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LONDON (Alliance News) - S&U PLC on Tuesday lifted its total annual dividend payment after its Grimsby-based motor finance business drove pretax profit higher in its last financial year.
S&U, which sold its Loansathome4u home credit business to Non Standard Finance PLC for GBP82.4 million in summer 2015, recorded a GBP19.5 million pretax profit from continuing operations in the year ended January 31. The company lifted its total dividend to 76 pence from 66p.
Advantage finance, its motor business, saw its revenue grow to GBP45.2 million from GBP36.1 million, with pretax profit up to GBP20.4 million from GBP16.7 million. Central costs net of central finance income of GBP931,000 were the reason for the difference between that and group pretax profit.
"Although growth in the British economy has slowed and the Brexit debate might cause temporary uncertainty, the fundamentals influencing the labour market, inflation and living standards in Britain are sound. This is reflected in the robust health of the used sector of the motor market. We see very significant opportunities to maintain and even accelerate the steady and sustainable growth which has been S&U's hallmark," Chairman Anthony Coombs said in a statement.
Shares in S&U were up 0.2% at 2,297.00 pence on Tuesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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