Proactive Investors - Run By Investors For Investors

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.”

View full SUS profile View Profile

S & U PLC Timeline

Related Articles

PCF
December 05 2018
“I think we’re a different generation of bank that is a lot quicker on our feet, a lot quicker at reacting to what customers want and are a lot more attractive to the savings market,” PCF boss Scott Maybury said
Car
September 25 2018
Advantage Finance motor division continues to receive more than 80,000 applications for loans a month and customer numbers now stand at a record 58,000
CSE head office in Toronto
January 01 2019
Capital raised on the CSE set to increase over 500% by the end of 2018

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use