, the following Directors will, by rotation, be offering themselves for re-election:
• S A Fenerty
• P D McNamara
Annual Report and Accounts 2016  I  23  
Strategic Report
Directors’ Report
Financial Statements Directors’ report (continued)
DIRECTORS’ INDEMNITIES
Under the Company’s articles of association, any Director is entitled to be indemnified by the Company (to the extent permitted by law) against any liability 
incurred by him in defending proceedings which relate to any acts or omissions in his capacity as officer of the Company. In addition, the Company 
maintains insurance for the benefit of the Directors in respect of such matters which it considers to be appropriate. These arrangements were in force 
throughout the whole of the current and preceding financial years.
AGGREGATE DIRECTORS’ REMUNERATION
The total amounts for Directors’ remuneration were as follows:
2016  
£
2015  
£
Emoluments
Gain on exercise of share options
Money purchase pension contributions
922,184
146,255
43,082
597,935
—
42,445
1,111,521 640,380
DIRECTORS’ EMOLUMENTS AND COMPENSATION
Name of Director
Fees/Basic  
salary  
£
Benefits  
in kind  
£
Annual  
bonuses  
£
2016  
Total  
£
2015  
Total  
£
Executive
J G Nichols
S A Fenerty
247,722
183,099
12,512
9,858
200,000
115,000
460,234
307,957
256,116
190,102
Non-Executive
P D McNamara
M Berryman
J F Thornton
71,627
42,445
39,921
—
—
—
—
—
—
71,627
42,445
39,921
70,568
41,818
39,331
Aggregate emoluments 584,814 22,370 315,000 922,184 597,935
DIRECTORS’ BONUS SCHEMES
Remuneration Committee consider the total remuneration package available to Executive Directors in light of market practice for companies of a similar 
size and delivering a similar shareholder performance. As part of the total package, Executive Directors are entitled to receive an annual bonus, subject to 
meeting certain performance conditions. These performance conditions, the maximum bonus payable and the proportion paid for on-target performance 
are set by the Remuneration Committee in advance of each financial year.
In 2015 the Board established a long-term bonus plan based on the profit performance of the business over the period to 2020. The 2015 scheme covers 
the initial period 2015-2017 and provides for a payment of no more than 100% of the base salary of the Director.
24  I  www.handt.co.uk 24  I DIRECTORS’ PENSION ENTITLEMENTS
Two Directors (2015: 2) were members of money purchase schemes during the year. Contributions paid by the Company in respect of such Directors  
were as follows:
2016  
£
2015  
£
J G Nichols
S A Fenerty
24,772
18,310
24,406
18,039
43,082 42,445
PERSONNEL
Details of the number of employees and related costs can be found in note 9 to the consolidated financial statements. All employees have contracts  
of employment with Harvey & Thompson Limited, the trading subsidiary in the H&T Group plc Group.
Harvey & Thompson Limited maintains a policy of equal opportunities and is committed to ensuring that all individuals are treated fairly, with respect  
and are valued. 
Harvey & Thompson Limited is committed to providing a safe working environment for all employees through a combination of procedural and physical 
security measures. These measures are kept under review and updated as appropriate.
All employees are incentivised through different bonus schemes. Store managers and management also qualify for the approved share option scheme 
(ASOS) while Directors and senior management also qualify for the unapproved share option scheme (USOS). The Executive Directors also qualify for the 
Long Term Incentive Plan (LTIP). Further details on share option plans are provided in note 28.
EMPLOYEE CONSULTATION
Consultation with employees or their representatives has continued at all levels, with the aim of ensuring that their views are taken into account when 
decisions are made that are likely to affect their interests and that all employees are aware of the financial and economic performance of their stores, 
regional areas and of the Group as a whole. This is achieved through formal and informal meetings, weekly information bulletins, employee surveys,  
a quarterly newsletter and every year through a store managers’ conference.
EMPLOYMENT OF THE DISABLED
It is the policy of the Group to give full and fair consideration to the employment of disabled persons in jobs suited to their individual circumstances and,  
as appropriate, to consider them for recruitment opportunities, career development and training. Where possible, arrangements are made for the 
continuing employment of employees who have become disabled whilst in the Group’s employment.
HEALTH AND SAFETY
Health and safety standards and benchmarks have been established in the business and compliance is monitored by the Board.
POLITICAL CONTRIBUTIONS
No political contributions were made during the year (2015: £nil).
GOING CONCERN
The Group delivered profit after tax of £7.6m for the year ended 31 December 2016 (2015: £5.4m). The Group has also increased its net assets to £98.8m 
(2015: £94.1m). 
The Board has approved a detailed budget for 2017, which indicates surplus cash generated from operations after accounting for the Group’s forecast 
levels of capital expenditure. On 12 February 2016 the Group refinanced the existing facility with Lloyds Bank plc allowing for maximum borrowings  
of £30.0m, subject to covenants, which is not due to expire until April 2020. At the year end £15.0m was drawn on the facility. This strong balance sheet 
position provides a high level of confidence that the Group will be able to repay all liabilities as they fall due during 2017. The Group met all covenants  
in 2016 and there is no evidence to suggest that they will not be met in 2017.
In considering the going concern basis of preparation longer term forecasts are also reviewed by the Board, with the ‘base case’ financial forecasts 
revealing no inability to meet financial covenants or repay liabilities. Sensitivity analysis under less favourable scenarios designed to test the point at which 
the Group will either have insufficient headroom or breach financial covenants have also been prepared and reviewed. The Board considers the selected 
scenarios as remote, and is comfortable that mitigating strategies are available to the Group to offset liquidity constraints. 
We believe that the current economic climate should have no significant negative impact to our business model. The Group offering is principally through 
secured lending against pledges. The Group policies on pawn lending remain rigorous and prudent, such that the Group has limited exposure to loss in the 
event of customers not redeeming their pledges, due to the value of the pledge collateral held, principally being gold and precious stones. The Group has 
no reason to believe that the value will not be maintained in the near future. Further details are provided in note 26.
Based on the above considerations and after reviewing in detail 2017 and Q1 2018 forecasts, the Directors have formed the view that the Group has 
adequate resources to continue as a going concern for the next 12 months and has prepared the financial statements on this basis. Principal risks and 
uncertainties to the Group’s business are discussed in more detail in the Strategic Report.
Annual Report and Accounts 2016  I  25  
Strategic Report
Directors’ Report
Financial Statements Directors’ report (continued)
EVENTS AFTER THE BALANCE SHEET DATE
In January 2017, malware was discovered on the H&T corporate network. The actions taken to remediate resulted in some disruption to store operations 
for approximately four weeks, particularly new Personal Loan business. The Group has engaged specialists to review and improve its cyber security 
framework to mitigate the ever-present risk of cyber-crime. The impact of the incident is immaterial to the Group’s financial position and there is no 
evidence to suggest any loss of sensitive data or financial data.
INDEPENDENT AUDITOR AND STATEMENT OF PROVISION OF INFORMATION TO THE INDEPENDENT AUDITOR
Deloitte LLP has expressed its willingness to continue in office as auditor and a resolution to reappoint them will be proposed at the forthcoming Annual 
General Meeting.
Each of the persons who is a Director at the date of approval of this report confirms that:
(1)  so far as the Director is aware, there is no relevant audit information of which the Group’s auditor is unaware; and
(2)  the Director has taken all the steps that he ought to have taken as a Director in order to make himself aware of any relevant audit information  
and to establish that the Group’s auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.
Approved by the Board and signed on its behalf by:
J G NICHOLS
Chief Executive
10 March 2017
Registered and Head Office  
H&T Group plc, Times House, Throwley Way,  
Sutton, Surrey SM1 4AF
26  I  www.handt.co.uk 26  I Directors’ responsibilities statement
The Directors are responsible for preparing the Annual Report and the 
financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for 
each financial year. Under that law the Directors are required to prepare  
the Group financial statements in accordance with International Financial 
Reporting Standards (IFRSs) as adopted by the European Union and Article 
4 of the IAS Regulation and have elected to prepare the Parent Company 
financial statements in accordance with United Kingdom Generally 
Accepted Accounting Practice (United Kingdom Accounting Standards  
and applicable law), including FRS 101 “Reduced Disclosure Framework”. 
Under company law the Directors must not approve the accounts unless 
they are satisfied that they give a true and fair view of the state of affairs  
of the Company and of the profit or loss of the Company for that period. 
In preparing the Parent Company financial statements, the Directors are 
required to:
• select suitable accounting policies and then apply them consistently;
• make judgments and accounting estimates that are reasonable  
and prudent;
• state whether applicable UK Accounting Standards have been 
followed, subject to any material departures disclosed and explained  
in the financial statements; and
• prepare the financial statements on the going concern basis unless it is 
inappropriate to presume that the Company will continue in business.
In preparing the Group financial statements, International Accounting 
Standard 1 requires that Directors:
• properly select and apply accounting policies;
• present information, including accounting policies, in a manner that 
provides relevant, reliable, comparable and understandable information; 
• provide additional disclosures when compliance with the specific 
requirements in IFRSs are insufficient to enable users to understand the 
impact of particular transactions, other events and conditions on the 
entity’s financial position and financial performance; and
• make an assessment of the Company’s ability to continue  
as a going concern.
The Directors are responsible for keeping adequate accounting records that 
are sufficient to show and explain the Company’s transactions and disclose 
with reasonable accuracy at any time the financial position of the Company 
and enable them to ensure that the financial statements comply with the 
Companies Act 2006. They are also responsible for safeguarding the assets 
of the Company and hence for taking reasonable steps for the prevention 
and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the 
corporate and financial information included on the Company’s website. 
Legislation in the United Kingdom governing the preparation and 
dissemination of financial statements may differ from legislation  
in other jurisdictions.
RESPONSIBILITY STATEMENT 
We confirm that to the best of our knowledge:
• the financial statements, prepared in accordance with the relevant 
financial reporting framework, give a true and fair view of the assets, 
liabilities, financial position and profit or loss of the Company and  
the undertakings included in the consolidation taken as a whole;
• the strategic report includes a fair review of the development and 
performance of the business and the position of the Company and  
the undertakings included in the consolidation taken as a whole, 
together with a description of the principal risks and uncertainties  
that they face; and
• the annual report and financial statements, taken as a whole, are fair, 
balanced and understandable and provide the information necessary 
for shareholders to assess the Company’s performance, business 
model and strategy.
This responsibility statement was approved by the Board of Directors  
on 10 March 2017 and is signed on its behalf by:
 
J G NICHOLS S A FENERTY
Chief Executive Officer Finance Director
10 March 2017 10 March 2017
Annual Report and Accounts 2016  I  27  
Strategic Report
Directors’ Report
Financial Statements Independent Auditor’ s report 
to the members of H&T Group plc
We have audited the Group financial statements of H&T Group plc  
for the year ended 31 December 2016 which comprise the Group 
statement of comprehensive income, the Group statement of changes  
in equity, the Group balance sheet, the Group cash flow statement and  
the related notes 1 to 33. The financial reporting framework that has been 
applied in their preparation is applicable law and International Financial 
Reporting Standards (IFRSs) as adopted by the European Union.
This report is made solely to the Company’s members, as a body,  
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them in an 
auditor’s report and for no other purpose. To the fullest extent permitted 
by law, we do not accept or assume responsibility to anyone other than 
the Company and the Company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As explained more fully in the Directors’ Responsibilities Statement,  
the Directors are responsible for the preparation of the Group financial 
statements and for being satisfied that they give a true and fair view.  
Our responsibility is to audit and express an opinion on the Group financial 
statements in accordance with applicable law and International Standards 
on Auditing (UK and Ireland). Those standards require us to comply with 
the Auditing Practices Board’s Ethical Standards for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and disclosures  
in the financial statements sufficient to give reasonable assurance that the 
financial statements are free from material misstatement, whether caused 
by fraud or error. This includes an assessment of: whether the accounting 
policies are appropriate to the Group’s circumstances and have been 
consistently applied and adequately disclosed; the reasonableness of 
significant accounting estimates made by the Directors; and the overall 
presentation of the financial statements. In addition, we read all the 
financial and non-financial information in the annual report to identify 
material inconsistencies with the audited financial statements and to 
identify any information that is apparently materially incorrect based on,  
or materially inconsistent with, the knowledge acquired by us in the  
course of performing the audit. If we become aware of any apparent 
material misstatements or inconsistencies we consider the implications  
for our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion the Group financial statements:
• give a true and fair view of the state of the Group’s affairs as at  
31 December 2016 and of its profit for the year then ended;
• have been properly prepared in accordance with IFRSs as adopted  
by the European Union; and
• have been prepared in accordance with the requirements of the 
Companies Act 2006.
OPINION ON OTHER MATTERS PRESCRIBED  
BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and Directors’ Report  
for the financial year for which the financial statements are prepared  
is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared  
in accordance with applicable legal requirements.
In the light of knowledge and understanding of the Company and  
its environment obtained in the course of the audit, we have not  
identified any material misstatements in the Strategic Report and the 
Directors’ Report.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where  
the Companies Act 2006 requires us to report to you if, in our opinion:
• certain disclosures of Directors’ remuneration specified by law are not 
made; or
• we have not received all the information and explanations we require 
for our audit.
OTHER MATTER
We have reported separately on the Parent Company financial statements 
of H&T Group plc for the year ended 31 December 2016.
WILLIAM FARREN FCA (Senior Statutory Auditor) 
for and on behalf of Deloitte LLP 
Chartered Accountants and Statutory Auditor  
Crawley, United Kingdom
10 March 2017
28  I  www.handt.co.uk 28  I Group statement of comprehensive income
For the year ended 31 December 2016
Continuing operations: Note
2016  
£’000
2015  
£’000
Revenue
Cost of sales
5,6 94,223
(39,453)
89,244
(41,782)
Gross profit 
Other direct expenses
Administrative expenses
6 
 
 
54,770 
(32,247)
(12,325)
47,462 
(31,968)
(7,976)
Operating profit 
Investment revenues
Finance costs
5,10
11
10,198 
1
(479)
7,518 
1
(679)
Profit before taxation 
Tax charge on profit 
7 
12
9,720 
(2,138)
6,840 
(1,462)
Profit for the financial year and total comprehensive income 7,582 5,378
Earnings per share
2016  
Pence
2015  
Pence
Basic 13 20.94 14.88
Diluted 13 20.88 14.86
Annual Report and Accounts 2016  I  29  
Strategic Report
Directors’ Report
Financial Statements Note
Share  
capital  
£’000
Share  
premium 
account  
£’000
Employee 
Benefit  
Trust shares 
reserve  
£’000
Retained 
earnings  
£’000
Total  
£’000
At 1 January 2015 
Profit for the financial year
1,843 
—
25,409 
—
(35) 
—
63,646 
5,378
90,863 
5,378
Total income for the financial year — — — 5,378 5,378
Share option movement
Dividends paid
28
14
—
—
—
—
—
—
104
(2,285)
104
(2,285)
At 31 December 2015 1,843 25,409 (35) 66,843 94,060
 
