S&U sees profit and revenue surge after period of “momentous change”

SOLIHULL finance provider S&U has seen its profit before taxation increase by 32% on a year on year basis.

Its interim results for the six months ended July 31 reveal a profit of £8.8m (H1 14: £6.7m).

It enjoyed additional exceptional profit on the disposal of its Home Credit division for £50.5m earlier this year.

Revenue from continuing operations was up 20% to £20.4m (H1 14: £17m).
 
An exceptional additional dividend of £1.25 per share is to be paid from the proceeds of the Home Credit division disposal.
 
Operational highlights during the period in question include record profits at Advantage Finance at £9.7m (H12014: £7.7m) and the aforementioned disposal of its Home Credit division.
 
Anthony Coombs, chairman of S&U, said: “The past six months has seen momentous change in the development of S&U. 

“The sale of our traditional home credit business was both net asset enhancing and strategically desirable.  It gives us a very strong base on which to continue to build Advantage Finance, our motor finance division and to explore other similar high growth areas of speciality finance.”