Any of you guys checked Britannia Finance on Ofex?
I reckon it was S&U that bid 24p per share for them, as they bought their Jubilee Credit division.
Britannia have a conservative accounting policy in that they dont take £500 for marketing into profits for each loan taken out, which if they did like their peers would have added much more to recent profits which were up 229% anyway.
They have grown t/o & profits impressively the last 5.5 yrs & look to be on a prospective p/e of just circa 10.
Costs are more or less fixed & profits will start to feed to the bottom line, when the loan book reaches a certain level. The loan book is currently 9m & niche lending means their mark up is currently 500%.
