S&U PLC (LSE:SUS) chairman Anthony Coombs the company's interim results to 31 July 2024 and the outlook moving forward. Coombs acknowledged the challenges faced by the Advantage motor finance division, largely due to regulatory changes and higher provisions. However, he emphasised that these issues are temporary and expects improvement next year.
"We are working very closely with the FCA to emerge stronger, more compliant, and more efficient," Coombs said, highlighting ongoing efforts to adapt to the new consumer duty regime. He also mentioned the positive performance of the Aspen Bridging business, which saw a 43% increase in its loan book and a 42% rise in profit before tax, reflecting strong growth among property developers and investors.
Looking ahead, Coombs remains optimistic about S&U's overall business trajectory, citing the strength of Aspen and expectations for future regulatory clarity in the Advantage business.