- Wednesday, October 16, 2024
S&U, the specialist motor-finance and bridging lender, has announced an impressive pretax profit increase for the first half of fiscal 2024. Despite facing challenges such as rising living costs and regulatory pressures, the company has managed to maintain robust credit quality and collections.
Financial Performance
For the six months ending July 31, S&U's pretax profit reached £21.4 million ($25.9 million), demonstrating growth compared to the previous year's £20.9 million. The company's revenue also saw a positive trend, rising from £49.35 million to £55.3 million. Notably, the Advantage Finance business contributed significantly to this increase with a revenue rise of 9% to £47.5 million. Additionally, property financier Aspen Bridging witnessed a revenue increase from £5.7 million to £7.9 million.
Dividend Announcement
The board of S&U has declared an interim dividend of 35 pence per share, remaining unchanged from the previous year.
Promising Outlook
Despite the current economic challenges, S&U remains optimistic about its future prospects. The company believes that its strong track record, coupled with prudent economic management, positions it well in the motor and property markets where it operates. S&U recognizes the significant potential for growth in these sectors.
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