May 26, 2009 / 6:29 AM / 11 years ago

Albemarle sees FY ahead of hopes

LONDON (Reuters) - Pawnbroker Albemarle & Bond ALBH.L said its full-year results are expected to be “significantly” ahead of market views, boosted by the soaring price of gold.

Britain’s largest pawnbroker said on Tuesday it has traded ahead of its expectations in recent months due to higher gold prices, the introduction of gold buying in its stores and an improvement in retail sales compared to last year.

Albemarle said it will continue to focus on growth, through acquisition — following the acquisition of smaller rival Herbert Brown in 2007, taking its total number of stores to 114 — and the opening of greenfield sites.

Reporting by Lorraine Turner

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