25 September 2013 – interim results
The home credit and motor finance group has reported yet another excellent set of results for the six months to 31 July. Revenue rose by 7% to £28.6m with pre-tax profits rising by 20% to £8.8m. Earnings per share were also 20% higher at 56.6p and the interim dividend was raised 17% to 14p. The Home Credit business put up a solid performance but the motor finance once again proved the star performer with profits up 47% as customer numbers rose to a record level of almost 23,000. Gearing at the group remains low at only 39% despite investing £7m in the motor finance business. A very bullish statement from chairman Anthony Coombs is clearly positive for the group and the gradual recovery in the UK economy can only help. Despite the rise in the share price the shares remain a LONG TERM BUY.