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Motor finance business drives S&U to record profits

S&U unveiled a bumper set of full-year figures, with the motor finance arm helping to drive profits up 21%.
Motor finance business drives S&U to record profits

S&U (LON:SUS) unveiled a bumper set of full-year figures, with the motor finance arm helping to drive profits up 21%.

The company’s motor finance business Advantage saw pre-tax profits rise 42% to £11.5mln in the year ended January, up from £8.1mln the year before, which lifted overall profits to £17.3mln, up from £14.2mln.

Advantage saw revenue growth of 26%, making it a healthy contributor to the group’s profit.

The home credit business, meanwhile, saw pre-tax profits dip to £5.8mln from £6.1mln, but the company stressed that its performance improved since the first half of the year.

It said customers were feeling the impact of energy price rises and the threat of benefit changes.

Revenues rose to £60.8mln from £55mln last year.

S&U proposed a higher final dividend of 24p (2013: 20p), representing a total dividend for the year of 54p, up from 46p.

Chairman Anthony Coombs said: “Our record profits of £17.3m offer proof that the enduring qualities imbued by those dedicated to S&U in the past - have respect for every customer and for the quality of service this demands of us - are firmly rooted in the way we do business today.

“I am confident that our continued and determined pursuit of these ideals will bring further rewards.”

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