23 March 2011 – final results

The niche home credit and motor finance group has announced its annual results for the year to 31 January and these have revealed a 5% increase in revenues to £48.0m (2010: £45.8m) whilst pre-tax profits have risen by 10% to £9.9m (2010: £9.0m).  Earnings per share have risen by 9% to 60.0p (2010: 55.2p) and the total dividend for the year has been increased by 6% to 36p (2010: 34p).  Gearing at the year end had been reduced to 43% (2010: 57%).

The home credit division produced a solid performance, although customer caution meant that revenues only increased slightly and pre-tax profits fell slightly to £5.6m (2010: £5.9m).  The motor finance division increased revenues by 13% to £16.0m (2010: £14.2m), although pre-tax profits rose by a very impressive 35% to £4.2m (2010: £3.1m), another record.  A positive statement about the future leaves us confident that prospects are very solid and although the shares have hit a new all-time high, they remain a BUY.