11 August 2010 – trading statement
The home credit and motor finance group has today released a trading update covering the six months to 31 July. Trading is in line with expectations and interim results are due on 23 September. The home credit business increased revenues by 2% and added an additional 4,000 customers, whilst the motor finance business has increased revenues by almost 25%. Strong cash flow has seen borrowings fall and gearing is now under 53% providing scope for further organic growth and acquisitions. Sporting a prospective yield of 6.9% the shares remain a BUY.