Pawnbroker Melts Own Gold, Drop in Price Damaging To Business

The share price of Albemarle and Gold is up today (November 28th) after the pawnbroker announced its latest financial results.

It revealed it has seen a 12 per cent fall in pledges, which led it to issue a strong warning. Stocks dived by as much as 38 per cent yesterday, but have bounced back this morning.

Albemarle and Gold has even started melting down its own gold in a bid to improve its financial situation, the firm said in a statement.

A 27 per cent drop in the price of gold over the course of the year so far has also proven to be damaging to the business.

Chris Gillespie, chief executive of Albemarle & Bond, said: "Tough trading conditions have continued to impact our results, but we are making progress controlling costs and managing within our constrained banking facilities."

At 09:42 GMT this morning, the share price of Albemarle and Bond (ABM) was up by more than four per cent, with the company starting to erase some of the losses sustained earlier in the week.

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