Recession is a winner for pawnbroker A&B

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The chief executive of Albemarle & Bond today unveiled a 19% rise in half-year profits to £6.2 million.

That allows it to be one of the few businesses to raise the payout to shareholders, with the interim dividend ahead by 12.5% to 2.25p.

"We've been in the business for 17 years now and had steady growth throughout," said Nicholls. "If you look at the recession, just about everyone else is in the red. We are pleased."

The UK's biggest pawnbroker is "unashamedly downmarket", catering to the likes of white van men who need a quick loan to repair a faulty exhaust.

"It is not as though we have suddenly seen a ton of people coming in with their Porsches," says Nicholls.

A&B's loan book has grown 18% to £27 million. The City liked the figures, and broker Collins Stewart makes the shares a buy.