S&U (LSE:SUS) reported profit before tax of £31.8m for the year ended 5 February, up from £24m a year earlier. Revenue fell to £107.4m (2025: £115.6m) while basic earnings per share rose to 195.2p (2025: 147.4p).
The improvement was driven by a sharp fall in impairment charges to £13m (2025: £35.6m) and lower net finance costs of £14.3m (2025: £18.1m). Group net receivables increased to £496.8m (31.1.25: £435.8m). Net borrowings ended the year at £241.8m with gearing of 97.1% (31.1.25: 80.8%). The board proposed a final dividend of 45p (2025: 40p).
Advantage Motor Finance returned to stronger profitability: PBT rose to £23.4m (2025: £16.5m) as advances jumped to £181.6m and collection rates averaged 90.5% of due. Aspen Bridging delivered a record PBT of £8.8m and grew net receivables to £179.7m, with advances of £212.3m.
Management expects a securitised refinancing to be finalised in Q2 and sees scope for around £100m of additional investment as funding is reset.
"Profit is the most reliable bellwether of our success in matching our products to our customers' needs and of our efficiency in doing so," said Anthony Coombs, Chairman of S&U plc.
