Key Financials:
Profit before taxation from continuing operations up 29% at £25.2m (2016: £19.5m)
Basic earnings per share from continuing operations up 28% at 170.7p (2016: 133.6p)
Revenues up 34% at £60.5m (2016: £45.2m)
Proposed final dividend up 6p to 39p (2016: 33p); total dividend in respect of the year increased to 91p (2016: 76p)
Strong balance sheet:
o Net receivables increased by 33% to £193.5m (2016: £145.1m)
o Investment in motor finance increased yearend net borrowings to £49.2m (2016: £11.9m)
o Committed funding facilities increased to £95m post yearend giving significant headroom
Advantage Motor Finance Operational Highlights:
17th successive year of record pre-tax profits which rose to £25.2m (2016: £20.4m)
Annual collections up 33% this year with live customers up 32% on prior year
Annual advances up 31% this year - buoyant but more competitive market
20,042 new agreements from over 750,000 motor finance applications.
Anthony Coombs, Chairman of S&U plc commented:
"S&U continues to go from strength to strength with our motor finance business delivering its 17th successive year of record pre-tax profits. This excellent track record is testimony to the dedication, expertise, drive and wisdom of our team at Advantage. The road to sustained success is not made up of a giant leap but of a thousand small steps, and this kind of approach will continue to sustain and dynamise our business over the next decade."
