Home credit and motor finance provider S&U (SUS) just keeps purring along. Pre-tax profits for the year to end January rose 16 per cent to £14.2m (£12.2m) and earnings jumped 22 per cent to 92.6p (76.1p). All the growth came from S&U’s motor finance arm, where pre-tax profits rose 37 per cent to £8.1m as new loans ran at the rate of 500 a month.
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But that, says the company, was from 17,000 applications and such fussiness is why bad debts remain at their lowest absolute levels, let alone relative to the size of the loan book. Trading, however, was tougher in home credit, where demand was muted and pre-tax profits dipped 3 per cent to £6.1m.
