S&U on deals trail
Solihull-based personal finance business S&U is eyeing deals after reporting a rise in revenue and profit for the six months to 31 July 2011.
The company increased revenue by 5 per cent year-on-year to £24.8m.
Pre-tax profit grew to £6.4m from £5.4m a year earlier. However, the 2010 figure included a £350,000 exceptional cost, so normalised profit growth was 11 per cent.
As a result of the improved performance and cutting its debt by £4.8m, it has signed a new five-year funding facility which gives it "certainty and significant headroom for organic expansion and substantial acquisitions".
Anthony Coombs, chairman of S&U, said: "These results and our current trading give real cause for optimism for the future, but we are never complacent.
"We intend to use the firm base we have established as a springboard for further expansion in both divisions."