At 1 January 2016 
Profit for the financial year
1,843 
—
25,409 
—
(35) 
—
66,843
7,582
94,060
7,582
Total income for the financial year — — — 7,582 7,582
Issue of share capital
Share option movement
Dividends paid
28
14
9
—
—
345
—
—
—
—
—
—
(40)
(3,109)
354
(40)
(3,109)
At 31 December 2016 1,852 25,754 (35) 71,276 98,847
Group statement of changes in equity
For the year ended 31 December 2016
30  I  www.handt.co.uk 30  I Group balance sheet
As at 31 December 2016
Note
31 December  
2016  
£’000
31 December  
2015  
£’000
Non-current assets
Goodwill
Other intangible assets
Property, plant and equipment
Deferred tax assets
15
16
17
24
17,676
527
6,874
682
17,707
752
8,138
542
25,759 27,139
Current assets
Inventories
Trade and other receivables
Other current assets
Cash and cash equivalents
19
20
20
21
29,792
59,058
848
9,608
24,802
50,893
646
10,923
99,306 87,264
Total assets 125,065 114,403
Current liabilities
Trade and other payables
Current tax liabilities
22
22
(8,887)
(1,119)
(5,482)
(645)
(10,006) (6,127)
Net current assets 89,300 81,137
Non-current liabilities
Borrowings
Provisions
23
25
(14,715)
(1,497)
(12,911)
(1,305)
(16,212) (14,216)
Total liabilities (26,218) (20,343)
Net assets 98,847 94,060
Equity
Share capital
Share premium account
Employee Benefit Trust shares reserve
Retained earnings
27 1,852
25,754
(35)
71,276
1,843
25,409
(35)
66,843
Total equity attributable to equity holders 98,847 94,060
The financial statements of H&T Group plc, registered number 05188117, were approved by the Board of Directors and authorised for issue  
on 10 March 2017.
They were signed on its behalf by:
J G NICHOLS  
Chief Executive
Annual Report and Accounts 2016  I  31  
Strategic Report
Directors’ Report
Financial Statements Group cash flow statement
For the year ended 31 December 2016
Note
2016  
£’000
2015  
£’000
Net cash generated from operating activities 30 1,315 11,209
Investing activities
Interest received
Proceeds on disposal of property, plant and equipment
Proceeds on disposal of trade and assets
Purchases of property, plant and equipment
Acquisition of trade and assets of businesses
1
66
82
(1,918)
(106)
1
—
—
(1,207)
(120)
Net cash used in investing activities (1,875) (1,326)
Financing activities
Dividends paid
Increase/(Decrease) in borrowings
Decrease in Bank overdraft
Issue of shares
14 
 
 
(3,109)
2,000
—
354
(2,285)
(3,000)
(1,925)
—
Net cash used in financing activities (755) (7,210)
Net increase in cash and cash equivalents 
Cash and cash equivalents at beginning of the year
(1,315) 
10,923
2,673 
8,250
Cash and cash equivalents at end of the year 9,608 10,923
32  I  www.handt.co.uk 32  I 1. GENERAL INFORMATION
H&T Group plc is a Company incorporated in the United Kingdom under the Companies Act. 
The Company is a public Company limited by shares and is registered in England and Wales. The address of the Company’s registered office is shown  
on page 19.
The principal activities of the Company and its subsidiaries (the “Group”) and the nature of the Group’s operations are set out in note 6 and in the 
Chairman’s Statement, Chief Executive Officer’s Review, the Finance Director’s Review and the Directors’ Report.
The financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Group operates. 
2. CHANGES IN ACCOUNTING POLICIES 
ADOPTION OF NEW AND REVISED STANDARDS 
In the current year, the Group has applied a number of amendments to IFRSs issued by the International Accounting Standards Board (IASB) that are 
mandatorily effective for an accounting period that begins on or after 1 January 2016. The adoption has not had any material impact on the disclosures  
or on the amounts reported in these financial statements:
Amendments to IFRS 11 Accounting for Acquisitions of Interests in Joint Operations
Amendments to IAS 16 and IAS 38 Clarification of Acceptable Methods of Depreciation and Amortisation
Amendments to IAS 16 and IAS 41 Agriculture: Bearer Plants
Amendments to IAS 27 Equity Method in Separate Financial Statements
Amendments to IFRS 10, IFRS 12 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
Amendments to IAS 1 Disclosure initiative
Annual Improvements to IFRSs: 2012-2014 Amendments to: IFRS 5 Non-current Assets Held for Sale and Discontinued 
Operations, IFRS 7 Financial Instruments: Disclosures, IAS 19 Employee Benefits  
and IAS 34 Interim Financial Reporting
None of the new or revised standards that have been adopted affected the amounts reported in the financial statements.
STANDARDS NOT AFFECTING THE REPORTED RESULTS AND FINANCIAL POSITION
At the date of authorisation of these financial statements the Group had not applied the following new and revised IFRSs that have been issued  
but are not yet effective:
IFRS 9 Financial Instruments
IFRS 14 Regulatory Deferral Accounts
IFRS 15 Revenue from Contracts with Customers
IFRS 16 Leases
Amendments to IFRS 2 Classification and Measurement of Share-Based Payment Transactions
Amendments to IAS 7  Disclosure Initiative
Amendments to IAS 12 Recognition of Deferred Tax Assets for Unrealised Losses
Amendments to IAS 10 and IAS 28 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture
The Directors do not expect that the adoption of the Standards listed above will have a material impact on the financial statements of the Group  
in future periods, except as noted below:
• IFRS 9 will supersede IAS 39 in its entirety, and is mandatory for accounting periods commencing on or after 1 January 2018. This change will impact 
both the measurement and disclosure of financial instruments, and the Group is currently implementing a project to assess the impact of IFRS 9  
and implement systems to ensure ongoing compliance with its requirements.
• IFRS 15 establishes a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes  
a number of existing standards and interpretations from its effective date for accounting periods beginning on or after 1 January 2018. The Directors 
believe that the adoption of this Standard may have an impact on revenue recognition and related disclosures, and the Group is reviewing the 
requirements to determine their impact.
• IFRS 16 establishes principles for the recognition, measurement, presentation and disclosure of leases, with the objective of ensuring that lessees  
and lessors provide relevant information that faithfully represents those transactions.
 Under IFRS 16 significant changes are introduced to lessee accounting, with the distinction between operating and finance leases removed and assets 
and liabilities recognised in respect of all leases (subject to limited exceptions for short-term leases and leases of low value assets).
 Upon lease commencement a lessee recognises a right-of-use asset and a lease liability. 
 The right-of-use asset is initially measured at the amount of the lease liability plus any initial direct costs incurred by the lessee. Under the cost model  
a right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment. 
 The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the 
lease if that can be readily determined. If that rate cannot be readily determined, the lessee shall use their incremental borrowing rate.
 Subject to EU endorsement, IFRS 16 would apply for annual reporting periods beginning on or after 1 January 2019. The Group is currently assessing 
the impact of accounting changes that will arise under IFRS 16. The changes are expected to have a material impact on the Group Statement  
of Comprehensive Income and Consolidated Financial Statements.
Notes to the consolidated financial statements
For the year ended 31 December 2016
Annual Report and Accounts 2016  I  33  
Strategic Report
Directors’ Report
Financial Statements 3. SIGNIFICANT ACCOUNTING POLICIES
BASIS OF ACCOUNTING
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) adopted by the European Union  
and therefore the Group financial statements comply with the AIM Rules.
The financial statements have been prepared on the historical cost basis, except for the revaluation of certain financial instruments that are measured  
at re-valued amounts or fair values at the end of each reporting period, as explained in the accounting policies below. Historical cost is generally based  
on the fair value of the consideration given in exchange for goods and services.
The principal accounting policies adopted are set out below.
BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries)  
made up to 31 December each year. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between  
the members of the Group are eliminated on consolidation.
GOING CONCERN
The Directors have, at the time of approving the financial statements, a reasonable expectation that the Company and the Group have adequate resources 
to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the 
financial statements. Further detail is contained in the Directors Report.
BUSINESS COMBINATIONS 
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The consideration for each acquisition is measured  
at the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Group  
in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred.
GOODWILL
Goodwill represents the excess of the cost of acquisition over the Group’s interest in the fair value of the identifiable assets and liabilities of a subsidiary,  
or trade and assets previously operated through either sole partnership in limited companies with no audited financial statements at the date of acquisition. 
Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. 
Cash generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the 
unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated 
first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying 
amount of each asset in the unit. An impairment loss recognised for goodwill is not reversed in a subsequent period.
Goodwill arising on acquisitions before the date of transition to IFRS has been retained at the previous UK GAAP amounts subject to being tested  
for impairment annually as described above.
On the disposal of a cash generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
INTANGIBLE ASSETS
Intangible assets with a finite useful life are carried at cost less amortisation less impairment losses. Intangible assets represent intangibles which have  
been separately identified under IFRS 3 arising in business combinations, being customer relationships, or meet the recognition criteria of IAS 38, 
“Intangible Assets”, being principally computer software assets.
Amortisation of intangible assets acquired in a business combination is calculated using the expected life of the intangible assets acquired.
Amortisation of other intangible assets (computer software) is calculated using the straight-line method to allocate the cost of the asset less its assessed 
realisable value over its estimated useful life (6 to 8 years).
The estimated useful life and amortisation method are reviewed at the end of each reporting period, with the effect of any changes and estimates being 
accounted for on a prospective basis.
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from 
derecognition of an intangible asset, measured as the difference between net disposal proceeds and the carrying amount of the asset, are recognised  
in the Statement of Consolidated Income when the asset is derecognised.
PROPERTY , PLANT AND EQUIPMENT
Property, plant and equipment are stated at cost less accumulated depreciation and any impairment in value.
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
34  I  www.handt.co.uk 34  I 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
DEPRECIATION
Depreciation is provided on all property, plant and equipment, at rates calculated to write off the cost, less estimated residual value of each asset evenly 
over its expected useful life, as follows:
SHORT LEASEHOLD PREMISES
– Leasehold improvements Shorter of 7 years or life of lease
COMPUTER EQUIPMENT
– Computer hardware 3 to 5 years
FIXTURES AND FITTINGS 10 years
MOTOR VEHICLES 4 years
The carrying values of property, plant and equipment are reviewed for impairment if events or changes in circumstances indicate the carrying value  
may not be recoverable.
The asset’s residual values, useful lives and methods are reviewed, and adjusted if appropriate, at each financial year end.
An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued 
use of the asset. The gain or loss arising on the disposal or scrappage of an asset is determined as the difference between the sales proceeds and the 
carrying amount of the asset and is recognised in income.
INVENTORIES
Inventories are stated at the lower of cost and net realisable value. For inventory acquired for retail sale the cost represents the purchase price plus 
overheads directly related to bringing inventory to its present location and condition and is measured on a first in first out basis. For inventory arising  
from unredeemed pledges the cost represents the amount originally loaned, plus overheads directly related to bringing inventory to its present location  
and condition. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing,  
selling and distribution.
Where necessary provision is made for obsolete, slow moving and damaged inventory or inventory shrinkage. The provision for obsolete, slow moving  
and damaged inventory represents the difference between the cost of the inventory and its market value. The inventory shrinkage provision is based  
on an estimate of the inventory missing at the reporting date using historical shrinkage experience. 
FINANCIAL ASSETS
All financial assets are recognised and derecognised on a trade date where the purchase or sale of a financial asset is under a contract whose terms require 
delivery of the financial asset within the timeframe established by the market concerned, and are initially measured at fair value, plus transaction costs, 
except for those financial assets classified as at fair value through profit or loss. Transaction costs directly attributable to the acquisition of financial assets 
classified as at fair value through profit or loss are recognised immediately in profit or loss.
In accordance with IAS 39, ‘Financial Instruments: Recognition and Measurement’ the Group has classified its financial assets as ‘loans and receivables’  
and ‘fair value through profit and loss’. The classification depends on the nature and purpose of the financial assets and is determined at the time  
of initial recognition.
LOANS AND RECEIVABLES
The principal financial assets included in this measurement category are:
Trade receivables
Trade receivables represent amounts due from customers in the normal course of business. Trade receivables include certain amounts, namely pledge 
receivables and Personal Loan debtors which are interest bearing. The accrued interest arising on these interest bearing assets is included in prepayments 
and accrued income using the effective interest method. All other amounts which are not interest bearing are stated at their nominal value as reduced  
by appropriate allowances for estimated irrecoverable amounts, which are charged to the Consolidated Statement of Comprehensive Income.
Cash and cash equivalents
Cash and cash equivalents include cash at hand and deposits held with banks with original maturities of three months or less.
FINANCIAL ASSETS AT FVTPL 
Only the Group’s derivative financial instruments, of which there are none outstanding at the year end, are recorded as financial assets at FVTPL.  
Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. 
IMPAIRMENT OF FINANCIAL ASSETS
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there 
is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows 
of the investment have been reduced. 
Objective evidence of impairment could include:
• significant financial difficulty of the counterparty; or
• default on payments; or
• it becoming probable that the counterparty will enter bankruptcy or financial re-organisation.
Annual Report and Accounts 2016  I  35  
Strategic Report
Directors’ Report
Financial Statements 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
IMPAIRMENT OF FINANCIAL ASSETS (CONTINUED)
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are subsequently assessed  
for impairment on a collective basis. 
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables,  
where the carrying amount is reduced through the use of an allowance account. When a trade receivable is considered uncollectible, it is written off 
against the allowance account.
Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance 
account are immediately recognised in profit or loss.
If, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the 
impairment was recognised, the previously recognised impairment loss is reversed through the Consolidated Statement of Comprehensive Income to the 
extent that the carrying amount of the financial asset at the date the impairment is reversed does not exceed what the amortised cost would have been 
had the impairment not been recognised. 
FINANCIAL LIABILITIES AND EQUITY
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. 
EQUITY INSTRUMENTS
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments 
issued by the Group are recorded at the proceeds received, net of direct issue costs.
FINANCIAL LIABILITIES 
Financial liabilities are classified as either financial liabilities ‘at FVTPL’ or ‘other financial liabilities’.
Financial liabilities at FVTPL 
Only the Group’s derivative financial instruments, of which there are none outstanding at the year end, are recorded as financial liabilities at FVTPL.
Financial liabilities at FVTPL are stated at fair value, with any resultant gain or loss recognised in profit or loss. The net gain or loss recognised in profit  
or loss incorporates any interest paid on the financial liability. 
Other financial liabilities 
Other financial liabilities, including borrowings, are initially measured at fair value, net of transaction costs. All other financial liabilities are subsequently 
measured at amortised cost using the effective interest method, with interest expense recognised on an effective yield basis. 
TAXATION
The tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the Consolidated Statement  
of Comprehensive Income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that 
are never taxable or deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the 
balance sheet date. 
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial 
statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. 
Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable 
that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the 
temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets  
and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient 
taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised based on tax laws  
and rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the Consolidated Statement  
of Comprehensive Income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects,  
at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. 
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they 
relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis.
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
36  I  www.handt.co.uk 36  I 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
LEASES
Leases taken by the Group are assessed individually as to whether they are finance leases or operating leases. Leases are classified as finance leases 
whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
Rentals payable under operating leases are charged to income on a straight-line basis over the term of the relevant lease expect.
In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives 
is recognised as a reduction of rental expense on a straight-line basis over the lease term.
The Group currently has no finance leases.
PROVISIONS
A provision is recognised in the balance sheet when the Group has a present obligation (legal or constructive) as a result of a past event, and it is probable 
that an outflow of economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 
Provisions are measured at the Directors’ best estimate of the expenditure required to settle the present obligation at the balance sheet date, and are 
discounted to present value where the effect of the time value of money is material.
All the Group’s premises are leased under operating leases. The majority of the leases include end of lease rectification clauses which impose certain 
requirements on the Group to complete repairs and maintenance, or re-decoration activities if required. The Group provides for both rectification costs  
and repairs and maintenance obligations. Rectification costs are provided for on signing the lease and repairs are provided as Management becomes aware 
of any significant amounts that will be required.
SHARE CAPITAL AND SHARE PREMIUM ACCOUNT
There is one class of shares. When new shares are issued, they are recorded in share capital at their par value. The excess of the issue price over the  
par value is recorded in the share premium account.
Incremental external costs directly attributable to the issue of new shares are recorded in equity as a deduction, net of tax, to the share premium account.
EMPLOYEE BENEFIT TRUST SHARES
Under the terms of the Group Long Term Incentive Plan (‘LTIP’) for the Directors, the parent Company issued certain shares to an Employee Benefit Trust, 
paid for through the issuance of a loan to the Trust from the Group. The award of shares under the LTIP is conditional upon certain vesting criteria,  
as outlined in note 28. The fair value of the awards made is measured under the policy disclosed below for Share Options.
The Group presents the conditional shares as an adjustment to its own equity at the balance sheet date through the Employee Benefit Trust shares reserve, 
until the point that the shares are awarded, and cease to be conditional awards of shares.
REVENUE RECOGNITION
Revenue is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services and interest 
income provided in the normal course of business, net of discounts, VAT and other sales-related taxes.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured.  
The following specific recognition criteria must also be met before revenue is recognised:
• Pawnbroking, or Pawn Service Charge (PSC), comprises interest on pledge book loans, plus auction profit and loss, less any auction commissions 
payable and less surplus payable to the customer. Interest receivable on loans is recognised as interest accrues by reference to the principal outstanding 
and the effective interest rate applicable, which is the rate that discounts the estimated future cash receipts through the expected life of the financial 
asset to that asset’s net carrying amount;
• Retail comprises revenue from retail jewellery sales, with inventory sourced from unredeemed pawn loans, newly purchased inventory and inventory 
refurbished from the Group’s gold purchasing operation. All revenue is recognised at the point of sale;
• Pawnbroking Scrap and Gold Purchasing comprises proceeds from gold scrap sales and is recognised on full receipt of sale proceeds;
• Personal Loans comprises income from the Group’s unsecured lending activities. Interest receivable on unsecured loans is recognised in revenue  
on an accruals basis less provision for loans not expected to be repaid. Personal Loans are subject to bad debt risk which is reflected in the interest  
rate applied; and
• Other Services comprise revenues from third party cheque cashing, foreign exchange income, Buyback, prepaid card and other income.  
The commission receivable on cheque cashing is recognised at the time of the transaction. Buyback revenue is recognised at the point of sale  
of the item back to the customer. Foreign exchange income represents the commission when selling or buying foreign currencies and is recognised  
at the point of sale. Any other revenues are recognised on an accruals basis.
The Group recognises interest income arising on secured and unsecured lending within trading revenue rather than investment revenue on the basis  
that this represents most accurately the business activities of the Group.
The Group recognises revenue and bad debt expenses (both impairments and movements on allowance accounts) on pawnbroking, personal loans  
and other financial services on a portfolio approach. The Group considers that the bad debts arising on the loans and receivables balances are a function  
of the revenue earned due to the nature of the activities, and accordingly records the net amount of interest or commissions due and bad debt expenses 
within revenue. 
Annual Report and Accounts 2016  I  37  
Strategic Report
Directors’ Report
Financial Statements 3. SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
GROSS PROFIT
Gross profit is stated after charging bad debt expenses and the direct costs of inventory items sold or scrapped in the year.
OTHER DIRECT EXPENSES
Other direct expenses comprise all expenses associated with the operation of the various shops and collection centre of the Group, including premises 
expenses, such as rent, rates, utilities and insurance, all staff costs and staff related costs for the relevant employees.
OPERATING PROFIT
Operating profit is stated before investment income, finance costs, other gains and movement in the fair value of interest rate swaps.
EBITDA
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:
2016  
£’000
2015  
£’000
Operating profit 
Depreciation and amortisation
10,198 
2,940
7,518 
3,218
EBITDA 13,138 10,736
The Board consider EBITDA to be a key performance measure as the Group borrowing facility includes a number of loan covenants based on it.
RETIREMENT BENEFIT COSTS
The Group operates a defined contribution pension scheme which is contracted into the State Scheme. The amount charged to the Consolidated 
Statement of Comprehensive Income in respect of pension costs and other post-retirement benefits is the contributions payable in the year.  
Differences between contributions payable in the year and contributions actually paid are shown as either accruals or prepayments in the balance sheet.
EMPLOYEE SHARE INCENTIVE PLANS
The Group issues equity-settled share-based payments to certain employees (including Directors). These payments are measured at fair value at the date  
of grant by use of a Black-Scholes model or a Stochastic model depending on the vesting conditions attached to each scheme. This fair value cost  
of equity-settled awards is recognised on a straight-line basis over the vesting period, based on the Group’s estimate of shares that will eventually vest  
and adjusted for the effect of any non market-based vesting conditions. The expected life used in the model has been adjusted, based on management’s 
best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations. A corresponding credit is recorded in equity.
No cost is recognised for awards that do not ultimately vest.
DIVIDENDS
Dividends are provided for in the period in which they become a binding liability on the Company.
4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
In the application of the Group’s accounting policies, which are described in note 3, the Directors are required to make judgements, estimates and 
assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results may differ from  
these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which  
the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current  
and future periods.
CRITICAL JUDGEMENTS IN APPLYING THE GROUP’S ACCOUNTING POLICIES
The following are the critical judgements, apart from those involving estimations (which are dealt with separately below), that the Directors have made  
in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in financial statements.
REVENUE RECOGNITION
Interest receivable on pawnbroking loans is recognised as interest accrues by reference to the percentage of the pawn loans that are estimated to be 
redeemed and the effective interest rate applicable. The effective interest rate is the rate that discounts the estimated future cash receipts through  
the expected life of the financial asset to that asset’s net carrying amount. The estimated future cash receipts are based on the historical cash receipts 
experience (the “Pledge Redemption”) of the business which vary from month to month. The Group monitors the Pledge Redemption on a monthly basis.
The critical judgement is that the Group does not recognise interest income on the pawn loans that are not expected to be redeemed. The Group 
recognises income on these loans when the related collateral that supports the loan is disposed of, through either the scrap or retail operations of the 
Group. The Group is of the opinion that the revenue earned on the unredeemed pledges is only realised from the Group perspective at the point at which 
the inventory, or scrap item that the Group obtains from the pledge collateral is disposed of. In arriving at this treatment, the Group also considers that  
the transfer value from pawn loans to inventory of the unredeemed pledge collateral cannot exceed the cost to the Group of the inventory item which  
is represented by the underlying loan amount provided on the unredeemed pledge item.
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
38  I  www.handt.co.uk 38  I 4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)
IMPAIRMENT OF PERSONAL LOANS
Impairment is calculated using models which use historical payment performance to generate the estimated amount and timing of future cash flows from 
each arrears stage. Judgement is applied as to the appropriate point at which receivables are impaired and whether past payment performance provides  
a reasonable guide as to the collectability of the current personal loan receivables book.
INVENTORIES 
The majority of the inventory balance is obtained as a result of default by pawn loan customers. The inventory is stated at cost to the Group,  
being the amount initially lent on the pawn loan, plus overheads directly related to bringing the inventory to its present location and condition. 
The critical judgement is that the Group does not allocate any interest that would have been earned on the pawn loans to the cost of inventory. 
Accordingly, the profit that arises on the subsequent disposal of the inventory, through either retail or scrap, includes an element which relates to the 
appropriation by the Group of collaterals supporting pawn loans that have a higher market value, than the pawn loan amount. 
KEY SOURCES OF ESTIMATION UNCERTAINTY
The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk  
of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.
PAWNBROKING LOANS INTEREST ACCRUAL ESTIMATION
The Group recognises interest on pawnbroking loans as disclosed in the Critical judgements in applying the Group’s accounting policies section above.  
The pawn loans interest accrual (‘pledge accrual’) is material to the financial statements and is dependent on the estimate that the Group makes of the 
expected level of redeemed pawn loans. The Group estimates the expected redemptions based on the historical redemption rates achieved. There is a risk 
that the actual redemption rate may vary significantly from the historical rate used to estimate the pledge accrual at the balance sheet date. The Directors 
assess the pledge accrual estimate made at the prior balance sheet date annually to determine if the actual redemption differs significantly to the previous 
estimate. No significant differences were noted for 2016 or 2015. The sensitivity of the pledge accrual to reasonable changes in the redemption rate  
is shown in note 26. 
IMPAIRMENT OF GOODWILL AND OTHER INTANGIBLES
Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. 
The value in use calculation requires the Group to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount 
rate in order to calculate present value. The review is conducted annually, in the final quarter of the year. The impairment review is conducted at the level 
of each cash generating unit, which for acquisitions represents the specific store or stores acquired.
There was no impairment loss recorded in the current year (2015: £nil). The principal assumptions applied by management in arriving at the value in use  
of each cash generating unit are as follows:
1. The Group prepares cash flow forecasts over a five year period for each cash generating unit, as disclosed in note 15. The year one cash flows  
are derived from the most recent financial budget and a forecast growth rate applied for years 2 to 5. A constant gold price of £950 per troy ounce  
is assumed. A perpetuity is then calculated for periods thereafter.
2. The Group has discounted the cash flows at a pre-tax, risk adjusted rate of 9%.
While the impairment review has been conducted based on the best available estimates at the impairment review date, the Group notes that actual events 
may vary from management expectation.
FAIR VALUE OF DERIVATIVES
The Directors use their judgement in selecting an appropriate valuation technique for financial instruments not quoted in an active market.  
Valuation techniques commonly used by market practitioners are applied. For derivative financial instruments, assumptions are made based on quoted 
market rates adjusted for specific features of the instrument. This requires estimation of the future interest rates, and also the appropriate discount rate. 
TRADE RECEIVABLES PROVISIONING
Trade and other receivables are stated at their nominal amount less expected impairment losses. 
The impairment losses on the pledge book only relate to pledges seized by the police, shrinkage and our estimate of losses on pledges where the loan 
value exceeds the current market value. The pledge book items seized by the police are impaired on an item by item basis since the Group tracks the status 
of each pledge individually. The shrinkage provision is based on an estimate of the pledge book missing at the reporting date using historical shrinkage 
experience. The provision for pledges where loan value exceeds the current market value is calculated on an item by item basis with an estimate used  
for the proportion of those items which will ultimately be disposed of through pawnbroking scrap.
No other impairment losses are provided on the pledge book since the value of the collaterals is greater than the pledge book nominal value.
A provision for impairment on personal loans is recognised when a loan has no payments due, when contractual monthly payments are missed or when  
a balance is outstanding beyond the final repayment date.
With respect to all provisions that are based on estimates, there is a risk that actual losses incurred will vary significantly from management expectation  
at the balance sheet date, if historical loss rates are not a good indicator of the actual credit risk profile of the year-end receivables.
For further details on the provisions and impairment losses, refer to note 26, which show the amounts recorded in the period and the sensitivity at the 
balance sheet date to changes in the key assumptions with respect to impairment losses.
Annual Report and Accounts 2016  I  39  
Strategic Report
Directors’ Report
Financial Statements 4. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY (CONTINUED)
INVENTORIES PROVISIONING
Where necessary provision is made for obsolete, slow moving and damaged inventory or inventory shrinkage. The provision for obsolete, slow moving  
and damaged inventory represents the difference between the cost of the inventory and its market value. The inventory shrinkage provision is based  
on an estimate of the inventory missing at the reporting date using historical shrinkage experience. For further details on the provisions for inventory,  
refer to note 7.
DILAPIDATIONS PROVISION
All the Group’s premises are leased under operating leases. The majority of the leases include end of lease rectification clauses which impose certain 
requirements on the Group to complete repairs and maintenance, or re-decoration activities if required. The Group provides for both rectification costs  
and repairs and maintenance obligations. Rectification costs are provided for on signing the lease and repairs are provided as it becomes aware of any 
significant amounts that will be required. The Group does not provide for amounts where the potential exposure cannot be reliably measured and 
accordingly does not anticipate potential repairs and maintenance on the portfolio of stores. Additionally, the Group maintains the stores to a high 
standard and completes any necessary repairs and maintenance on a timely basis, addressing any events that require expenditure throughout the lease 
period as and when required. Such costs are expensed as incurred.
5. REVENUE 
AN ANALYSIS OF THE GROUP’S REVENUE IS AS FOLLOWS:
2016  
£’000
2015  
£’000
Sales of goods
Gold purchasing, retail, pawnbroking scrap 
Interest/commission earned
Pawnbroking, cheque cashing and other financial services
56,706 
 
