Key Financials:
Profit before taxation up 21% at £17.3m (2013: £14.2m)
Earnings per share up 22% at 113.2p (2013: 92.6p)
Revenues up 11% at £60.8m (2013: £55.0m)
Proposed final dividend of 24p (2013: 20p); total dividend in respect of the year increased to 54p (2013: 46p) up 17%
Strong balance sheet:
o Net assets increased by 14% to £69.4m (2013: £61.1m)
o £15.0m additional medium term borrowing facilities arranged during year
o Borrowings increased to £32.4m (2013: £20.6m); group gearing still conservative at 46.6% (2013: 33.7%)
Divisional highlights:
o Motor Finance profit before taxation up 42% to £11.5m (2013: £8.1m); driven by 26% revenue growth and record collections quality
o Home Credit profit before taxation slightly down at £5.8m (2013: £6.1m); improved performance since H1
Operational Highlights:
Group annual collections up over £10.0m on prior year; Home Credit stable and Motor Finance up 26%
Further 47% increase in Motor Finance advances this year with continuing good trends in collection quality
Home Credit; fourth quarter loan advances up 8% on last year and 2 new branches opened in the year
Motor Finance; growth of £20.0m in net receivables and further expansion planned for 2014/15
Anthony Coombs, Chairman of S&U plc commented:
"Our record profits of £17.3m offer proof that the enduring qualities imbued by those dedicated to S&U in the past - have respect for every customer and for the quality of service this demands of us - are firmly rooted in the way we do business today. I am confident that our continued and determined pursuit of these ideals will bring further rewards."
