Business
PRELIMINARY ANNOUNCEMENT JANUARY 2008 RESULTS
PRELIMINARY ANNOUNCEMENT JANUARY 2008 RESULTS.
About this update from S&u Plc
[{"type":"text","content":"\n \nS & U PLC\n\nTHURSDAY 10th APRIL 2008\n\n \n Providers of Consumer Credit & Motor Finance \n\n RESULTS FOR THE YEAR TO 31ST JANUARY 2008 \n\n * PRE-TAX PROFITS £8.6M (2007, £8.9M), OPERATING PROFIT £10.9M (£10.5M) AND\n REVENUE £46M (£43M) ACHIEVED AGAINST `MOST TURBULENT' BACKGROUND.\n \n * GEARING 74.0% - LOWEST LEVEL FOR FOUR YEARS. NET ASSETS UP TO £42.3M\n (£40.1M).\n \n * EARNINGS PER SHARE 51P (53P). DIVIDEND FOR YEAR 32P (SAME).\n \n * PRUDENT BORROWING PUT ON FIVE YEAR BASIS.\n \n * HOME CREDIT - CREDITABLE PERFORMANCE RESUMPTION OF GROWTH FORECAST FOR THE\n INDUSTRY. MAJOR OPPORTUNITIES FOR INCREASING MARKET SHARE.\n \n * MOTOR FINANCE - RECORD PROFIT AND CUSTOMER NUMBERS. INCREASING CONTRIBUTION\n EXPECTED.\n \n * ANTHONY COOMBS TO BE CHAIRMAN AFTER DEREK COOMBS WHO BECOMES PRESIDENT.\n GRAHAM COOMBS TO BE DEPUTY CHAIRMAN.\n \n * COMPANY IN A STRONG FINANCIAL POSITION - TO CONTINUE GROWTH AND STABILITY\n OF EARNINGS.\n \nIssued on behalf of S & U plc by Simon Preston 0207 655 0500\n\nEnquiries: Anthony Coombs\n\nManaging Director\n\nS & U PLC\n\nTel: 07767 687150\n\nDate of issue: Thursday 10th April 2008\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\n\n\nCHAIRMAN'S STATEMENT\n\nAs Chairman of S&U over the past thirty years I have been used to dealing with\nmost of the slings and arrows commercial life and business cycles occasionally\nthrow at us. Even so, recent gyrations in the capital and stock markets and the\nunfolding implications of the \"credit crunch\" must rank as amongst the most\nturbulent in my experience.\n\nAgainst such a background, I present a set of results which, although below my\nexpectations of a year ago, in retrospect are both solid and stable, and which\nleave S&U in a strong financial position. Pre-tax profit for the year is £8.6m\n(2007: £8.9m) on revenues at nearly £46m, up 7%. The balance sheet shows assets\nup to £42.3m and gearing reduced to 74%, the lowest level for 4 years. With\nearnings per share at 51p (2007: 53p), I am pleased to again recommend a\ndividend payment of 23p per ordinary share.\n\nHome Credit\n\nThe bulk of both S&U's profit and, in particular, cash flow still comes from\nour Home Credit o...