37,517
54,521 
 
34,723
Group revenue
Investment revenues
94,223
1
89,244
1
Total Group revenue 94,224 89,245
Further analysis of revenue by segment is shown in note 6.
INCLUDED IN THE ABOVE REVENUES ARE THE FOLLOWING ITEMS OF INCOME AND GAINS:
2016  
£’000
2015  
£’000
Income
Interest earned on financial assets not designated at fair value 33,684 33,868
Fees earned on financial assets not designated at fair value 4,715 4,686
6. OPERATING SEGMENTS
BUSINESS SEGMENTS
For reporting purposes, the Group is currently organised into six segments – Pawnbroking, Gold purchasing, Retail, Pawnbroking Scrap, Personal Loans 
and Other services. 
The principal activities by segment are as follows:
PAWNBROKING: 
Pawnbroking is a loan secured against a collateral (the pledge). In the case of the Group, over 99% of the collateral against which amounts are lent 
comprises precious metals (predominantly gold), diamonds and watches. The pawnbroking contract is a six-month credit agreement bearing a monthly 
interest rate of between 1.99% and 10.00%. The contract is governed by the terms of the Consumer Credit Act 2008 (previously the Consumer Credit 
Act 2002). If the customer does not redeem the goods by repaying the secured loan before the end of the contract, the Group is required to dispose  
of the goods either through public auctions if the value of the pledge is over £75 (disposal proceeds being reported in this segment) or, if the value of the 
pledge is £75 or under, through public auctions or the Retail or Pawnbroking Scrap activities of the Group.
GOLD PURCHASING: 
Jewellery is bought direct from customers through all of the Group’s stores. The transaction is simple with the store agreeing a price with the  
customer and purchasing the goods for cash on the spot. Gold Purchasing revenues comprise proceeds from scrap sales on goods sourced from  
the Group’s purchasing operations.
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
40  I  www.handt.co.uk 40  I 6. OPERATING SEGMENTS (CONTINUED)
BUSINESS SEGMENTS (CONTINUED) 
RETAIL: 
The Group’s retail proposition is primarily gold and jewellery and the majority of the retail sales are forfeited items from the pawnbroking pledge book  
or refurbished items from the Group’s gold purchasing operations. The retail offering is complemented with a small amount of new or second-hand 
jewellery purchased from third parties by the Group.
PAWNBROKING SCRAP: 
Pawnbroking Scrap comprises all other proceeds from gold scrap sales other than those reported within Gold Purchasing. The items are either damaged 
beyond repair, are slow moving or surplus to the Group’s requirements, and are smelted and sold at the current gold spot price less a small commission.
PERSONAL LOANS: 
Personal Loans comprises income from the Group’s unsecured lending activities. Interest receivable on unsecured loans is recognised in revenue on an 
accruals basis less provision for loans not expected to be repaid. Personal Loans are subject to bad debt risk which is reflected in the interest rate applied.
OTHER SERVICES: 
This segment comprises:
• Third Party Cheque Encashment which is the provision of cash in exchange for a cheque payable to our customer for a commission fee based  
on the face value of the cheque.
• Buyback which is a service where items are purchased from customers, typically high-end electronics, and may be bought back up to 31 days later  
for a fee.
• The Foreign Exchange currency service where the Group earns a commission when selling or buying foreign currencies.
• Western Union commission earned on the Group’s money transfer service.
• The Prepaid debit card product where the Group earns a commission when selling the card or when the customer is topping up their card.
Cheque Cashing is subject to bad debt risk which is reflected in the commissions and fees applied.
Further details on each activity are included in the Chief Executive’s Review on pages 9 to 11.
Segment information about these businesses is presented below:
2016
Pawnbroking  
£’000
Gold  
Purchasing  
£’000
Retail  
£’000
Pawnbroking 
Scrap  
£’000
Personal  
Loans  
£’000
Other  
Services  
£’000
For the year 
ended 2016  
£’000
Revenue  
External sales 28,384 15,021 30,549 11,136 3,499 5,634 94,223
Total revenue 28,384 15,021 30,549 11,135 3,499 5,634 94,223
Segment result – gross profit 28,384 3,941 11,228 2,084 3,499 5,634 54,770
Other direct expenses
Administrative expenses
(32,247)
(12,325)
Operating profit
Investment revenues
Finance costs
10,198
1
(479)
Profit before taxation
Tax charge on profit 
9,720
(2,138)
Profit for the financial year and total comprehensive income 7,582
Annual Report and Accounts 2016  I  41  
Strategic Report
Directors’ Report
Financial Statements 6. OPERATING SEGMENTS (CONTINUED)
BUSINESS SEGMENTS (CONTINUED) 
2015
Pawnbroking 
£’000
Gold 
Purchasing 
£’000
Retail  
£’000
Pawnbroking 
Scrap  
£’000
Personal  
Loans  
£’000
Other  
Services  
£’000
For the year 
ended 2015 
£’000
Revenue  
External sales 28,437 15,260 29,543 9,718 2,389 3,897 89,244
Total revenue 28,437 15,260 29,543 9,718 2,389 3,897 89,244
Segment result – gross profit 28,437 2,297 10,326 116 2,389 3,897 47,462
Other direct expenses
Administrative expenses
(31,968)
(7,976)
Operating profit
Investment revenues
Finance costs
7,518
1
(679)
Profit before taxation
Tax charge on profit 
6,840
(1,462)
Profit for the financial year and total comprehensive income 5,378
As disclosed in note 3, gross profit is stated after charging bad debt expenses and the direct costs of inventory items sold or scrapped in the period. Other 
operating expenses of the stores are included in other direct expenses. The Group is unable to meaningfully allocate the other direct expenses of operating 
the stores between segments as the activities are conducted from the same stores, utilising the same assets and staff. The Group is also unable to meaningfully 
allocate Group administrative expenses, or financing costs or income between the segments. Accordingly, the Group is unable to meaningfully disclose  
an allocation of items included in the consolidated statement of comprehensive income below gross profit, which represents the reported segment results. 
The Group does not apply any inter-segment charges when items are transferred between the Pawnbroking activity and the Retail or Pawnbroking  
Scrap activities.
2016
Pawn-
broking 
2016  
£’000
Gold 
Purchasing 
2016  
£’000
Retail  
2016  
£’000
Pawn- 
broking  
Scrap  
2016  
£’000
Personal  
Loans  
2016  
£’000
Other  
Services  
2016  
£’000
Unallocated 
assets/
(liabilities)  
2016  
£’000
For the year 
ended  
2016  
£’000
Other information
Capital additions (*)
Depreciation  
and amortisation (*) 
Balance sheet
Assets
Segment assets 47,301 1,005 29,066 570 9,375 —
1,768 
2,940 
 
