H&T has issued a positive FY trading update. This follows the key Christmas trading period, but also an unscheduled positive update (3/11). Trading was better than expected in pawnbroking and retail over the Q4/Christmas period. H2 has benefited from a stable sterling gold price which preserved margins in gold purchasing and scrappage. The pledge book saw some modest growth and the unsecured loan book is growing strongly from a low base. We expect a c.5-10% increase in consensus PBT estimates.