Business
Half-yearly Report
Half-yearly Report.
About this update from S&u Plc
[{"type":"text","content":"\n \nIMMEDIATE RELEASE\n\nS&U PLC\n\n Providers of Consumer Credit & Motor Finance \n\n RESULTS FOR THE YEAR TO 31st JULY 2007 \n\n * HALF YEAR PROFITS £4.61M (£4.76M) ON REVENUE £22.86M (£19.76M).\n \n * EARNINGS PER SHARE 27.5P (28.4P) - INTERIM DIVIDEND DECLARED 9P UNCHANGED.\n \n * HOME COLLECTED CREDIT - PROFITS £3.38M (£3.56M). CUSTOMER NUMBERS UP BY\n\n 11,000 YEAR ON YEAR PROVIDES ENHANCED PLATFORM FOR FUTURE PROFITABILITY.\n \n * MOTOR CAR FINANCE - PROFITS £1.23M (£1.20M). NEW DEALS UP BY 14% ON SAME\n\n PERIOD LAST YEAR.\n \n * GROUP'S PRUDENT POLICIES APPROPRIATE IN CURRENT FINANCIAL MARKETS.\n \n * DESPITE TIGHTENED ECONOMIC CONDITIONS GROUP PROSPECTS REMAIN ROBUST.\n \nIssued on behalf of S & U plc by Simon Preston 0207 655 0500 OR 07910 825 778\n\nEnquiries: Anthony Coombs\n\nManaging Director\n\nS & U PLC\n\nTel: 07767 687150\n\nDate of issue: Thursday 27th September 2007\n\nPOLHILL COMMUNICATIONS TEL: 0207 655 0500\n\nDOME HOUSE FAX: 0207 655 0501\n\n48 ARTILLERY LANE WWW.POLHILL.COM\n\nLONDON E1 7LS Polwoods Limited\n\nRegistration Number 1983318\n\nS&U PLC\n\nCHAIRMAN'S STATEMENT\n\nThe results for the half year ended on the 31st July 2007 show that profit\nbefore tax at £4.61m was broadly in line with last year (£4.76m). Revenue\ntotalled £22.86 million compared to £19.76 million for the comparable period\nlast year.\n\nOur home collection business still provides the reliable core of group profits\nbut the first half year saw significant increases in our revenue offset partly\nby continuing initial investment in new journeys but mostly by increased\nimpairment charges in one of our subsidiaries. We have reinforced our credit\ncontrol and collection procedures and changed some of the management at this\nsubsidiary. We believe that in the second half these actions will lead to lower\nlevels of revenue growth but improved and more consistent profits across all\nour home collected operations.\n\nAdvantage Finance has achieved profits of £1.23m against £1.20m last year and\nafter a slower start to the year has increased new deals by 14% in the first\nhalf against last year. Whilst collections have slowed slightly on our more\nmature debts, initial collections on newer debts are currently some of the best\nwe have experienced. Overall our motor finance collections remain robust and...