S & U Plc (SUS.L) in its year end trading update said it is trading well and that results will significantly exceed market expectations.
The company stated that its Home Credit division has traded well over Christmas and January and continues to do so. Customer numbers continue to grow and as a result S & U opened two new branches at Swindon and in Glasgow.
S & U noted that although it continues to grow, its vigorous underwriting and collections performance has seen the treasury position continue to strengthen. Since the end of last year, borrowings have reduced by nearly 3 million pounds. Gearing has fallen to under 35% from 43% last year and 57% two years ago.
Besides, the company said the strength of its current trading and its treasury position leads the Board to the view that it will be appropriate to approve the payment of a second interim dividend of 12 pence per ordinary share on March 23 to holders on the share register on March 2. This is an increase at interim of 20% on last year.
Further, it is the company's intention, subject to any unforeseen circumstances, to suggest the payment of a final dividend on June 22, 2012 of at least 16 pence per ordinary share for the year ending January 31, 2012.
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by RTT Staff Writer
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