 
87,317
Unallocated corporate 
assets 33,040 33,040
Consolidated  
total assets 125,065
Liabilities
Segment liabilities — — (649) — — (260) (909)
Unallocated corporate 
liabilities (25,309) (25,309)
Consolidated  
total liabilities (26,218)
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
42  I  www.handt.co.uk 42  I 6. OPERATING SEGMENTS (CONTINUED)
BUSINESS SEGMENTS (CONTINUED) 
2015
Pawn-
broking  
2015  
£’000
Gold 
Purchasing 
2015  
£’000
Retail  
2015  
£’000
Pawn- 
broking  
Scrap  
2015  
£’000
Personal  
Loans  
2015  
£’000
Other  
Services  
2015  
£’000
Unallocated 
assets/
(liabilities)  
2015  
£’000
For the year 
ended  
2015  
£’000
Other information
Capital additions (*)
Depreciation and 
amortisation (*) 
Balance sheet
Assets
Segment assets 44,548 406 24,811 231 4,152 —
1,173 
3,218 
 
 
 
1,173 
3,218 
 
 
74,148
Unallocated corporate 
assets 35,864 35,864
Consolidated  
total assets 114,403
Liabilities
Segment liabilities — — (634) — — (215) (849)
Unallocated corporate 
liabilities (19,494) (19,494)
Consolidated  
total liabilities (20,343)
(*)  The Group cannot meaningfully allocate this information by segment due to the fact that all the segments operate from the same stores and the 
assets in use are common to all segments.
GEOGRAPHICAL SEGMENTS
The Group’s revenue from external customers by geographical location are detailed below:
2016  
£’000
2015  
£’000
United Kingdom
Other
93,487
736
88,808
436
94,223 89,244
The Group’s non-current assets are located entirely in the United Kingdom. Accordingly, no further geographical segments analysis is presented.
MAJOR CUSTOMERS
Included in revenues arising from Gold Purchasing and Pawnbroking Scrap segments are revenues from the Group’s largest customer of £22,876,000 
(2015: £21,214,000) and from its second largest customer of £1,114,600 (2015: £1,863,000), which makes more than 10% of the total revenue.  
These customers are bullion houses involved in the processing of the Group’s scrap gold.
7. PROFIT BEFORE TAXATION
2016  
£’000
2015  
£’000
Profit before taxation has been arrived at after charging:
Depreciation of property, plant and equipment reported within:
– Other direct expenses
– Administrative expenses
Amortisation of intangible assets (reported within Other direct expenses)
Loss on disposal of property, plant and equipment
Cost of inventories recognised as expense
Write downs of inventories recognised as an expense
Staff costs (see note 9)
2,567
119
254
265
38,885
567
24,225
2,799
98
321
75
41,102
680
20,922
Annual Report and Accounts 2016  I  43  
Strategic Report
Directors’ Report
Financial Statements 8. AUDITOR’S REMUNERATION
The analysis of auditor’s remuneration, exclusive of VAT, is as follows:
2016  
£’000
2015  
£’000
Fees payable to the Company’s auditor for the audit of the Company’s annual financial statements  
Fees payable to the Company’s auditor for other services to the Group
– The audit of the Company’s subsidiaries pursuant to legislation
47 
 
48
45 
 
45
Total audit fees 95 90
– Tax services
– Other services
10
—
13
17
Total non-audit fees 10 30
The Company and Group audit fees are borne by a subsidiary undertaking, Harvey & Thompson Limited. 
There were no fees payable to the Company’s auditor and its associates in respect of associated pension schemes.
9. INFORMATION REGARDING DIRECTORS AND EMPLOYEES
NON-EXECUTIVE DIRECTORS’ EMOLUMENTS 
The 3 (2015: 3) Non-Executive Directors receive payments for services rendered to the H&T Group plc Group. Their emoluments are included  
in the analysis below. 
2016  
£’000
2015  
£’000
Directors’ emoluments 
Aggregate emoluments
Gain on exercise of share options
Company pension contributions to money purchase schemes
922
146
43
598
—
42
1,111 640
All Executive Directors during the year (2015: all) participated in Harvey & Thompson Limited’s money purchase pension scheme. In addition, £16,000 
(2015: £54,000) was charged to the Consolidated Statement of Comprehensive Income in respect of the fair value of the share options and conditional 
shares granted to the Directors under the different schemes. Two (2015: None) of the Directors exercised options over shares in the Company in the year. 
None (2015: None) of the Directors were granted shares under the long term incentive scheme.
2016  
£’000
2015  
£’000
Highest paid Director
Aggregate emoluments
Gain on exercise of share options
Company pension contributions to money purchase scheme
460
92
25
256
—
24
In addition, £4,000 (2015: £27,000) was charged to the Consolidated Statement of Comprehensive Income in respect of the fair value of the share 
options and conditional shares granted under the different schemes.
2016 
No.
2015 
No.
Monthly average number of persons employed (including Directors)
Branches
Administration
986
115
953
100
1,101 1,053
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
44  I  www.handt.co.uk 44  I 9. INFORMATION REGARDING DIRECTORS AND EMPLOYEES (CONTINUED)
NON-EXECUTIVE DIRECTORS’ EMOLUMENTS (CONTINUED) 
2016  
£’000
2015  
£’000
Staff costs during the year (including Directors)
Wages and salaries
Share option expense (note 28)
Social security costs
Other pension costs 
21,814
16
2,048
347
18,860
104
1,620
338
24,225 20,922
All Directors and employees are remunerated through a subsidiary Group Company. The Directors of Harvey & Thompson Limited, the trading subsidiary, 
are the key management personnel of the Group, of which none are female.
10. INVESTMENT REVENUES
2016  
£’000
2015  
£’000
Interest revenue:
Bank deposits 1 1
Investment revenues earned on financial assets (analysed by category of asset) is as follows:
2016  
£’000
2015  
£’000
Loans and receivables (including cash and bank balances) 1 1
Interest revenue recognised on pawnbroking and other financial services is reported within revenue for the reasons discussed in note 3.
11. FINANCE COSTS
2016  
£’000
2015  
£’000
Interest on bank loans
Other interest
Amortisation of debt issue costs
348
1
130
524
2
153
Total interest expense 479 679
12. TAX CHARGE ON PROFIT
(A) TAX ON PROFIT ON ORDINARY ACTIVITIES
2016  
£’000
2015  
£’000
Current tax
United Kingdom corporation tax charge at 20% (2015: 20.3%)
based on the profit for the year
Adjustments in respect of prior years
2,143
191
1,549
(72)
Total current tax 2,334 1,477
Deferred tax
Timing differences, origination and reversal
Adjustments in respect of prior years
Effects of change in tax rate
(278)
12
70
21
(36)
—
Total deferred tax (note 24) (196) (15)
Tax charge on profit 2,138 1,462
Annual Report and Accounts 2016  I  45  
Strategic Report
Directors’ Report
Financial Statements 12. TAX CHARGE ON PROFIT (CONTINUED)
(B) FACTORS AFFECTING THE TAX CHARGE FOR THE YEAR
The tax assessed for the year is higher than that resulting from applying a blended standard rate of corporation tax in the UK of 20% (2015: 20.3%).  
The differences are explained below:
2016  
£’000
2015  
£’000
Profit before taxation 9,720 6,840
Tax charge on profit at standard rate 
Effects of:
Disallowed expenses and non-taxable income
Non-qualifying depreciation
Effect of change in tax rate
Movement in short-term timing differences
Adjustments to tax charge in respect of prior years 
1,944 
 
(29)
—
70
(50)
203
1,389 
 
(49)
117
—
113
(108)
Tax charge on profit 2,138 1,462
In addition to the amount charged to the income statement and in accordance with IAS 12, the excess of current and deferred tax over and above the 
relative related cumulative remuneration expense under IFRS 2 has been recognised directly in equity. This amounted to a charge to equity in the current 
period of £56,000 (2015: £nil).
13. EARNINGS PER SHARE
Basic earnings per share is calculated by dividing the profit for the year attributable to equity shareholders by the weighted average number of ordinary 
shares in issue during the year.
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 and conditional shares granted to employees where the exercise price is less than the 
average market price of the Company’s ordinary shares during the year.
Reconciliations of the earnings per ordinary share and weighted average number of shares used in the calculations are set out below: 
Year ended 31 December 2016 Year ended 31 December 2015
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 7,582 36,212,688 20.94 5,379 36,154,799 14.88
Effect of dilutive securities
Options and conditional shares — 101,947 (0.06) — 34,805 (0.02)
Earnings per share: diluted 7,582 36,314,635 20.88 5,379 36,189,604 14.86
14. DIVIDENDS
2016  
£’000
2015  
£’000
Amounts recognised as distributions to equity holders in the year:
Final dividend for the year ended 31 December 2015 of 4.5 pence (2014: 2.7p) per share 
Interim dividend for the year ended 31 December 2016 of 3.9 pence (2015: 3.5p) per share
1,666 
1,443
995 
1,290
3,109 2,285
Amounts proposed and not recognised:
Proposed final dividend for the year ended 31 December 2016 of 5.3 pence (2015: 4.5p) per share. 1,963 1,659
The proposed final dividend is subject to approval by shareholders at the Annual General Meeting and accordingly, has not been included as a liability  
in these financial statements.
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
46  I  www.handt.co.uk 46  I 15. GOODWILL
Goodwill  
arising on 
purchase of 
subsidiaries  
£’000
Goodwill  
arising  
on trade  
and asset 
purchases  
£’000
Total  
Goodwill  
£’000
Cost and carrying amount
At 1 January 2015 14,133 3,574 17,707
At 1 January 2016 14,133 3,574 17,707
Disposals
At 31 December 2016
—  
14,133
(31)
3,543
(31)
17,676
There are no recognised impairment losses at 31 December 2016.
Goodwill acquired in business combinations is allocated as follows:
2016  
£’000
2015  
£’000
Harvey & Thompson Limited
Stores acquired in 2005
Stores acquired in 2006
Stores acquired in 2007
Stores acquired in 2008
Stores acquired in 2010
Stores acquired in 2011
Stores acquired in 2012
Stores acquired in 2013
14,133
182
553
1,516
391
19
48
679
155
14,133
213
553
1,516
391
19
48
679
155
17,676 17,707
The Harvey & Thompson Ltd cash generating unit was created when H&T Group plc acquired Harvey & Thompson Limited in September 2004. 
Management is unable to allocate this goodwill by store and accordingly, tests this for impairment at the subsidiary entity level. All assets acquired after 
September 2004 are reviewed for impairment at the related store level. The stores are grouped for financial reporting purposes by year of acquisition  
to facilitate presentation and comparability on a year by year basis. Additionally, store performance is monitored by management based on the year  
of acquisition as the historical performance of an individual store is linked to its acquisition date. This approach is reflected in the way management has 
presented the above cash generating units. 
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. The impairment review  
was conducted as described in note 4.
Annual Report and Accounts 2016  I  47  
Strategic Report
Directors’ Report
Financial Statements Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
16. OTHER INTANGIBLE ASSETS
Software  
£’000
Customer 
relationships 
£’000
Total  
£’000
Cost
At 1 January 2015
Additions
Disposals
1,628
—
(18)
2,464
17
—
4,092
17
(18)
At 1 January 2016
Additions
1,610
—
2,481
31
4,091
31
At 31 December 2016 1,610 2,512 4,122
Amortisation
At 1 January 2015
Charge for the year
Disposals
1,430
67
(18)
1,606
254
—
3,036
321
(18)
At 1 January 2016
Charge for the year
1,479
67
1,860
187
3,339
254
At 31 December 2016 1,546 2,047 3,593
Carrying amount 
At 31 December 2016 64 465 529
At 31 December 2015 131 621 752
The customer relationships intangible assets arise from the acquisition of trade and assets of sole partnerships or limited companies with no audited 
financial statements and reflect the repeat business associated with the pawnbroking and pay day advance industry from existing customers at the 
acquisition date of the relevant assets. 
The amortisation period for customer relationship intangible assets is between 6 and 8 years and the amortisation period for software intangible assets  
is 7 years. These amortisation periods reflect the Directors’ best estimate of the estimated useful economic lives of these intangible assets.
48  I  www.handt.co.uk 48  I 17. PROPERTY, PLANT AND EQUIPMENT
Short 
leasehold 
premises 
£’000
Long 
leasehold 
premises 
£’000
Motor 
Vehicles  
£’000
Computer 
equipment 
£’000
Fixtures  
and  
fittings  
£’000
Total  
£’000
Cost or valuation
At 1 January 2015
Additions
Disposals
23,588
490
(370)
217
—
—
22
—
—
4,380
463
(17)
4,453
203
(23)
32,660
1,156
(410)
At 1 January 2016
Additions
Disposals
23,708
793
(571)
217
1
—
22
9
(9)
4,826
518
(39)
4,633
416
(52)
33,406
1,737
(671)
At 31 December 2016 23,930 218 22 5,305 4,997 34,472
Accumulated depreciation and impairment
At 1 January 2015
Charge for the year
Disposals
15,561
2,340
(300)
94
26
—
7
5
—
3,966
201
(17)
3,078
325
(18)
22,706
2,897
(335)
At 1 January 2016
Charge for the year
Disposals
17,601
2,083
(310)
120
26
—
12
6
—
4,150
237
(15)
3,385
334
(31)
25,268
2,686
(356)
At 31 December 2016 19,374 146 18 4,372 3,688 27,598
Carrying amount
At 31 December 2016 4,556 72 4 933 1,309 6,874
At 31 December 2015 6,107 97 10 676 1,248 8,138
Capital commitments for tangible and intangible assets are disclosed in note 32.
18. SUBSIDIARIES
A list of the investments in subsidiaries, including the name, country of incorporation and proportion of ownership interest is given in note C to the 
Company’s separate financial statements.
19. INVENTORIES
2016  
£’000
2015  
£’000
Retail and scrap inventory 29,792 24,802
Of the retail and scrap inventory, approximately 93.97% represents gold, jewellery and watch items. The remaining balance is miscellaneous items  
(mostly electrical goods and art pieces) which were previously held as pledge collaterals and subsequently forfeited.
Annual Report and Accounts 2016  I  49  
Strategic Report
Directors’ Report
Financial Statements 20. TRADE AND OTHER RECEIVABLES 
2016  
£’000
2015  
£’000
Trade receivables
Other receivables
Pledge accrued income
Prepayments and accrued income
50,335
199
6,495
2,029
42,525
250
6,255
1,863
59,058 50,893
Trade and other receivables are disclosed net of impairment. 
The pledge loan balance of £40.8m (2015: £38.3m) and personal loan book of £9.4m (2015: £4.2m) are included, net of provisions, within the trade 
receivables balance.
OTHER CURRENT ASSETS
 
