S&U PLC (LSE:SUS) chairman Anthony Coombs speaks to Thomas Warner from Proactive after the specialist motor finance & bridging lender released its interim results for the six months to 31 July.
Coombs gives an overview of how the business performed during the period, highlighting a 12% rise in revenues with a slight profit increase. Despite facing economic headwinds, reflected in current stock market valuations and high interest rates affecting business finance costs, he remains optimistic.
He notes concerns about the cost of living impacting their customers and emphasises the importance of sustainable loan repayments, especially in motor finance. The property market has seen a slowdown, with a potential 5% reduction in residential values.
He says the company "has got to be careful in terms of our underwriting, we've got responsibilities not only in commercial terms but in maintaining excellent relationships with our customers." However, S&U maintains conservative loan-to-value ratios and has witnessed excellent collections in their aspirin bridging operation.
Coombs highlights the company's commitment to maintaining high standards in customer relations, especially with new regulatory measures in place.
He concludes by saying that while the economic and political landscape remains uncertain, S&U continues to prioritise customer service and fairness.