26th Mar 2019 09:19
LONDON (Alliance News) - S & U PLC on Tuesday expressed confidence for the year ahead after reporting double-digit revenue and profit growth in its most recently ended financial year.
The stock was trading 15% higher on Tuesday at 2,027.90 pence a share in London.
The motor finance provider reported pretax profit of GBP34.6 million for the year to the end of January, up 15% from GBP30.2 million a year earlier, as revenue also increased by 15% to GBP89.2 million.
"As the economy and the motor sector has slowed, prudently tightened underwriting and some increased competition have seen S & U advances moderate to GBP152 million against GBP165 million in 2018," noted Chair Anthony Coombs.
This is primarily due to 21,000 new deals at motor finance provider Advantage in 2018, which was less than the record 24,500 completed the year earlier, but still the second highest new customer intake ever.
Meanwhile, lending unit Aspen Bridging has nearly doubled its advances to GBP23.1 million from GBP13.3 million year-on-year.
S & U proposed final dividend of 51p, taking the total payout for financial 2019 to 118p, up 12% on the prior year.
"The combination of growing markets, an expanded and dedicated team, a strong financial structure and responsible strategy, allows me to be confident of our continued success," added Coombs.
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