UDC posts profit

UDC Finance has posted a first half-year net profit after tax of $32.7 million, an increase of 8%, on the same period from the previous financial year.

Overall revenue was $66.3 million, an increase of 10%. This was driven by increased lending, off the back of an improving economy, a buoyant motor vehicle sector and people investing in plant and machinery. The result was achieved against a backdrop of tighter margins.

Wayne Percival, UDC’s chief executive, said: “We’re proud that after 80 years in business UDC is able to continue delivering solid growth and financial performance, with our lending passing $3 billion for the first time during this period.

“We’re pleased with this result and also very grateful for the ongoing support we’ve received from our customers during a period of uncertainty about our ownership.