S & U sets new record for monthly collections in January

Advantage Finance, the motor finance arm of lender S & U PLC (LON:SUS), is still showing record profits despite tougher market conditions.
The group said that trading in the year to the end of January had been satisfactory and in line with market expectations. S&U Chairman Anthony Coombs tells Proactive London how, despite a quiet period for them and those tough conditions S&U is focussing on sustainable growth as well as building profitability.
The company said the number of new Advantage finance agreements for the financial year just ended are still at their second-highest ever level and applications for motor finance remain strong.Debt quality is consistent with, and beginning to respond to, the underwriting changes made by S & U earlier in the year and monthly collections in January exceeded £12mln for the first time.
S & U said the seasonal slowdown in the motor finance was more pronounced in the year just ended but nevertheless net motor finance receivables at the year-end were up on the year before by around 4% while total "live" accounts were up 9% on last year at just over 59,000.

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