2016  
£’000
2015  
£’000
Other current assets 848 646
Other current assets represent Buyback inventory, where the Company holds items for 31 days in order for customers to re-purchase their items.
21. CASH AND CASH EQUIVALENTS
2016  
£’000
2015  
£’000
Cash and cash equivalents 9,608 10,923
Cash and cash equivalents comprise cash held by the Group and short-term bank deposits with an original maturity of three months or less.
Further details on financial instruments, including the associated risks to the Group and allowances for bad and doubtful debts and fair values,  
is provided in note 26.
22. TRADE AND OTHER PAYABLES
2016  
£’000
2015  
£’000
Trade payables
Other taxation and social security costs
Accruals and deferred income
1,350
508
7,029
1,420
500
3,562
8,887 5,482
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average credit period taken for trade 
purchases is 36 days (2015: 30 days). For most suppliers no interest is charged on the trade payables for the first 30 days from the date of the invoice. 
Thereafter, interest is charged on the outstanding balances at various interest rates. The Group has financial risk management policies in place to ensure 
that all payables are paid within the credit timeframe.
2016  
£’000
2015  
£’000
Current tax liabilities 1,119 645
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
50  I  www.handt.co.uk 50  I 23. BORROWINGS
2016  
£’000
2015  
£’000
Long term portion of bank loan
Unamortised issue costs
15,000
(285)
13,000
(89)
Amount due for settlement after more than one year 14,715 12,911
In February 2016 the Group re-financed the facility with Lloyds Bank plc. 
The key terms of the new facility are:
KEY TERM DESCRIPTION
Total Facility Size £30m
Termination Date 30 April 2020
Utilisation The facility is available to be drawn down to the full £30m so long as the Company remains compliant with leverage 
and interest cover ratios as stipulated in the Credit Agreement.
Margin The facility has an interest calculation of LIBOR plus a margin of between 1.75% and 2.75%, dependent on ratios  
as stipulated in the Credit Agreement.
Interest Payable Interest due on the loans is payable at each interest period end. Interest amounts outstanding at the year-end are 
included in accruals.
Fixed Repayments No capital repayments prior to termination date.
DEFERRED DEBT ISSUE COSTS
There were £130,000 of deferred debt issue costs written off in the period to the Statement of Comprehensive Income (2015: £153,000).
SECURITY
The facility is secured by a fixed and floating charge over various assets of the Group.
UNDRAWN BORROWING FACILITIES
At 31 December 2016, the Group had available £15,000,000 (2015: £37,000,000) of undrawn committed borrowing facilities in respect of which  
all conditions precedent had been met. 
24. DEFERRED TAX
The following are the deferred tax assets recognised by the Group and movements thereon during the current and prior year.
Property, Plant 
and Equipment 
differences  
£’000
Hold over  
capital  
gain  
£’000
Short-term  
timing 
differences  
£’000
Share  
based  
payment  
£’000
Total  
£’000
At 1 January 2015
Prior year adjustment
(Debit)/Credit to income
147
36
83
(130)
—
4
306
—
(13)
204
—
(95)
527
36
(21)
At 1 January 2016 
Prior year adjustment
(Debit)/Credit to income
Debit to equity
266 
(66)
170
—
(126) 
123
3
—
293 
(69)
20
—
109 
—
15
(56)
542 
(12)
208
(56)
As 31 December 2016 370 — 244 68 682
Deferred tax assets and liabilities all relate to the same tax jurisdiction and taxable entities, and are expected to reverse over the same time periods. 
Accordingly, these have been offset in the balance sheet.
Annual Report and Accounts 2016  I  51  
Strategic Report
Directors’ Report
Financial Statements 24. DEFERRED TAX (CONTINUED)
The Finance (No 2) Act 2015, which provides for reductions in the main rate of corporation tax from 20% to 19% effective from 1 April 2017 and to 18% 
effective from 1 April 2020, was substantively enacted on 26 October 2015. Subsequently, the Finance Act 2016, which provides for a further reduction  
in the main rate of corporation tax to 17% effective from 1 April 2020, was substantively enacted on 6 September 2016. 
These rate reductions have been reflected in the calculation of deferred tax at the balance sheet date.
The closing deferred tax asset as at 31 December 2016 has been calculated between 19% and 17% depending on when the deferred tax asset  
is expected to be utilised in future periods. 
The utilisation of the deferred tax asset is dependent on future taxable profits in excess of the profits arising from the reversal of existing taxable  
temporary difference.
25. PROVISIONS
Provision for dilapidation  
and onerous leases  
£’000
At 1 January 2015
Released provision
Provision utilised in the year
1,490
(18)
(167)
At 1 January 2016 
Additional provision in the year
Released provision
Provision utilised in the year
1,305 
265
(19)
(54)
At 31 December 2016 1,497
The dilapidation provision represents management’s best estimate of the Group’s liability to repair and maintain certain of the properties contracted under 
operating lease agreements and settled at the individual lease end dates. At the reporting date no demand to enforce the dilapidation contractual 
obligations has been made by the related property landlords.
Provisions for onerous leases are recognised when the Group believes that the unavoidable costs of meeting the lease obligations exceed the economic 
benefits expected to be received under the lease.
26. FINANCIAL INSTRUMENTS
The Group’s financial assets and liabilities, as defined under IAS 39, and their estimated fair values are as follows:
At 31 December 2016
Fair value 
through  
profit  
or loss  
£’000
Loans and 
receivables  
£’000
Financial 
liabilities at 
amortised  
cost  
£’000
Book  
Value  
total  
£’000
Fair  
value  
total  
£’000
Financial assets
Pawnbroking trade receivables
Other financial services trade receivables
Other assets
Cash and cash equivalents
—
—
—
—
47,300
9,375
171
9,608
—
—
—
—
47,300
9,375
171
9,608
51,147
9,375
171
9,608
Financial liabilities
Trade and other payables
Borrowings due within one year
Borrowings due after more than one year
—
—
—
—
—
—
(8,379)
—
(14,715)
(8,379)
—
(14,715)
(8,379)
—
(14,715)
Net financial assets/(liabilities) — 66,454 (23,094) 43,360 47,207
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
52  I  www.handt.co.uk 52  I 26. FINANCIAL INSTRUMENTS (CONTINUED)
At 31 December 2015
Fair value  
through  
profit  
or loss  
£’000
Loans and 
receivables  
£’000
Financial 
liabilities at 
amortised  
cost  
£’000
Book  
Value  
total  
£’000
Fair  
value  
total  
£’000
Financial assets
Pawnbroking trade receivables
Other financial services trade receivables
Other assets
Cash and cash equivalents
—
—
—
—
44,548
4,152
363
10,923
—
—
—
—
44,548
4,152
363
10,923
45,954
4,152
363
10,923
Financial liabilities
Trade and other payables
Borrowings due within one year
Borrowings due after more than one year
—
—
—
—
—
—
(5,233)
—
(12,911)
(5,233)
—
(12,911)
(5,233)
—
(12,911)
Net financial assets/(liabilities) — 59,986 (18,144) 41,842 43,248
FAIR VALUE
The assumptions used by the Group to estimate the current fair values are summarised below:
(i) For trade receivables relating to Pawnbroking, the fair value has been calculated by adding:
• The principal outstanding on pawn loans; 
• The interest receivable accrued using the effective interest rate method based on assumed redemption; and
• Assumed scrap profits on the proportion of the Group’s pledge book that is not expected to be redeemed, i.e. those loans upon which the Group 
does not recognise interest due to the uncertainty of recovery.
(ii) Other trade receivables and other assets are considered to have fair values which are the same as their book values due to the short period over  
which they will be recovered. Book values for both cheque cashing and financial services trade receivables are calculated net of provisions, and hence 
represent the Group’s best estimate of recovery values based upon recent debt collections experience.
(iii) Cash and cash equivalents are all held on interest bearing bank accounts are considered to have a fair value the same as their book value. 
(iv) For borrowings and trade and other payables, the book value approximates to fair value because of their short maturities and interest rates  
where applicable. None of the trade or other payables are interest bearing. The borrowings are all held at floating interest rates which approximate 
market rates, and accordingly, the book value and fair value are the same.
The fair value of the pawnbroking trade receivables is determined using a model where the inputs are derived from historical trends monitored  
by the Group. This valuation therefore falls within level 3 of the fair value hierarchy in IAS 39. The fair value of all other financial instruments is equivalent 
to their book value due to their short maturities.
FINANCIAL RISKS
The Group monitors and manages the financial risks relating to the financial instruments held. The principal risks include credit risk on financial assets,  
and liquidity and interest rate risk on financial liability borrowings. The key risks are analysed below.
CREDIT RISK
PAWNBROKING TRADE RECEIVABLES
The Group is exposed to credit risk through customers defaulting on their loans. The key mitigant to this risk is the requirement for the borrower to provide 
security (the pledge) in entering a pawnbroking contract. The security acts to minimise credit risk as a customer’s pledge becomes the property of the 
pawnbroker on default of the loan. 
In addition to holding security, the Group further mitigates credit risk by:
i) Applying strict lending criteria to all pawn loans
Pledges are rigorously tested and appropriately valued. In all cases where the Group lending policy is applied, the value of the pledge items is in excess  
of the pawn loan.
The Group estimates that the current fair value of the security is equal to the current book value. 
ii) Seeking to improve redemption ratios:
For existing customers, loan history and repayment profiles are factored into the loan making decision. The Group has a high customer retention ratio  
and all customers are offered high customer service levels.
A 1% increase/(decrease) in the Group’s redemption ratio is estimated to impact the pre-tax profit by £53,000/(£74,000). This does not account for lost 
repeat business however, and as such the Group sees more value in retaining a high redemption ratio.
Annual Report and Accounts 2016  I  53  
Strategic Report
Directors’ Report
Financial Statements Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
26. FINANCIAL INSTRUMENTS (CONTINUED)
CREDIT RISK (CONTINUED)
PAWNBROKING TRADE RECEIVABLES (CONTINUED) 
Additionally, the Group is exposed to risk in recovery of the loan amounts, which is considered to be similar to credit risk, due to:
(i) assets being pledged as security against loans, which are subsequently seized by the police; and
(ii) assets being pledged as security against loans which are subsequently lost or stolen, resulting in the borrower being relieved of the liability to the Group.
The legal title that the Group can enforce on these items, and their ongoing security are therefore vital to the Group to ensure that the credit risk is 
mitigated to an acceptable level. The Group continually reviews and monitors, at both store and at Board level, its internal controls to ensure the adequacy 
of the pledged items. The key aspects of this are:
• Appropriate details are kept on all customers the Group transacts with;
• All pawn contracts comply with the Consumer Credit Act 2006;
• Appropriate physical security measures are in place to protect pledged items; and
• An internal audit department monitors compliance with policies at the Group’s stores.
The Pawnbroking trade receivables are disclosed net of the provision for bad and doubtful debts associated with these financial assets, including full 
provision on assets notified to the Group by the police as frozen assets. The movement in the provision is as follows:
£’000
Balance at 1 January 2015 
Net Consolidated Statement of Comprehensive Income charge
Written off
688 
146
(138)
Balance at 31 December 2015 
Net Consolidated Statement of Comprehensive Income charge 
Written off
696 
(216)
50
Balance at 31 December 2016 530
The ageing of past due but not impaired receivables is as follows:
2016  
£’000
2015  
£’000
0-90 days
Over 90 days
6,101
2,152
6,295
2,195
Total 8,253 8,490
The Group has not provided for the £8,253,000 (2015: £8,490,00) contractually overdue receivables (i.e. loans where the pawn agreement has terminated 
but the customer has not redeemed the assets) at the reporting date since the realisable value of the security held is greater than the carrying value of the 
pledge loan as disclosed above. The Group does not start the disposition process of the unredeemed pledges until three months after the end of the credit 
agreement since it is commercial practice to allow additional time for the customers to redeem their pledged items, for an additional fee. 
The maximum exposure to credit risk would be £47,300,000 (2015: £44,548,000), being the gross carrying amount net of any amounts offset and any 
impairment losses.
OTHER TRADE RECEIVABLES
This class represents amounts recoverable by the Group through receivables arising from the other financial services activities it engages in, and is exposed 
to credit risk through default on the loan amounts for Personal Loans, or default from the drawer for Third Party Cheque Encashment. On each product 
the Group employs appropriate policies to mitigate the credit risk including credit checks, obtaining legal security provided and appropriate staff 
recruitment and training policies. The Group monitors the ongoing risk associated with this class of financial assets through a continual review of bad 
debts, modifications to the lending policy, and internal audit activities. In the event of default by the customer, the Group has also developed a debt 
collection department to recover any outstanding debt. 
54  I  www.handt.co.uk 54  I 26. FINANCIAL INSTRUMENTS (CONTINUED)
CREDIT RISK (CONTINUED)
OTHER TRADE RECEIVABLES (CONTINUED)
Personal Loans and Other Services receivables are disclosed net of provisions for bad and doubtful debts, an analysis of which is as follows: 
Personal Loans 
£’000
Other Services 
£’000
Total  
£’000
Balance at 1 January 2015 
Net Consolidated Statement of Comprehensive Income charge 
Written off
1,027 
3,771
(3,429)
27 
(2,534)
2,524
1,054 
1,237
(905)
Balance at 31 December 2015
Net Consolidated Statement of Comprehensive Income charge 
Written off
1,369 
3,176
(2,349)
17 
4,388
(4,389)
1,386 
7,564
(6,739)
Balance at 31 December 2016 2,196 16 2,211
Trade receivables not overdue are provided for based on estimated irrecoverable amounts determined by reference to past default experience. 
CASH AND CASH EQUIVALENTS
The cash and cash equivalents balance comprises both bank balances and cash floats at the stores. The bank balances are subject to very limited credit risk 
as they are held with banking institutions with high credit ratings assigned by international credit rating agencies. The cash floats are subject to risks similar 
to any retailer, namely of theft or loss by employees or third parties. These risks are mitigated by the security systems, policies and procedures that the 
Group operates at each store, the Group recruitment and training policies and the internal audit function. 
The concentration of bank balances by counterparty financial institution is as follows:
Credit  
rating
2016  
£’000
2015  
£’000
Barclays Bank plc
Lloyds Bank plc
The Royal Bank of Scotland plc
Cash at stores
A1
A1
A3
—
945
1,412
76
7,175
881
3,761
581
5,700
9,608 10,923
MARKET RISK
PAWNBROKING TRADE RECEIVABLES
The collateral which protects the Group from credit risk on non-redemption of pawn loans is 99% (2015: 99%) comprised of gold, jewellery items  
and watches. The value of gold items held as security is directly linked to the price of gold. The Group is therefore exposed to adverse movements  
in the price of gold on the value of the security that would be attributable for sale in the event of default by the borrower. 
A 5% increase/(decrease) in the gold price is estimated to impact the pre-tax profit by £11,000/(£11,000). The Group considers this risk to be limited  
for a number of reasons.
First of all, the Group applies conservative lending policies in pawnbroking pledges reflected in the blended margin made on retail sales and scrap gold 
when contracts forfeit. The value of gold for our customers is also much greater than the price of gold since jewellery items contain a retail margin.  
The Group is also protected due to the short-term value of the pawn contract (6 months). In the event of a significant drop in the price of gold, the Group 
could mitigate this risk by reducing its lending policy on pawnbroking pledges, by increasing the proportion of gold sold through retail sales or by entering 
gold hedging instruments. Management monitors the gold price on a constant basis. 
Considering areas outside of those financial assets defined under IAS 39, the Group is subject to higher degrees of pricing risk. The price of gold will affect 
future Group profitability in three key ways:
i) A lower gold price will adversely affect the scrap disposition margins on existing inventory, whether generated by pledge book forfeits or via the 
Group’s purchasing operations. While scrap profits will be impacted immediately, retail margins may be less impacted in the short-term. 
ii) While the Group’s lending and purchasing rates do not track gold price movements in the short-term, any sustained fall in the price of gold is likely  
to cause lending and purchasing rates to fall in the longer term thus potentially reducing future profitability as:
a. the size of the pledge book and associated yield is directly linked to lending rates, and
b. assuming constant disposition margins, absolute disposition profits would decrease as lending and purchasing rates decrease 
iii) A lower gold price may reduce the attractiveness of the Group’s gold purchasing operations.
Conversely, a lower gold price may dampen competition as lower returns are available and hence this may assist in sustaining margins.
Annual Report and Accounts 2016  I  55  
Strategic Report
Directors’ Report
Financial Statements 26. FINANCIAL INSTRUMENTS (CONTINUED)
LIQUIDITY RISK
BORROWINGS
The Group has significant borrowings exposing it to liquidity risk in both repayment of borrowings and availability of finance. In order to mitigate this risk, 
the Group uses a mixture of short-term and long-term debt finance with banking institutions with high credit-ratings assigned by international credit-
rating agencies. The current borrowings are disclosed in detail in note 23, which shows that the Group has arrangements in place for funding until 2020. 
At 31 December 2016, the Group also has available £15,000,000 (2015: £37,000,000) of undrawn committed borrowing facilities in respect of which all 
conditions precedent had been met. This level of headroom is considered sufficient to finance operations at the current level, and as described in note 23, 
the Group currently has a £30m facility which is available to draw upon. Furthermore, as shown in note 30, the business generates a positive cash flow 
from operating activities and has discretion in its expansion programme should the Group need to improve short-term cash flow.
The Group is in full compliance with all loan covenants. 
The maturity analysis of the cash flows arising from both current borrowing arrangements that expose the Group to liquidity risk are as follows:
Payments due by period
Less than  
30 days 
£’000
30-60  
days  
£’000
60 days  
to 180 days  
£’000
180 days  
to 1 year  
£’000
1-2  
years  
£’000
2-3  
years  
£’000
3-5  
years  
£’000
Total  
£’000
At 31 December 2016
Floating rate borrowings
Trade and other payables
25
1,350
25
7,029
99
—
152 
—
301 
—
301 
—
15,099 
—
16,002 
8,379
Total 1,375 7,054 99 152 301 301 15,099 24,381
Payments due by period
Less than  
30 days 
£’000
30-60  
days  
£’000
60 days  
to 180 days  
£’000
180 days  
to 1 year  
£’000
1-2  
years  
£’000
2-3  
years  
£’000
3-5  
years  
£’000
Total  
£’000
At 31 December 2015
Floating rate borrowings
Trade and other payables
40
1,420
40
3,813
138
—
201
—
397
—
397
—
13,529
—
14,742
5,233
Total 1,460 3,853 138 201 397 397 13,529 19,975
The amounts reported above for floating rate borrowings include the principal amount of borrowings as well as the interest payable on these borrowings. 
The floating rates used to predict the interest cash flows are based on the relevant LIBOR yield curve derived from quoted interest rates. The above 
amounts are contractual, undiscounted cash flows. 
INTEREST RATE RISK
BORROWINGS
The Group is funded based on a combination of equity and bank borrowings. The bank borrowings are all held at floating rates based on LIBOR. 
Accordingly the Group is exposed to cash flow risk through changes in the LIBOR rate impacting cash flows. 
Analysis is shown below to demonstrate the sensitivity on profitability of a 1% change in LIBOR, subject to LIBOR being a minimum of 0%. The analysis  
is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 1.0% increase or decrease  
is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible 
change in interest rates.
1.0% decrease 
in interest rates  
£’000
1.0% increase  
in interest rates  
£’000
At 31 December 2016
Finance costs: gain/(loss) 38 (150)
Total pre tax impact on profit from gain/(loss) 38 (150)
Post tax impact on equity gain/(loss) 31 (120)
 
