In addition to pawnbroking
and gold buying, the company sells high-quality new and pre-owned gold and silver jewellery in its stores, as well as offering a range of other financial services including pay day advances and Speedloans.
The company said: "The pawnbroking
industry itself continues to benefit from the rising gold price and a wider recognition in the UK of gold as a source of value, particularly in these times of economic uncertainty.
Mr Salmon doesn't envisage mass use of pawnbroking
, but said cash flow is a major issue for small businesses is thanks to delayed payments.
He is keen on making pawnbroking
H&T said profits for 2010 should exceed the upper end of market expectations of pounds 26m after consumers increasingly turned to its pawnbroking
and Gold Bar jewellery buying outlets.
The nationwide group said income from pawnbroking
grew 11 per cent, cheque cashing was up by seven per cent and pay day advances fattened by five per cent while a one per cent drop in retail sales was offset by improved margins.
CEO Peter Kenyon said the company's 2011 turnover was over pounds 54m, giving them a year on year growth of 52% While Ramsdens, which has 30 outlets in the North-east and Yorkshire, has experienced improved performances across most of its product streams, it recorded a record increase in pawnbroking
businesses have expanded in the wake of bank branch closures across Yorkshire, according to a report.
Gold prices have surged above pounds 600 an ounce this year, boosting scrap prices and leading to a 30 per cent jump in revenues from the main pawnbroking
Report co-author Professor Elaine Kempson said: 'People who are not familiar with pawnbroking
may be surprised both by the extent to which it is regulated and by the steps taken by the industry itself to ensure responsible lending.
industry traces its roots back to Ancient Greece but in 21st Century recession-hit Britain, it is one of few sectors on the high street that is in rude health.
The company, which offers payday loans and gold-buying as well as traditional pawnbroking
, said that it expected its profits for this year to be "above the top end of current market expectations" of around pounds 20million.