Elders Finance reports profit jump

Commercial finance company Elders Finance has reported a 61 per cent leap in its annual net profit to $35.4 million, compared with $22 million last year.

Mark Hotchin, executive chairman of its parent company, Hanover Group, said the"stellar performance" reflected strong operating revenue growth and tight control of operating expenses.

Operating revenue passed the $100 million mark for the first time at $109 million, up from $80.9 million last year.