At 31 December 2015
Finance costs: gain/(loss) 66 (130)
Total pre tax impact on profit from gain/(loss) 66 (130)
Post tax impact on equity gain/(loss) 53 (104)
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
56  I  www.handt.co.uk 56  I 26. FINANCIAL INSTRUMENTS (CONTINUED)
FINANCIAL ASSETS
The Group is not exposed to significant interest rate risk on the financial assets, other than cash and cash equivalents, as these are lent at fixed rates,  
which reflect current market rates for similar types of secured or unsecured lending, and are held at amortised cost.
Cash and cash equivalents are exposed to interest rate risk as they are held at floating rates, although the risk is not significant as the interest receivable  
is not significant.
27. SHARE CAPITAL
2016  
£’000
2015  
£’000
Issued and fully paid
37,043,487 (2015: 36,856,264) ordinary shares of £0.05 each 1,852 1,843
The Company has one class of ordinary shares which carry no right to fixed income.
Options over shares of the Company are disclosed in note 28. Under these share option arrangements, there are 1,281,558 (2015: 1,583,978)  
open options over shares.
EMPLOYEE BENEFIT TRUST SHARES RESERVE
The Group presents these conditional shares as an adjustment to own equity at the balance sheet date through the Employee Benefit Trust shares reserve, 
until the point that the shares are awarded, and cease to be conditional awards of shares. The award of shares under the LTIP is conditional upon certain 
vesting criteria, as outlined in note 28.
Movements in this reserve are shown in the Consolidated Statement of Changes in Equity.
CAPITAL RISK MANAGEMENT
The Group manages its capital to ensure that entities in the Group will be able to continue as going concerns while maximising the return to stakeholders 
through the optimisation of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings disclosed  
in note 23, cash and cash equivalents and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings.
GEARING RATIO
Although the Group reviews its gearing ratio at each reporting date, no specific target has been fixed by management. The Group’s gearing ratio at the 
year end is as follows:
Gearing Ratio
2016  
£’000
2015  
£’000
Debt
Cash and cash equivalents
15,000
(9,608)
13,000
(10,923)
Net debt
Equity
Net debt to equity ratio
5,392
98,847
5.5%
2,077
94,060
2.2%
Debt is defined as long and short-term borrowings, as detailed in note 23, before unamortised issue costs.
Equity includes all capital and reserves of the Group attributable to equity holders of the Company.
EXTERNALLY IMPOSED CAPITAL REQUIREMENT
The Group is not subject to any externally imposed capital requirements.
28. SHARE-BASED PAYMENTS
As at 31 December 2016, the Company operated three share award schemes. The charge for the year in respect of all schemes was:
2016  
£’000
2015  
£’000
A. Approved Share Option Scheme
B. Unapproved Share Option Scheme
C. Long-term Incentive Plan
7
—
9
37
3
64
16 104
Awards that can be granted under the three schemes total a maximum of 3,704,349 shares (2015: 3,685,626 shares). 
Annual Report and Accounts 2016  I  57  
Strategic Report
Directors’ Report
Financial Statements 28. SHARE-BASED PAYMENTS (CONTINUED)
A. APPROVED SHARE OPTION SCHEME (‘ASOS’)
The Approved Share Option Scheme is a share option scheme approved by HMRC where favourable tax treatment is received on exercise by the employee. 
The options may be granted to all management from Shop Manager to Executive Director level. The Remuneration Committee of the ultimate Parent 
Company, H&T Group plc, sets the performance conditions.
The performance conditions applicable to the options granted in 2006, 2007, 2008, 2009 and 2010 have already been met. The performance conditions 
applicable to grants in subsequent years are as follows: 
• Options granted in 2011, 2012 and 2013 become exercisable subject to continued employment within the Group as at the exercise date. 
Early exercise of the options is permitted if an option holder ceases to be employed by reason of death, injury, disability, retirement or sale of his  
employing company.
The options outstanding at the year end were as follows:
Grant date
Exercise price  
Pence
Number  
of shares
Earliest date  
of exercise
Expiry  
date
ASOS 2006
ASOS 2007
ASOS 2008
ASOS 2009
ASOS 2010
ASOS 2011
ASOS 2012
ASOS 2013
September 2006
May 2007
May 2008
April 2009
April 2010
April 2011
March 2012
March 2013
182.5
217.5
175.5
194.0
245.5
298.5
297.0
292.25
—
21,014
29,077
42,049
86,195
116,816
146,233
163,015
7/09/2009
16/05/2010
15/05/2011
30/04/2012
19/04/2013
18/04/2014
29/03/2015
28/03/2016
6/09/2016
15/05/2017
14/05/2018
29/04/2019
18/04/2020
17/04/2021
28/03/2022
27/03/2023
The Group did not issue any share options during 2014, 2015 and 2016. 
A reconciliation of option movements for the ASOS is set out below:
Number  
of share  
options
2016  
Weighted 
average  
exercise price  
(in pence)
Number  
of share  
options
2015  
Weighted  
average  
exercise price  
(in pence)
Outstanding at beginning of the year
Granted during the year
Forfeited during the year
Exercised during the year
773,010
—
(107,415)
(61,196)
267.5
—
273.9
202.5
774,479
—
(1,469)
—
267.5
—
294.6
—
Outstanding at the end of the year 604,399 272.9 773,010 267.5
Exercisable at the end of the year 604,399 194.07 578,471 259.12
B. UNAPPROVED SHARE OPTION SCHEME (‘USOS’)
The Unapproved Share Option Scheme is a discretionary option scheme under which the Remuneration Committee of H&T Group plc may grant options 
to all Executive Directors and Senior Management of the Company. The Remuneration Committee of H&T Group plc sets the performance conditions.
Exercise of an option is subject to continued employment over a three year period from the date of the grant. Early exercise of the options is permitted  
if an option holder ceases to be employed by reason of death, injury, disability, retirement or sale of his employing company.
The options outstanding at the year end were as follows: 
Grant date
Exercise price  
Pence
Number  
of shares
Earliest date  
of exercise
Expiry  
date
USOS 2006
USOS 2007
USOS 2008
USOS 2009
USOS 2010
USOS 2011
USOS 2012
USOS 2013
September 2006
May 2007
May 2008
April 2009
April 2010
April 2011
March 2012
March 2013
182.5
217.5
175.5
194.0
245.5
298.5
297.0
292.3
—
112,643
146,424
152,215
220,631
8,139
10,434
26,673
7/09/2009
16/05/2010
15/05/2011
30/04/2012
19/04/2013
18/04/2014
29/03/2015
28/03/2016
6/09/2016
15/05/2017
14/05/2018
29/04/2019
18/04/2020
17/04/2021
28/03/2022
27/03/2023
The Group did not issue any share options during 2014, 2015 and 2016.
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
58  I  www.handt.co.uk 58  I 28. SHARE BASED PAYMENTS (CONTINUED)
B. UNAPPROVED SHARE OPTION SCHEME (‘USOS’) (CONTINUED)
A reconciliation of option movements for the USOS is set out below:
Number  
of share  
options
2016  
Weighted average  
exercise price  
(in pence)
Number  
of share  
options
2015  
Weighted average  
exercise price  
(in pence)
Outstanding at beginning of the year
Granted during the year
Forfeited during the year
Exercised during the year
810,142
—
(6,956)
(126,027)
212.3
—
251.7
182.5
810,968
—
(826)
—
212.4
—
297.0
—
Outstanding at the end of the year 677,159 217.4 810,142 212.3
Exercisable at the end of the year 677,159 217.4 783,213 209.5
C. LONG-TERM INCENTIVE PLAN (‘LTIP’)
The LTIP is a discretionary share incentive scheme under which the Remuneration Committee of H&T Group plc can grant ordinary shares at no cost  
to Executive Directors and other senior management. 
The LTIP operates as conditional shares awarded over a defined year performance period and subject to continued employment over a three year period 
from the date of the grant. Early exercise of the conditional shares is permitted if a share award holder ceases to be employed by reason of death, injury, 
disability, retirement or sale of his employing company.
There were no conditional shares outstanding at the year end. 
A reconciliation of conditional share movements for the LTIP is set out below:
Number of 
conditional  
shares 
2016  
Weighted average  
exercise price  
(in pence)
Number of 
conditional  
shares
2015  
Weighted average  
exercise price  
(in pence)
Outstanding at beginning of the year
Granted during the year
Forfeited during the year
Exercised during the year
198,513
—
(198,513)
—
—
—
—
—
389,010
—
(190,497)
—
—
—
—
—
Outstanding at the end of the year — — 198,513 —
29. OPERATING LEASE ARRANGEMENTS
THE GROUP AS LESSEE 
2016  
£’000
2015  
£’000
Minimum lease payments under operating leases recognised as an expense in the year 6,593 6,693
At the balance sheet date, the Group had outstanding commitments for future minimum lease payments under non-cancellable operating leases,  
which fall due as follows:
Land and buildings Other
2016  
£’000
2015  
£’000
2016  
£’000
2015  
£’000
Leases expiring:
Within one year
In the second to fifth years inclusive
After five years
6,046
16,723
9,082
6,098
16,562
10,474
55
1
—
76
39
—
31,851 33,134 56 115
Significant operating lease payments represent rentals payable by the Group for rental of store premises. Leases are normally negotiated for an average 
term of 10 years at the then prevailing market rate, with a break option after 5 years.
The Group also sublets some of the premises above the stores, the outstanding receipts from which are immaterial.
Annual Report and Accounts 2016  I  59  
Strategic Report
Directors’ Report
Financial Statements 30. NOTES TO THE CASH FLOW STATEMENT
2016  
£’000
2015  
£’000
Profit for the financial year 
Adjustments for:
Investment revenues
Finance costs
Movement in provisions
Tax expense – Group Statement of Comprehensive Income
Depreciation of property, plant and equipment
Amortisation of intangible assets
Share-based payment expense
Loss on disposal of property, plant and equipment 
7,582 
 
