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May 27, 2009    

Pawnbroker profits from recession

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by David Masters

UK-based pawnbroker Albemarie & Bond (A&B) has indicated that its full year results for the 12 months ending 30 June will exceed previous projections.

The company said pawnbroking has benefited from the higher price of gold, increasing its yield on unredeemed loans.

Retail sales are also up compared to last year, and the firm plans to open new stores across the UK.

A&B chairman Greville Nicholls said: “The company will deliver a strong trading result for this financial year and looking ahead, we will continue to focus on expanding our network of UK stores both through the opening of greenfield sites and through acquisition.”

However, financial expert David Kuo believes A&B’s continued growth indicates the UK’s recession has not yet run its course.

Kuo, director of The Motley Fool, added that the recession has been good news for A&B’s shareholders, who saw the share price jump more than 10% following the announcement.

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