Credit provider S&U has announced a nine per cent rise in profits despite a market “clouded with uncertainty”.
The Solihull-based firm, which offers home credit and motor finance, posted pre-tax profits of £9 million for the year ended Januar 31, compared with £8.3 million the year before.
The rise came despite a slight fall in revenues, from £46.2 million to £45.8 million, despite a one per cent rise in the second half of the year.
Chairman Anthony Coombs said the improvements came against a difficult backdrop.
He said: “I am pleased to announce a strong set of results for S&U PLC.
“Profit before tax for the year is £9 million, the balance sheet continues to strengthen and current trading and debt quality, in both home credit and motor finance divisions, is promising.
“Although the macroeconomic and political scene in Britain is clouded with uncertainty, I am confident that our formula of strong dedicated management, a consistent approach to funding and excellent customer relations will continue to produce good results.
“We have no place for complacency and see both our home credit and motor finance markets as offering significant sustainable growth.”