Albemarle & Bond posts increased annual profits for 2011

One pawnbroker and provider of instant cash loans has reported annual profits for 2011 that grew by £1.3 million over last year’s figures, industry experts recently said.

Wakefield-based Albemarle & Bond’s gross 2011 profits came in at £31.5 million, demonstrating continued growth for UK pawnbrokers and other quick loans providers.  A&B has experienced two straight decades of profit growth, according to its annual report.

A&B’s pledge book has increased by 21 per cent, and the core of the business remains pawnbroking, as it contributed 52 per cent to the gross profit for the group.  Other areas of the pawnbroker’s business, such as the provision of instant cash loan and gold buying services, also showed gross profit increases as well.

Gold volumes purchased rose by 83 per cent in 2011, with A&B posting a 27 per cent profit increase in comparison to the £11.5 million gross gold buying figure in 2010.  The pawnbroker’s other lending, such as its Speedloans and Payday Anyway scheme, saw a gross profit increase of 16 per cent as well, from 2010’s £7.4 million figure to 2011’s £8.6 million.

A smaller part of the pawnbroker’s overall growth profit came from its jewellery sales, which earned a total of £6.4 million, equal to 10 per cent of its annual profits.  A&B made a total of £101.9 million in revenue last year, an increase of 24 per cent, while its operating profits rose to £21.7 million, a 5 per cent increase.

The company predicted strong demand for cash and short term loans in the coming year, with the expectation that its new shops will come out ahead of their initial forecasts.

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