Albemarle and Bond strong trading results

Albemarle and Bond, the leading pawnbroker and retail financial services company, has said in a trading statement issued today that it expects the business to continue to perform strongly. As a result, it said that trading for the year to 30 June is

expected to be at the top end of analyst expecetations.

The group said its core pawnbroking business saw year-on-year pledge book growth (on a like-for-like basis) of 23.9%, representing around 50% of the company's gross profit.

The total pledge book stood at £37 million at 30 April, up £1 million from the end of 2010.

This comes on the back of a new store opening programme announced by the company which expects 28 stores to be opened in the current financial year.

Barry Stevenson, chief executive officer said: "We believe margins from gold buying are stable and whilst we do not expect to sustain the recent exceptional 20% plus LFL growth in the pledge book in the medium term, we are targeting a positive market leading expansion rate to help drive overall profitability. Overall, we are delighted with the Group's progress.”