In a robust trading update, motor finance specialist S & U Plc (LON:SUS) has poured scorn on the doom-sayers who whinge about Brexit.
“In contrast to the recent gyrations and doom-saying in the stock and currency markets following June's Brexit vote, trading in the real world at our Advantage motor finance business continues as strong and consistent as ever.,” the company’s statement said.
Since its annual general meeting in May, collections and repayments at Advantage have scaled new monthly highs, and credit quality has been close to the record levels seen last year.
Advantage net receivables are now approaching £175mln and have grown at over £1mln per week in the first half of the financial year, the company told investors.
S & U said its existing funding lines provide sufficient head-room for the anticipated growth of Advantage over the next two years, while still leaving scope for any new initiatives the group might wish to undertake.
For the medium term, defined as 2018 and beyond, the group expects to extend its finance facilities during the second half of this financial year, which runs to January.
"A sound and consistent strategy, substantial investment and a dynamic and committed team both at Advantage and the group, form the bedrock of S & U's progress; that is why, whatever the current economic uncertainties, we continue to regard the future with great confidence," said S & U’s chairman, Anthony Coombs.