Key Financials:
Profit before taxation from continuing operations up 32% at £19.5m (2015: £14.8m)
Earnings per share from continuing operations up 33% at 133.6p (2015: 100.1p)
Revenues up 25% at £45.2m (2015: £36.1m)
Additional profit on August 2015 disposal of home credit division of £50.1m
Proposed final dividend of 33p (2015: 30p); total dividend in respect of the year increased to 76p (2015: 66p)
Exceptional dividend of 125p per share also paid in November 2015 from proceeds of disposal
Strong balance sheet:
o Net assets increased by 57% to £128.3m (2015: £81.5m)
o Net borrowings reduced to £11.9m with £40m committed facility headroom
Motor Finance Operational Highlights:
16th successive record pre-tax profit of £20.4m (2015: £16.7m)
Annual collections up 29% this year with live customers up 32% on prior year
Annual advances up 28% this year - further growth planned in healthy competitive market
Growth of £38.7m in net receivables with continuing good trends in collection quality
Net receivables now at a record £145.1m (2015: £106.4m)
Anthony Coombs, Chairman of S&U plc commented:
"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."
