Lender S & U Plc (LON:SUS) aims to continue its steady growth path as it unveiled another record year for growth and profitability.
Driving growth was again Advantage Finance, the Grimsby based motor finance business, where pre-tax profit for the year to end January was up 22% at £20.4mln (2015:£16.7), the 16th consecutive rise, while revenue rose 25%.
The group sold off its home credit business, Loansathome4u last summer for £82.4mln, which generated a one off profit of £50.1mln this year.
Advantage customer numbers are now at a record 32,600 (2015: 24,600) and new transactions grew by 27% to 15,100, the firm revealed.
Monthly collections at £7mln are almost double those of two years ago, it added.
S & U added that given the total used car finance market has been estimated at growing to 1.1mln transactions last year, the potential for the business ahead was enormous.
In terms of the group as a whole, pre-tax profit from continuing operations rose 32% to £19.5mln (2015: £14.8mln) on revenues up 25% at £45.2mln (2015: £36.1mln).
Net assets increased by 57% to £128.3mln compared to £81.5mln in 2015, while net borrowings reduced to £11.9mln with £40mln committed facility headroom
The group proposes a final dividend of 33p, compared to 30p in 2015 so a total dividend in respect of the year increased to 76p (2015: 66p).
An exceptional dividend of 125p per share was also paid in November 2015 from proceeds of the home credit disposal.
Chairman of the group Anthony Coombs said: "Although growth in the British economy has slowed and the Brexit debate might cause temporary uncertainty, the fundamentals influencing the labour market, inflation and living standards in Britain are sound.
"This is reflected in the robust health of the used sector of the motor market. We see very significant opportunities to maintain and even accelerate the steady and sustainable growth which has been S&U's hallmark."