H&T has delivered a solid outturn given difficult trading conditions during the year – primarily from a volatile gold price. We note improving fundamentals in the pledge book and indication of underlying customer growth. The final dividend is ahead of our forecast bringing the full year payout to 8.0p (vs N+1Se 7.5p) reflecting strong cash generation. We note the continued income potential. The underlying tangible NAV per share is now 205p, higher than the current price. We retain our BUY recomm ....
