S&U upbeat on outlook as interim profits rise

(Sharecast News) - Specialist motor and property financier S&U reported a jump in interim profit on Thursday as it struck an upbeat note on the outlook. In the six months to 5 August, pre-tax profit rose to £15.6m from £12.8m in the same period a year earlier, thanks to to credit quality and impairment improvements.

Revenue fell to £51.8m from £60.4m, while the group impairment charge declined to £8.1m from £18.9m.

Basic earnings per share rose to 95.5p from 78.6p.

Chairman Anthony Coombs said: "These results provide clear evidence that S&U's recovery from the challenges of the past two years is now underway.

"Current trading at both Aspen and especially Advantage is strong, albeit still subject to the fluctuations in consumer confidence caused by the upcoming budget and feeble economic growth.

"Overall, however, the skies are brightening and this, allied to the usual determination and excellent morale within the group, should be reflected in S&U's full year results."

At 1325 BST, the shares were up 1.9% at 1,741.73p.