Car finance specialist accelerates growth
Car finance specialist S&U has delivered a strong set of half year results which it said demonstrates the resilience of the business against a backdrop of economic uncertainty.
For the six months to the end of July, the Solihull-based listed lender saw profits increase again at both its Advantage Finance and Aspen Bridging divisions.
“These reflect the group’s ability to continue to produce consistent and sustainable growth, despite the current challenging economic and political environment,” S&U said.
Profit before tax came in at £17.1m, up 3% and in line with expectations from £16.7m in the prior year period, while group revenue was up 7% to £47.7m.
S&U said its Advantage Finance, which is celebrating its 20th anniversary and 20th successive year of profits growth, increased customer numbers to 62,000 (July 2018: 58,000).
For Aspen Bridging, half year profit of £502,000 was reported, up from £279,000 in the first half of 2018.
Anthony Coombs, chairman of S&U, said: “These results clearly demonstrate the resilience and dynamism of our business, and our ability to perform irrespective of the unprecedented uncertainty surrounding the British economy and consumer markets.
“These strong and well-established foundations give me every confidence for a resumption of usual rates of growth, whatever the outcome of the current maelstrom in Westminster.”
The group also announced the appointment of Graham Wheeler as CEO of Advantage Finance.
He will take over from Guy Thompson, who is planning to retire in 2020. Thompson was instrumental in founding the Company in 1999 and has led it for over 20 successive years of annual profit growth.
Wheeler began his career with GMAC and was part of the original team at GE Capital Motor Finance in 1990. Joining Volkswagen Financial Services as an area manager in 1995, Graham rose to be CEO of VWFS UK, transforming it into Britain’s largest car finance business with a combined asset base of £13bn and over one million customers.
He later became Jaguar Land Rover’s director for global financial services and then developed a digital car financing business for Shawbrook Bank.
He said: “I am delighted and proud to be able to lead Advantage on the next stage of its remarkably successful journey. I pay tribute to Guy Thompson and the team he has built at Advantage and very much look forward to working with them in the years to come.”
