Home credit provider S&U has reported a seven per cent rise in revenue to £28.6 million during the first half of this year.
The Solihull group, headed by former Wyre Forest Tory MP Anthony Coombs, also posted a 20 per cent increase in profits to £8.8 million, up from £7.3 million in the first half of 2012.
Highlights of S&U’s performance was a 50 per cent increase in motor finance advances.
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This was achieved by imposing rigorous underwriting standards and maintaining a stable approval rate, according to a company interim statement.
The performance was also bolstered by record motor finance collections and improved cash generation from the home credit sector in a subdued market.
The group also successfully launched a pre-paid debit card for home credit customers.
Its statement said: “The period has been characterised by another very strong performance from Advantage Finance, our motor finance division, together with further strong cash generation from home credit.
“Although there have been recent signs in most parts of the country of a tentative and fragile recovery, most consumers and borrowers remain cautious. Restraints on real incomes and a paucity of available credit are likely to persist over the next few years.”
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Chairman Mr Coombs added: “As the economy gradually recovers these results reflect the very significant opportunities emerging in the specialist markets we serve.
"By maintaining our focus, drive and dedication to our customers, we look to the future with great confidence.”