S & U PLC - Trading Update and Notice of Results
("S&U" or "the Group")
TRADING UPDATE AND NOTICE OF RESULTS
Both our motor finance, Advantage Finance, and our property bridging,
Whilst activity in the housing market remains subdued, valuations continue to be steady and profitable growth at
During the period, the pace of growth in both applications and transactions continue to accelerate . Advantage now receives over 110,000 applications per month and new transactions are ahead of last year. Customer numbers now stand at a record 62,000, up 7% on last year.
Following the reported tightening of underwriting last year, collections for the half year are up by 7% on the same period last year, and early repayment indicators on new business continue to show improvement.
In a competitive and evolving market, Advantage's relationships with its introducer partners continue to grow and deepen and recent reward and IT platform changes are consolidating this.
The property bridging market depends principally on values and activity within the housing market. Whilst the former has been firm, the latter has slowed, partly due to uncertainty around Brexit and around Government stability.
Recent improvements to
At the period end Group borrowing stood at just over
Commenting on the Group's trading and outlook,
" Trading in the first half of the year reflects continued and consistent growth in profitability which has been the S&U hallmark over the past 10 years. Transaction volumes and quality improvement, particularly in our motor finance business, are expected to be reflected in the pace of profits growth over the full year."
For further information, please contact:
Bob Huxford, Tom Carnegie, Megan Kovach 020 7653 9848
Adrian Trimmings, Andrew Buchanan, Rishi Shah 020 7418 8900
This information is provided by RNS, the news service of the
Quick facts: S & U PLC
Market Cap: £207.37 m
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