10th Feb 2017 07:57
LONDON (Alliance News) - Motor finance lender S&U PLC said Friday it ended its financial year with trading in line with market expectations.
S&U said its motor business, Advantage Finance, finished a "record year" very strongly with 43,000 live customers and 20,000 new transactions over the year. Loan quality remains stable and within company expectations, said S&U.
S&U also noted that Aspen, its bridging finance operation, has now received regulatory approval and is open for business, starting a pilot phase over the next fifteen months.
The company finished the year with borrowings of GBP49.0 million, against total facilities of GBP85.0 million.
S&U approved a second interim dividend of 28 pence per share, bringing its total dividend to 52p, up from 43p the prior year.
"Within a robust domestic economy, a stable regulatory environment and a competitive market, we are confident in the group's ability to continue to grow at a consistent and sustainable rate, and in the shareholder value that implies," said Anthony Coombs, chairman of S&U.
By Adam Clark; [email protected]
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