Profits rev up at motor finance group
S&U, the Solihull-based motor finance and specialist lender, has seen its profits soar for the year to the end of January – powered mainly by its Advantage Motor Finance subsidiary, based in Grimsby.
The firm has posted a surplus of £47m for the period, with Advantage contributing £43.7m of that figure, while revenues also rose by 5% o almost £88m.
Anthony Coombs, chairman of S&U, said: “As the world reels from one crisis to another, it is apt to remember the words of Winston Churchill, our greatest war leader: ‘I’m an optimist – it does not seem too much use to be anything else’.”
“Like all successful businesses with a long history, S&U recognises that it must tailor its products and services and trim its operational tack to its economic, political and regulatory environment, over which it may have little control but to which it can nevertheless adapt and therefore thrive.
“Whilst this year’s resounding results clearly show our, and most importantly our loyal people’s, ability to do this, their work in preparing and priming the Group for both the opportunities and challenges now facing all of us, gives me a quiet but determined confidence in S&U’s future.”