S & U PLC AGM Statement and Trading Update (8769Z)
May 23 2019 - 2:00AM
UK Regulatory
TIDMSUS
RNS Number : 8769Z
S & U PLC
23 May 2019
23 May 2019
S&U plc
("S&U" or "the Group")
AGM Statement and Trading Update
S&U, the motor finance and bridging lender, issues a trading
update for the period 1 February 2019 to 22 May 2019, prior to its
AGM being held today.
Advantage Finance, S&U's motor finance business, continues
to trade well with profits up on last year, whilst customer numbers
now exceed 60,000 for the first time. Advantage's continuing policy
of focussing on debt quality is proving its worth in light of
current economic uncertainty, with current collections up 6%
compared to net receivables, at GBP263m, up 3% against last year.
Similarly, impairment has shown recent improvement and rolling
12-month risk adjusted yield is now slightly improved at just over
25% (31 January 2019: 24.6%).
These healthy indicators are also reflected in the record number
of applications for finance that Advantage is currently receiving,
averaging over 108,000 per month. This has meant that, even within
the tightened under-writing regime, recent transaction volumes and
quality as recorded in tiered tranches are showing improvement.
Aspen Finance, S&U's new property bridging lender, continues
to make impressive progress. Its loan book now stands at GBP22m
against GBP18m at year end, as its product range, introducer
network and reputation continue to grow. This is evidenced in both
the number of its recent illustrations and, most importantly, in
its active deal pipeline, which is at a record level and has
doubled over the period.
The Group's current progress has been reflected since year-end
in an increase in Group borrowing from GBP108m to nearly GBP114m.
This is well within our budgeted requirements and within our
recently increased GBP160m medium term facilities, providing ample
headroom for our anticipated growth.
Commenting on S&U's trading and outlook, Anthony Coombs,
S&U Chairman, said:
"Recent trends in our business are encouraging, particularly in
transaction growth, debt and new customer quality. Together with
our tried and tested traditional emphasis on continuous process
refinements and improvements for our customers, these give us
confidence of further steady and sustainable growth and a
successful year ahead."
Enquiries:
S&U
Anthony Coombs, Chairman 0121 705 7777
Newgate Communications
Bob Huxford, Tom Carnegie, Megan Kovach 020 7653 9848
Peel Hunt
Adrian Trimmings, Andrew Buchanan, Rishi Shah 020 7418 8900
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGMUUOARKBAVUAR
(END) Dow Jones Newswires
May 23, 2019 02:00 ET (06:00 GMT)
S & U (LSE:SUS)
Historical Stock Chart
From May 2024 to Jun 2024
S & U (LSE:SUS)
Historical Stock Chart
From Jun 2023 to Jun 2024