(1)
479
192
2,138
2,686
254
16
265
5,378 
 
(1)
679
(216)
1,462
2,897
321
104
75
Operating cash flows before movements in working capital 
(Increase)/Decrease in inventories
Increase in other current assets
Increase in receivables
Increase/(Decrease) in payables
13,611
(4,991)
(202)
(8,154)
3,585
10,699 
4,469
(417)
(1,367)
(507)
Cash generated from operations 
Income taxes paid
Debt restructuring costs
Interest paid
3,849 
(1,860)
(325)
(349)
12,877 
(1,160)
—
(508)
Net cash generated from operating activities 1,315 11,209
Cash and cash equivalents (which are presented as a single class of assets on the face of the balance sheet) comprise cash at bank and other short-term 
highly liquid investments with a maturity of three months or less.
31. RELATED PARTY TRANSACTIONS 
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. 
Transactions with Directors are disclosed in the Directors’ Report and note 9. There were no other material related party transactions during the year. 
REMUNERATION OF KEY MANAGEMENT PERSONNEL
The remuneration of the Directors of Harvey & Thompson Limited, the trading subsidiary, who are the key management personnel of the Group,  
is set out below in aggregate for each of the categories specified in IAS 24 ‘Related Party Disclosures’:
2016  
£’000
2015  
£’000
Short-term employee benefits
Pension contributions
Share-based payments
1,322
58
146
842
57
—
1,526 899
32. CAPITAL COMMITMENTS 
There is no significant capital expenditure authorised and contracted for but not provided in the accounts (2015: £nil). 
33. EVENTS AFTER THE BALANCE SHEET DATE 
The Directors have proposed a final dividend for the year ended 31 December 2016 of 5.3p (2015: 4.5p) (note 14).
Notes to the consolidated financial statements
For the year ended 31 December 2016 (continued)
60  I  www.handt.co.uk 60  I Independent Auditor’ s report  
to the members of H&T Group plc
We have audited the Parent Company financial statements of H&T Group 
plc for the year ended 31 December 2016 which comprise the Parent 
Company balance sheet, the Parent Company combined reconciliation  
of movements in shareholders’ funds and statement of movements on 
reserves and the related notes A to F . The financial reporting framework 
that has been applied in their preparation is applicable law and United 
Kingdom Accounting Standards (United Kingdom Generally Accepted 
Accounting Practice), including FRS 101 “Reduced Disclosure Framework.
This report is made solely to the Company’s members, as a body,  
in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  
Our audit work has been undertaken so that we might state to the 
Company’s members those matters we are required to state to them in an 
auditor’s report and for no other purpose. To the fullest extent permitted 
by law, we do not accept or assume responsibility to anyone other than 
the Company and the Company’s members as a body, for our audit work, 
for this report, or for the opinions we have formed.
RESPECTIVE RESPONSIBILITIES OF DIRECTORS AND AUDITOR
As explained more fully in the Directors’ Responsibilities Statement,  
the Directors are responsible for the preparation of the Parent Company 
financial statements and for being satisfied that they give a true and fair 
view. Our responsibility is to audit and express an opinion on the Parent 
Company financial statements in accordance with applicable law and 
International Standards on Auditing (UK and Ireland). Those standards 
require us to comply with the Auditing Practices Board’s Ethical Standards 
for Auditors.
SCOPE OF THE AUDIT OF THE FINANCIAL STATEMENTS
An audit involves obtaining evidence about the amounts and disclosures  
in the financial statements sufficient to give reasonable assurance that the 
financial statements are free from material misstatement, whether caused 
by fraud or error. This includes an assessment of: whether the accounting 
policies are appropriate to the Parent Company’s circumstances and have 
been consistently applied and adequately disclosed; the reasonableness  
of significant accounting estimates made by the Directors; and the overall 
presentation of the financial statements. In addition, we read all the 
financial and non-financial information in the annual report to identify 
material inconsistencies with the audited financial statements and to 
identify any information that is apparently materially incorrect based on,  
or materially inconsistent with, the knowledge acquired by us in the  
course of performing the audit. If we become aware of any apparent 
material misstatements or inconsistencies we consider the implications  
for our report.
OPINION ON FINANCIAL STATEMENTS
In our opinion the Parent Company financial statements:
• give a true and fair view of the state of the Company’s affairs as at  
31 December 2016 and of its loss for the year then ended;
• have been properly prepared in accordance with United Kingdom 
Generally Accepted Accounting Practice; and
• have been prepared in accordance with the requirements of the 
Companies Act 2006.
OPINION ON OTHER MATTERS  
PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report 
for the financial year for which the financial statements are prepared  
is consistent with the financial statements; and
• the Strategic Report and the Directors’ Report have been prepared  
in accordance with applicable legal requirements
In light of the knowledge and understanding of the Company and  
its environment obtained in the course of the audit, we have not  
identified any material misstatements in the Strategic Report and the 
Directors’ Report.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
We have nothing to report in respect of the following matters where  
the Companies Act 2006 requires us to report to you if, in our opinion:
• adequate accounting records have not been kept by the Parent 
Company, or returns adequate for our audit have not been received 
from branches not visited by us; or
• the Parent Company financial statements are not in agreement with 
the accounting records and returns; or
• certain disclosures of Directors’ remuneration specified by law are  
not made; or
• we have not received all the information and explanations we require 
for our audit.
OTHER MATTERS
We have reported separately on the Group financial statements  
of H&T Group plc for the year ended 31 December 2016.
WILLIAM FARREN FCA (Senior Statutory Auditor) 
for and on behalf of Deloitte LLP 
Chartered Accountants and Statutory Auditor  
Crawley, United Kingdom 
10 March 2017
Annual Report and Accounts 2016  I  61  
Strategic Report
Directors’ Report
Financial Statements Parent Company balance sheet
As at 31 December 2016
Note
2016  
£’000
2015  
£’000
Non-current assets
Investments C 44,586 1,479
44,586 1,479
Current assets
Receivables
Cash at bank and in hand
D 56
3
61,587
46
Liabilities: amounts falling due within one year E
59
(3,092)
61,633
(18,707)
Net current assets (3,033) 42,926
Total assets less current liabilities 41,553 44,405
Net assets 41,553 44,405
Capital and reserves
Called up share capital
Share premium account
Employee Benefit Trust shares reserve
Share option reserve
Profit and loss account
F 
 
 
 
1,852
25,754
(35)
1,495
12,487
1,843
25,409
(35)
1,479
15,709
Total shareholders’ funds 41,553 44,405
The financial statements of H&T Group plc, registered number 05188117, were approved by the Board of Directors and authorised for issue  
on 10 March 2017.
Signed on behalf of the Board of Directors by:
J G NICHOLS 
Chief Executive
62  I  www.handt.co.uk 62  I 2016  
Company Note
Called up  
share  
capital  
£’000
Share  
premium  
account  
£’000
Employee  
benefit  
trust shares 
reserve  
£’000
Share  
option  
reserves  
£’000
Profit  
and loss  
account  
£’000
2016  
Total  
£’000
At 1 January 
Loss for the financial year
Dividend paid
Issue of share capital
Share option credit taken directly to equity
F 
1,843 
—
—
9
—
25,409 
—
—
345
—
(35) 
—
—
—
—
1,479 
—
—
—
16
15,709 
(113)
(3,109)
—
—
44,405 
(113)
(3,109)
354
16
At 31 December 1,852 25,754 (35) 1,495 12,487 41,553
2015  
Company
Called up 
share  
capital  
£’000
Share 
premium 
account 
£’000
Employee 
benefit  
trust shares 
reserve  
£’000
Share  
option 
reserves 
£’000
Profit  
and loss 
account 
£’000
2015  
Total  
£’000
At 1 January 
Loss for the financial year
Dividend paid
Employee Benefit Trust shares
 
