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Much of the profit decline reflected a 25 per cent fall in the gold price that, together with declining volumes, pushed gold purchasing profits down by 32 per cent to pound;3.8m. However, management moved to protect margins by closing down a number of GoldBar outlets – the number of shopping mall units were reduced to just five.
The groups core pawnbroking side also came under pressure as a result of increased high street competition and fewer gold items in circulation. While profits from pawn service charges were broadly flat at pound;14.8m, profits from scrapping were halved to pound;1.9m.
Several initiatives have been introduced to broaden the revenue stream, notably foreign exchange and a buy-back service on high-end electronic items. The group also plans to launch an improved unsecured loan facility using its own credit scoring criteria, and its current payday advance loan book is subsequently in run-off mode.
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