logo-loader
viewS & U PLC

S&U appoints industry heavy-hitter to run car finance arm Advantage

Anthony Coombs, chairman, said he every confidence in the business whatever 'the outcome of the current maelstrom in Westminster'.

S & U PLC -

S&U PLC (LON:SUS) has pulled in an industry heavyweight to run its car lending arm, Advantage.

Graham Wheeler takes over as chief executive at the start of next month having overseen VW Financial Services expansion to become Britain's largest car finance business.

WATCH: S&U PLC delivers 'reassuring' first half performance with profit up 3%

The VW business now has a combined asset base of £13bn and over one million customers.

He will replace Guy Thompson, who wants to retire next year having helped set up the Advantage business and run it for twenty years.

Advantage put in another resilient performance in the latest half-year, even though across the country sales of both used and new cars dropped.

The lender only finances second-hand cars, which has been a much stronger market albeit sales have weakened from the highs seen last year.

Used car sales on finance via dealerships to consumers, however, are the area where S&U specialises and industry sales were 3% up year-on-year in the 12 months to July.

Profits rose by 3% to £17.1mln on sales 7% higher at £47.7mln.

The loan book was also up by 7% at £298.5m and the interim dividend rises by 6% to 34p.

Anthony Coombs, chairman, said he had every confidence in the business whatever the outcome of the current maelstrom in Westminster.

Quick facts: S & U PLC

Price: 1585 GBX

LSE:SUS
Market: LSE
Market Cap: £192.32 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of S & U PLC named herein, including the promotion by the Company of S & U PLC in any Content on the Site, the Company receives from said issuer...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

S & U PLC's Anthony Coombs optimistic and says they're seeing a gradual...

S & U PLC's (LON:SUS) Anthony Coombs tells Proactive he's encouraged by recent trading trends although the British consumer remains cautious as the coronavirus pandemic continues to impact. He says sales in the Advantage Finance car loan business have recovered from around 40% of normal to...

4 days, 5 hours ago

2 min read