Albemarle & Bond Hld ABM AGM Statement

  Albemarle & Bond Hld (ABM) - AGM Statement

RNS Number : 2826R
Albemarle & Bond Holdings PLC
16 November 2012




16 November 2012



                        Albemarle & Bond Holdings PLC

                     ("Albemarle & Bond" or "the Group")

                                      

                       AGM Statement and Trading Update



At the  Annual General  Meeting ("AGM")  of  Albemarle &  Bond being  held  at 
11.00am today,  the  Chairman,  Greville Nicholls,  will  make  the  following 
statement:



"The Group is pleased to report that, four months into its financial year, it
is performing in line with full year market expectations.



Trading in the Group's Pawnbroking and Unsecured Lending products remains
stable at the levels seen in Q4 FY 2012. The pledge book at the end of October
2012 was 5.3% higher than at October 2011.



As signalled in September 2012, Gold Buying profits are significantly below
the exceptional levels seen in H1 FY 2012 which has set tough comparatives for
overall Group profits in H1. However, volumes and margins seen in Q4 FY2012
have been maintained through the first four months of this financial year.



Since the start of the financial year, the group has implemented a new
acquisition focused store expansion plan responding to both the uncertainty
and reduced cash flow generation from Gold Buying. We are on track to open
the planned five acquired stores in the current financial year, with three
acquisitions completed in the year to date. Of the stores opened since 2009,
over half have already made an operating profit contribution in the current
financial year despite lower profits from Gold Buying and with the key
Christmas retail trading period still to come.

The Company is operating from a stable financial platform. Costs continued to
be tightly managed and are in line with H2 FY 2012 levels. We have ample
headroom of £20m (£21m as at 30 June 2012) on facilities that run to November
2016. 



As of today, the Group is trading from 233 outlets, up from 115 as at June
2009, providing an expanding range of products and services to match the
demand for short term cash and credit."



                                    -ENDS-

Enquiries



Albemarle & Bond      0118 955 8100
Barry Stevenson, CEO

Liam Moran, CFO
Canaccord Genuity     020 7523 8350
Piers Coombs

Lucy Tilley
Cardew Group          020 7930 0777
Tim Robertson

Shan Shan Willenbrock

Alexandra Stoneham



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


AGMFFEEEIFESEIF -0- Nov/16/2012 07:00 GMT
 
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