 
1,843 
—
—
—
25,409 
—
—
—
(35) 
—
—
—
1,375 
—
—
104
18,110 
(116)
(2,285)
—
46,702 
(116)
(2,285)
104
At 31 December 1,843 25,409 (35) 1,479 15,709 44,405
Parent Company combined reconciliation  
of movements in shareholders’ funds  
and statement of movements on reserves 
For the year ended 31 December 2016
Annual Report and Accounts 2016  I  63  
Strategic Report
Directors’ Report
Financial Statements Notes to the Company financial statements
For the year ended 31 December 2016
A. ACCOUNTING POLICIES
BASIS OF PREPARATION
H&T Group plc is a Company incorporated in the United Kingdom under the Companies Act. The address of the registered office is given on page 19.  
The nature of the Company’s operations and its principal activities are set out in the business overview on pages 4 to 7.
The separate financial statements of the Company are presented as required by the Companies Act 2006. The Company meets the definition  
of a qualifying entity under FRS 100 (Financial Reporting Standard 100) issued by the Financial Reporting Council. Accordingly, in the year ended  
31 December 2015 the Company decided to adopt FRS 101 and underwent transition from reporting under UK GAAP to FRS 101 as issued by the 
Financial Reporting Council. Accordingly, the financial statements have therefore been prepared in accordance with FRS 101 (Financial Reporting  
Standard 101) ‘Reduced Disclosure Framework’ as issued by the FRC in July 2015 and July 2016. 
The financial statements have been prepared on the historical cost basis. Historical cost is generally based on the fair value of the consideration given  
in exchange for the goods and services. The principal accounting policies adopted are set out below.
These financial statements are separate financial statements. The Company is exempt from the preparation of consolidated financial statements,  
because it is included in the Group financial statements of H&T Group plc. 
As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to business 
combinations, share-based payment, non-current assets held for sale, financial instruments, capital management, presentation of comparative information 
in respect of certain assets, presentation of a cash-flow statement, standards not yet effective, impairment of assets and related party transactions.  
Where required, equivalent disclosures are given in the Group financial statements of H&T Group plc. The Group financial statements of H&T Group plc  
are available to the public.
The financial statements have been prepared on a going concern basis as discussed in the Directors’ Report.
The particular accounting policies adopted are described below.
TAXATION
Current UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively 
enacted by the balance sheet date. Where tax losses are surrendered to, or received from, group companies, the amount received/surrendered is charged/
credited to the profit and loss account and treated as payable to/receivable from the related group party that has surrendered/received the losses.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events 
that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences 
are differences between the Company’s taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses 
in tax assessments in periods different from those in which they are recognised in the financial statements.
A net deferred tax asset is regarded as recoverable and therefore recognised only to the extent that, on the basis of all available evidence,  
it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences  
can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the timing differences are expected to reverse, based 
on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis. 
INVESTMENTS
Fixed assets investments are shown at cost less provision for impairment.
FINANCIAL LIABILITIES AND EQUITY
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument  
is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Equity instruments issued are recorded at the proceeds received, net of direct issue costs.
DIVIDENDS 
Dividends receivable from subsidiary undertakings are recorded in the profit and loss account on the date that the dividend becomes a binding liability  
on the subsidiary Company. Under the terms of IFRS 3 ‘Business Combinations’, the Company records dividends arising from pre-acquisition profit and loss 
reserves of its subsidiary undertaking in the profit and loss account and considers whether the distribution affects the carrying value of the investment  
in the subsidiary undertaking.
Dividends payable are recorded as a distribution from retained earnings in the period in which they become a binding liability on the Company.
SHARE OPTIONS 
The Company’s trading subsidiary, Harvey & Thompson Limited issues share options to employees in that Company, which are equity settled in shares  
of H&T Group plc. Harvey & Thompson Limited determines the fair value of the options granted measured at the date of grant by use of a Black-Scholes 
model or a Stochastic model depending on the vesting conditions attached to each scheme. This fair value cost of equity-settled awards is recognised  
on a straight-line basis over the vesting period in the financial statements of Harvey & Thompson Limited, based on the estimate of shares that will 
eventually vest and adjusted for the effect of any non market-based vesting conditions. 
The Company receives a payment each period, equal to the annual expense recorded in Harvey & Thompson Limited calculated on the basis  
described above. This amount is credited to the profit and loss account each period and is treated in a similar manner to a distribution of dividends  
from Group companies.
64  I  www.handt.co.uk 64  I B. COMPANY PROFIT AND LOSS ACCOUNT
As permitted by s408 of the Companies Act 2006 the Company has elected not to present its own profit and loss account or statement of comprehensive 
income for the year. 
The Company made a loss after taxation of £113,000 in 2016 (2015: loss of £116,000).
The auditor’s remuneration for the current and preceding financial years is borne by a subsidiary undertaking, Harvey & Thompson Limited. Note 8 to the 
Group financial statements discloses the amount paid in respect of the Company.
The Directors did not receive any emoluments for their services to the Company (2015: £nil). Other than the Directors, the Company has no employees  
in either financial year.
C. INVESTMENTS
Shares in subsidiary undertakings
Total  
£’000
Cost
At 1 January 2015
Additions
1,375
104
At 1 January 2016
Additions
Transfer of shares as a result of Group structure change
1,479
16
43,091
At 31 December 2016 44,586
Within the cost at 1 January 2016 includes cost of shares in a subsidiary undertaking of £1.
Additions in the year represent capital contributions in relation to share options issued to employees. Please refer to note 28 on page 57.
During 2016 H&T Finance Limited, a wholly owned subsidiary of H&T Group plc, was wound up. The investment of £43,091,000 in Harvey & Thompson 
Limited was subsequently transferred to H&T Group plc. 
The investments in Group companies which are all included in the consolidated financial statements are as follows:
Name of Company Country of incorporation
Proportion of ordinary 
shares held:
Principal Activity Directly Indirectly
Harvey & Thompson Limited
(Registered office:  
Times House, Throwley Way,  
Sutton, Surrey, SM1 4AF)
Great Britain 100% Pawnbroking, jewellery sales, gold purchasing, 
unsecured lending, cheque cashing and 
related services
The Company owns directly or indirectly 100% of the voting rights in all subsidiary undertakings. H&T Group plc is also incorporated in Great Britain.
D. RECEIVABLES
2016  
£’000
2015  
£’000
Amounts owed by subsidiary companies
Prepayments and accrued income
35
21
61,565
22
56 61,587
E. LIABILITIES: AMOUNTS FALLING DUE WITHIN ONE YEAR
2016  
£’000
2015  
£’000
Trade creditors
Amounts owed to subsidiary companies
Accruals and deferred income
263
2,804
25
—
18,479
228
3,092 18,707
F . CALLED UP SHARE CAPITAL
Please refer to the Group financial statements of H&T Group plc for details of share capital including shares issued in the year (note 27), and dividends  
paid and proposed (notes 14 and 33).
Annual Report and Accounts 2016  I  65  
Strategic Report
Directors’ Report
Financial Statements Store directory
ACTON
158 High Street, W3 6QZ 
Tel: 020 8993 2586
AYR
114 High Street, KA7 1PQ 
Tel: 01292 619 867
BARKING
27 East Street, IG11 8ER 
Tel: 020 8594 6100
BASILDON
1a Market Pavement, SS14 1DD 
Tel: 01268 281 223 
BEDMINSTER
84 East Street, Bedminster, Bristol,  
BS3 4EY 
Tel: 01179 666 321
BEXLEYHEATH
109 The Broadway Centre, DA6 7JH 
Tel: 020 8303 9403
BIRKENHEAD
The Grange Shopping Centre  
26 Borough Pavement, CH41 2XX 
Tel: 0151 647 5053
BIRMINGHAM
102 Bull Street, B4 7AA 
Tel: 0121 236 3082
BIRMINGHAM
10 Ethel Street, B2 4BG 
Tel: 0121 632 5166
BLACKBURN
Unit 2, 3 Ainsworth Street, BB1 6AS 
Tel: 01254 260 040
BLACKPOOL
97-99 Central Drive, FY1 5EE 
Tel: 01253 622 039
BOLTON
13 Newport Street, BL1 1NE 
Tel: 01204 385 530
BOOTLE
Unit 115, Strand Shopping Centre,  
L20 4SU 
Tel: 0151 933 7438
BOW
575 Roman Road, E3 5EL 
Tel: 020 8983 9553 
BRADFORD
26 James Street, BD1 3PZ 
Tel: 01274 390 675
BRECK ROAD
305-307 Breck Road, 
Liverpool, 
L5 6PU 
Tel: 0151 263 4699
BRIGHTON
4 Castle Square, BN1 1EG 
Tel: 01273 326 061
BRIXTON
Arch 9, Atlantic Road, SW9 8HX 
Tel: 020 7733 8457
BROMLEY 
78 High Street, BR1 1EY  
Tel: 020 8460 2986
BURNT OAK
75 Burnt Oak Broadway, HA8 5EP 
Tel: 020 8952 2523
CAMBERWELL
72 Denmark Hill, SE5 8RZ 
Tel: 020 7738 7927
CATFORD
58 Rushey Green, SE6 4JD 
Tel: 020 8690 3549
CHALK FARM
36 Chalk Farm Road, NW1 8AJ 
Tel: 020 7485 2668
CHATHAM
321 High Street, ME4 4BN 
Tel: 01634 811 811
CHEETHAM HILL
Unit 5 Cheetham Hill Shopping Centre,  
M8 5EL 
Tel: 0161 740 6556
CHELMSFORD
25 High Chelmer, CM1 1XR 
Tel: 01245 259 004
CLAPHAM
9 Northcote Road, SW11 1NG 
Tel: 020 7228 3807
CLAPTON
157 Clapton Common, E5 9AE 
Tel: 020 8809 1488
CLYDEBANK
25 Sylvania Way South, G81 1EA 
Tel: 0141 952 6396
COLCHESTER
10 Short Wyre Street, CO1 1LN 
Tel: 01206 765 433
CORBY
19 Corporation Street, NN17 1NG 
Tel: 01536 402 886
COSHAM
32 High Street, PO6 3BZ 
Tel: 02392 389 940
COUNTY ROAD
66 County Road, Walton, 
Liverpool, L4 3QL 
Tel: 0151 523 0085
COVENTRY
10 Hales Street, CV1 1JD 
Tel: 02476 256 220
COVENTRY
Unit 1, Shelton Square, CV1 1DG 
Tel: 02476 223 623
CRAWLEY
11 Broadwalk, RH10 1HJ 
Tel: 01293 618 270
CREWE
21 Victoria Street, CW1 2HF 
Tel: 01270 254 888
CROYDON EAST
16 George Street, CR0 1PA 
Tel: 020 8680 1470
CROYDON WEST
12 London Road, CR0 2TA 
Tel: 020 8680 4738
CROYDON WHITGIFT
Unit 145A Whitgift Centre, CR0 1UT 
Tel: 020 8680 4443
DAGENHAM
299 Heathway, RM9 5AQ 
Tel: 020 8592 8848
DALSTON
52 Kingsland High Street, E8 2JP 
Tel: 020 7254 1788
DARLINGTON
23 Skinnergate, DL3 7NW 
Tel: 01325 361 781
DARTFORD
Unit 33, The Orchards Shopping Centre,  
DA1 1DN 
Tel: 01322 224 918
DEPTFORD
72 Deptford High Street, SE8 4RT 
Tel: 020 8692 3092
DERBY
33 Victoria Street, DE1 1ES 
Tel: 01332 291 623
DONCASTER
23 High Street, DN1 1DW 
Tel: 01302 812 099
66  I  www.handt.co.uk 66  I DOWNHAM
438 Bromley Road, BR1 4PP 
Tel: 020 8697 6212
DUDLEY
215 Wolverhampton Street, DY1 1EF 
Tel: 01384 238 577
DUKE STREET 
487 Duke Street, Glasgow, G31 1DL 
Tel: 0141 554 9332
DUNDEE
116 Seagate, DD1 2ET 
Tel: 01382 205 213
EAST HAM
47 High Street North, E6 1HS 
Tel: 020 8586 6775
EAST KILBRIDE
10 Princes Mall, G74 1LB 
Tel: 01355 232 520
EASTERHOUSE
Unit 19, Shandwick Square Shopping Centre,  
Bogbain Road, G34 9DT 
Tel: 0141 771 8796
EASTLEIGH
43-45 Market Street, SO50 5RF 
Tel: 02380 615 552
EDINBURGH
106 Lauriston Place, EH3 9HX 
Tel: 0131 229 4448
EDINBURGH
78a Nicolson Street, EH8 9EW 
Tel: 0131 667 2022
EDMONTON
16 South Mall, Edmonton Green  
Shopping Centre, N9 0TN 
Tel: 020 8807 8302
ELEPHANT AND CASTLE
212 E&C Shopping Centre, SE1 6TE 
Tel: 020 7252 4602
ELLESMERE PORT
43 Marina Drive, Port Arcades Shopping Centre, 
CH65 0AN 
Tel: 0151 357 3176
ELTHAM
89 Eltham High Street, SE9 1TD 
Tel: 020 8850 6963
FAREHAM
119a West Street, PO16 0DY 
Tel: 01329 288 838
FINSBURY
259-261 Seven Sisters Road, N4 2DD 
Tel: 020 7272 9249
FORE STREET
169-171 Fore Street, Edmonton, 
N18 2XB 
Tel: 020 8887 8910
FOREST GATE
29 Woodgrange Road, E7 8BA 
Tel: 020 8555 5120
FULHAM
224 Northend Road, W14 9NU 
Tel: 020 7385 3188
GATESHEAD
Unit 5, Jackson Street, NE8 1EE 
Tel: 0191 478 4107
GILLINGHAM
169 High Street, ME7 1AQ 
Tel: 01634 855 053
GLASGOW
9-11 Bath Street, G2 1HY 
Tel: 0141 332 5637
GOVAN
595 Govan Road, G51 2AS 
Tel: 0141 445 1567
GRAVESEND
21 King Street, DA12 2EB 
Tel: 01474 363 611
GREAT BRIDGE
51 Great Bridge, DY4 7HF 
Tel: 0121 557 1413
GREAT WESTERN
156 Great Western Road, G4 9AE 
Tel: 0141 332 0878
GREEN STREET
342 Green Street, Upton Park, London,  
E13 9AP  
Tel: 020 8471 1335
GREENOCK
Unit 3 Hamilton Gate, 
Oakmall Shopping Centre, PA15 1JW 
Tel: 01475 726 616
GRIMSBY
6 Victoria Street, DN31 1DP 
Tel: 01472 355 489
HACKNEY
384 Mare Street, E8 1HR 
Tel: 020 8533 5663
HAMMERSMITH
134 King Street, W6 0QU 
Tel: 020 8563 8585
HARLESDEN
72 High Street, NW10 4SJ 
Tel: 020 8838 5122
HARLOW
23 Broad Walk, CM20 1JF 
Tel: 01279 417 128
HARROW
324b Station Road, HA1 2DX 
Tel: 020 8861 1534
HARROW
14 St Anns Road, HA1 1LG 
Tel: 020 8863 0069
HASTINGS
18 Queens Road, Hastings, TN34 1QY 
Tel: 01424 430 190
HAYES
46 Station Road, UB3 4DD 
Tel: 020 8589 0805
HOLLOWAY
9 Seven Sisters Road, N7 6AJ 
Tel: 020 7281 8559
HOUNSLOW
30 High Street, TW3 1NW 
Tel: 020 8570 4626
HOUNSLOW
253 High Street, TW3 1EA 
Tel: 020 8577 0084
HULL
Unit 30, 37 Prospect Centre, HU2 8PP 
Tel: 01482 228 946
HYDE
Unit 5, The Mall, Clarendon Square  
Shopping Centre, SK14 2QT 
Tel: 0161 351 7812
ILFORD
91-93 Cranbrook Road, IG1 4PG 
Tel: 020 8514 3334
ILFORD
211 High Road, IG1 1LX 
Tel: 020 8514 6372
IRVINE
1/3 Bridgegate, KA12 8BJ 
Tel: 01294 273 823 
KILBURN
139 Kilburn High Road, NW6 7HR 
Tel: 020 7624 3367
KINGSTON UPON THAMES
26 Castle Street, KT1 1SS 
Tel: 020 8546 8365
KIRKBY
Unit 11b, St Chads Way, Kirkby, L32 8RD 
Tel: 0151 546 6622
Annual Report and Accounts 2016  I  67   Store directory (continued)
KIRKCALDY
85 High Street, Kirkcaldy, Fife, KY1 1LN 
Tel: 01592 262 554
LEEDS
8 New Market Street, LS1 6DG 
Tel: 01132 449 352
LEICESTER
69 Market Place, LE1 5EL 
Tel: 0116 262 4566
LEIGH
53 Bradshawgate, WN7 4NB 
Tel: 01942 673 012
LEITH
Unit 6, Newkirkgate Shopping Centre, 
EH6 6AA 
Tel: 0131 555 3298
LEWISHAM
121 Lewisham High Street, SE13 6AT 
Tel: 020 8852 9961
LEYTON
281 High Road, E10 5QN 
Tel: 020 8539 8332
LIVERPOOL 
Unit 6, 42-46 Whitechapel, L1 6DZ 
Tel: 0151 709 2151
LIVINGSTON
Unit 22, Almondvale Shopping Centre,  
EH54 6HR 
Tel: 01506 431 779
LUTON
174 The Mall, LU1 2TL 
Tel: 01582 486 711
MACCLESFIELD
23 Chestergate, SK11 6BX 
Tel: 01625 430 699
MARGATE
72 High Street, Margate, CT9 1DT 
Tel: 01843 292 189
MIDDLESBROUGH
45 Dundas Street, TS1 1HR 
Tel: 01642 223 849
NEW ADDINGTON
14 Central Parade, CR0 0JB 
Tel: 01689 847 388
NEWCASTLE
117 Grainger Street, NE1 5AE 
Tel: 0191 232 1924
NEWCASTLE
67 Clayton Street, NE1 5PY 
Tel: 0191 232 6908
NORTHAMPTON
Unit 3, 71B Abington Street, NN1 2BH 
Tel: 01604 239 085
NOTTINGHAM
22-24 Upper Parliament Street, NG1 2AD 
Tel: 0115 947 6560
OLDHAM
Unit 34, Town Square Shopping Centre,  
Town Centre, OL1 1XF 
Tel: 0161 627 5904
OLDHAM
Unit 24, Town Square,  
Spindles Shopping Centre, OL1 1XF 
Tel: 0161 628 9303
ORPINGTON
221 High Street, BR6 0NZ 
Tel: 01689 870 280
PADDINGTON
63 Praed Street, W2 1NS  
Tel: 020 7723 5736
PARTICK
333 Dumbarton Road, G11 6AL 
Tel: 0141 334 1258
PECKHAM
51 High Street, SE15 5EB 
Tel: 020 7703 4547
PENGE
136 High Street, SE20 7EU 
Tel: 020 8676 8220
PETERBOROUGH
1 Westgate, PE1 1PX 
Tel: 01733 310 794
POPLAR
22 Market Way, E14 6AH 
Tel: 020 7987 1596
PORTSMOUTH
186 Kingston Road, PO2 7LP 
Tel: 02393 691 751
PRESTON
11 Friargate, PR1 2AU 
Tel: 01772 563 495
READING
31 Oxford Road, Broad Street Mall,  
RG1 7QG 
Tel: 0118 959 9946
ROCHDALE
92 Yorkshire Street, OL16 1JX 
Tel: 01706 525 709
ROMFORD
Unit 30, Liberty 2, Mercury Gardens, 
RM1 3EE 
Tel: 01708 755 420
ROTHERHAM
2 Effingham Street, S65 1AJ 
Tel: 01709 363 686
RUGBY
1 Church Street, CV21 3PH 
Tel: 01788 577 110
RUNCORN
Unit 119, Halton Lea Shopping Centre, 
WA7 2BX 
Tel: 01928 796 318
RUTHERGLEN
Unit 3, Mitchell Arcade, 
Rutherglen Shopping Centre, G73 2LS 
Tel: 0141 647 6040
SALFORD
70 Fitzgerald Way, Salford Shopping Centre,  
M6 5HW 
Tel: 0161 745 7949 
SCUNTHORPE
114 High Street, DN15 6HB 
Tel: 01724 843 817
SHEFFIELD
The Kiosk, 1-13 Angel Street, S3 8LN 
Tel: 0114 276 9281
SIDCUP
76 High Street, DA14 6DS 
Tel: 020 8300 6242
SLOUGH
64 High Street, SL1 1EL 
Tel: 01753 693 303
SOHO ROAD
224 Soho Road, Birmingham, B21 9LR 
Tel: 0121 507 0185
SOUTHALL
1A The Broadway, UB1 1JR 
Tel: 020 8843 4920
SOUTHAMPTON
113a East Street, SO14 3HD 
Tel: 02380 639 945
SOUTHAMPTON
Unit 19, Marlands Shopping Centre, 
SO14 7SJ 
Tel: 02380 225 336
SOUTHEND-ON-SEA
95 Southchurch Road, SS1 2NL 
Tel: 01702 469 977
SPRINGBURN
Unit 13, Springburn Shopping Centre, 
Springburn Way, G21 1TS 
Tel: 0141 558 7569
68  I  www.handt.co.uk 68  I ST. HELENS 
4 Ormskirk Street, WA10 1BH 
Tel: 01744 610 331
STEVENAGE
24 Westgate Centre, SG1 1QR 
Tel: 01438 365 153
STIRLING
33-35 Murray Place, FK8 1DQ 
Tel: 01786 478 945
STOCKPORT
109 Princes Street, SK1 1RW 
Tel: 0161 476 5860
STOCKTON
107-108 High Street, TS18 1BB 
Tel: 01642 616 005
STOKE ON TRENT
49-51 Stafford Street, ST1 1SA 
Tel: 01782 268 144
STRATFORD
Unit 27, The Mall, Stratford Centre,  
E15 1XD 
Tel: 020 8519 7770
STREATHAM
254 Streatham High Rd, SW16 1HT 
Tel: 020 8677 4508
STRETFORD
Unit 44, Ground Floor Brody Street Mall, 
Streford Mall Shopping Centre, M32 9BB 
Tel: 0161 865 4930
SUNDERLAND
26 Blandford Street, SR1 3JH 
Tel: 0191 565 0008
SURREY QUAYS
196 Lower Road, SE16 2UN 
Tel: 020 7231 6177
SUTTON
232 High Street, SM1 1NT 
Tel: 020 8643 9994
SUTTON IN ASHFIELD
Unit 44, Idlewells Shopping Centre, 
NG17 1BJ 
Tel: 01623 559 596
SWINDON
46 Bridge Street, SN1 1BL 
Tel: 01793 491 731
SYDENHAM
37 Sydenham Road, SE26 5EX 
Tel: 020 8778 4964 
TOOTING
63 Mitcham Road, SW17 9PB 
Tel: 020 8672 5127
TOOTING JUNCTION
20-22 London Road, SW17 9HW 
Tel: 020 8640 7575
TOTTENHAM
518 High Road, N17 9SX 
Tel: 020 8808 0600
UXBRIDGE
Unit 11 Chequers Square, The Mall, UB8 1LN 
Tel: 01895 230 503
WALLSEND
28 High Street East, NE28 8PQ 
Tel: 0191 234 5769
WALSALL
8 The Bridge, WS1 1LR 
Tel: 01922 638 501
WALTHAMSTOW 
234 High Street, E17 7JH 
Tel: 020 8521 8156
WALTON VALE
27 Walton Vale, Liverpool, L9 4RE 
Tel: 0151 525 5182
WALWORTH
389 Walworth Road, SE17 2AW 
Tel: 020 7703 2946
WALWORTH
241 Walworth Road, SE17 1RL 
Tel: 020 7277 4809
WATERLOO
111 Lower Marsh, SE1 7AE 
Tel: 020 7928 0382
WATFORD
114 High Street, WD17 2BJ 
Tel: 01923 247 740
WELLING
3 Bellegrove Road, DA16 3PA 
Tel: 020 8303 3645
WEMBLEY
544 High Road, HA0 2AA 
Tel: 020 8795 5811
WEST BROMWICH
64 Kings Square (High Street),  
Sandwell Centre, B70 7NW 
Tel: 0121 553 2728
WIGAN
21 Hope Street,  
Galleries Shopping Centre,  
WN1 1QF 
Tel: 01942 237 518
WILLESDEN
70 High Road, NW10 2PU 
Tel: 020 8459 3527
WOLVERHAMPTON
10a Cleveland Street, WV1 3HH 
Tel: 01902 425 648
WOLVERHAMPTON
15-16 Queen Street, WV1 3JW 
Tel: 01902 424 908
WOOD GREEN
12 Cheapside, N22 6HH 
Tel: 020 8889 9484
WOOLWICH
4 Powis Street, SE18 6LF 
Tel: 020 8317 9265
WORCESTER PARK
148 Central Road, KT4 8HH 
Tel: 020 8337 7307
WORKSOP
27-29 Bridge Street, S80 1DA 
Tel: 01909 488 584
WYTHENSHAWE
Unit 1D, Hale Top, Civic Centre, M22 5RN 
Tel: 0161 498 8431
BOND STREET OFFICE
H&T Finance,  
2nd Floor, Standbrook House,  
2a Old Bond Street, W1S 4PD 
Tel: 0800 121 4121
Designed and produced by corporateprm, Edinburgh and London. www.corporateprm.co.uk Cover design 
TBC
Annual Report and Accounts 2016
The UK’ s leading pawnbroker
Redefining 
the
pawnbroking
model
H&T Group plc   I   Annual Report and Accounts 2016
H&T Group plc
Times House
Throwley Way
Sutton
Surrey
SM1 4AF
Tel: 0870 9022 600
www.handt.co.uk