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S&U will emerge from crisis stronger and fitter says car finance specialist's chairman

Profits rose for a twentieth year running in the period to January

S & U PLC -
S&U said sales fell in March,

S&U PLC (LON:SUS) has increased its profits for the twentieth year running and the car finance specialist forecast that it would come out of the coronavirus crisis in better shape than ever.

In S&U's full-year results statement, chairman Anthony Coombs said: ”S&U's long history of conservative management, a strong treasury position, the skills and flexibility of its workforce and its long-standing relationships with its brokers and loyal customers, will enable us to weather the storm.

“We will emerge from the maelstrom stronger, fitter and more determined than ever before to provide the superb service to our customers.”

The group's profits in the year to January rose by 2% to £35.1mln on revenues 8% higher at £89.9mln.

S&U said sales fell in March, however, and its collections performance was just below normal, though cash generation remained strong.

Coombs added that no staff have been furloughed though some have been shifted to collections

The group said a final dividend per share of 50p will be paid on July 10.

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LSE:SUS
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