25th Sep 2018 13:02
LONDON (Alliance News) - S & U PLC on Tuesday reported a rise interim profit on record revenue despite the "current challenging" economic and political environment.
In the half ended July, S & U reported a 17% increase in pretax profit to GBP16.7 million from GBP14.3 million.
The credit lender recorded a record first half revenue of GBP44.5 million, an 18% increase on the GBP37.6 million reported last year.
S & U's motor subsidiary, Advantage Finance, had a record number of customers at the end of the half at 58,000, up from 49,000 at the end of the first half in 2017.
The subsidiary's monthly collections increased 20% to GBP67.7 million from GBP56.4 million the year before.
S & U is proposing an increased interim dividend of 32.0 pence per share, up 14% from the previous year's payout of 28.0p.
Looking ahead, the company believes the demand for its services and products "remains strong", which gives it "quiet but sure" confidence for the future.
Chairman Anthony Coombs said: "Demand for our products and services remains strong despite a more challenging consumer and economic climate. We are therefore confident of maintaining S & U's record of strong, stable and consistent growth in years to come."
Shares in S & U were up 0.9% at 2,53.10 pence each Tuesday.
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