Gold price surge boosts profits at pawnbroker Albemarle & Bond

Published: 6:30AM GMT twenty-three February 2010

Profits at Albemarle & Bond, the owners of heading pawnbroking franchises Cheque & Pawn and Herbert Brown, leapt by 75pc to �10.8m in the 6 months to finish December, in what arch senior manager Barry Stevenson described as a "very certain trade environment".

Total pawnbroking revenues grew by 14pc to �13.2m, whilst the loan book increasing 7pc to �27.5m notwithstanding the key at the begin of 2009 of a new bullion purchasing use the association feared competence cannibalise revenues from the normal lending business.

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While sell sales of bullion trinket forsaken 5pc, the guaranty broker"s bullion purchasing commercial operation boomed, giving Mr Stevenson, who was done arch senior manager last August, the preferred begin to his tenure.

Mr Stevenson said: "As a organisation we are well-positioned to go on the clever progress, nonetheless we design the stream mercantile sourroundings to stroke the sell business."

With no signs of any tumble in direct for the pawnbroking services, the organisation expects to open 10 to fifteen new branches this year. "Certainly the stream mercantile incident is not seeking similar to removing improved in the subsequent 12-24 months there are a lot of commercial operation out there who are credit-constrained."