21 May 2010 – AGM statement
At today’s AGM, the company will update on trading since 1 February, revealing a 2% increase in revenues in the home credit business, while revenues in the motor finance operations are 20% higher. Net debt has fallen to £26.1m and is expected to fall further in the second quarter. This is a solid statement and bodes well for the rest of the year. With the full year dividend likely to be 36p, the shares stand on a prospective dividend yield of 6.6% providing scope for a re-rating.