Interim Results

S & U PLC
19 September 2003


                                    S&U PLC

                 Providers of Consumer Credit and Motor Finance

              INTERIM RESULTS FOR THE HALF YEAR TO 31st JULY 2003


HALF-YEAR PROFITS £4.2m (£4.5m) ON BUSINESS TRANSACTED £41.5m (£43.1m)


'NORMAL TRADING SHOULD NOW INCREASINGLY BE THE ORDER OFTHE DAY'. RECOVERY IN 
PROFITABILITY ON COURSE


INTERIM DIVIDEND 8p PER ORDINARY SHARE (UNCHANGED)


ADVANTAGE FINANCE ON LINE TO REACH BUDGET TARGET FOR YEAR OF £1.6M


HOME CREDIT SHOWING SIGNS OF IMPROVEMENT. 'SECOND HALF
SHOULD BE MUCH BETTER'


Enquiries: 

Derek Coombs                       or              Anthony Coombs
Executive Chairman                                 Managing Director
S&U PLC                                            S&U PLC

Tel: [phone]                                 Tel: [phone] (mobile)


CHAIRMAN'S STATEMENT

I report that the pre-tax profits for the six months to 31st July are £4,206,000
as against £4,466,000 for the comparative half-year period last year. Business
transacted in the period totalled £41,478,000 compared to £43,122,000 for the
comparable period. Earnings per share are 24.5p compared to 26.0p.

Our Home Collected credit division profit was £3,369,000 (£3,871,000). Home
credit is now showing signs of improvement and the second half should be much
better.

Advantage Finance providing hire purchase finance for motor vehicles increased
profitability again this year with a profit before tax of £768,000 (£649,000).
Advantage is on line to reach its budget target for the year of £1.6m. Advantage
has set aside £7,984,606 of deferred revenue profit to future periods in respect
of advances already made.

The interim dividend for the period is 8p per ordinary share the same as last
year. This will be paid on 14th November 2003 to ordinary shareholders on the
register at 17th October 2003. The shares will go ex-dividend on 15th October
2003.

We have still suffered from the effects of last year but normal trading should
now increasingly be the order of the day.

I am pleased to announce the appointment of Christopher Redford as Financial
Controller from 13th October 2003. Christopher Redford who has had a successful
career as Financial Director of Advantage will also succeed David Maiden as
Company Secretary following his retirement in June 2004.

DM Coombs
Chairman
18 September 2003


MANAGING DIRECTOR'S STATEMENT

In my Managing Director's report on S & U's full year results, I outlined a raft
of changes which, following the serious problems in our South East home credit
operations last year, would 'prevent a recurrence, and strengthen home credit
debt quality' so as to produce 'a strong recovery in Group profitability in the
current financial year'. I am pleased to say that these results strongly confirm
that this recovery is on course.

Although half-year group operating profits are 6% lower at £4.5m, both their
make up and current trading point to strong growth in profitability in the
second half producing annual results consistent with our Broker's estimate. Thus
whilst our home credit division saw half-year operating profits at £3.4m versus
£3.9m a year ago, this fall was primarily due to a reduction of £3.3m in
business transacted at our S & U home-credit operation. Tighter credit control
and security procedures, as well as a more cautious economic climate have
constrained sales there compared to the pre-fraud expansion of a year ago. At
full year I stressed our determination that 'quality rather than volume will
drive the business'. The reduction of our home credit bad debt to within budget
in the past six months is proof of this. Home credit expenses are actually lower
than last year whilst gross margins are being maintained.

S & U's two northern home credit subsidiaries continue to perform
satisfactorily, in S D Taylor's case after a record year. The latter has taken
advantage of a more realistic market for home credit book debt by acquiring
Jubilee Finance, a small finance company based in the Wirral. Further
acquisitions, together with a pilot autumn marketing campaign, should bolster
home credit customer numbers, whilst enabling us to focus on transacting more
business with better quality, aspirational customers. Current home credit
trading is encouraging and on budget.

Our motor finance subsidiary, Advantage Finance, continues to go from strength
to strength. Profit before tax has risen from £649,000 last year to £768,000 now
and remains firmly within budget. The better market for used cars, supported by
record new car registrations, has seen an increase in average loan values thus
attracting better quality custom and therefore increased future interest income.
Some pressure on insurance margins has been off-set by improved revenue from
Advantage's brokerage activities; collection rates remain both consistent and
impressive whilst arrears have actually been held at year end levels despite a
growth in advances.

As indicated at our year end, our hosiery operation, A E Holt has now been
closed and its property in Leicester sold. Its remaining stock and machinery
have been written down and as these are sold there should be some scope for
reducing the current closure loss over the full year.

As expected during a period when investment in book debt has slowed, the Group's
financial position has continued to strengthen; our net debt is within budget
and £398,000 better than last year. This gives us considerable headroom, within
existing facilities, for the book debt growth and possible acquisitions we
anticipate in the second half of this year. Further, as the economy recovers, we
insured against higher medium term interest rates by arranging swap facilities
against an additional £5m of bank debt. Since the half-year ended these
positions have been unwound at a profit; however we will arrange further swap
facilities when the opportunity arises.

In conclusion the steps outlined above will provide a sound platform for what I
am confident will be a significant rebound in profitability in the current
financial year.


A M V Coombs
18 September 2003



INDEPENDENT REVIEW REPORT TO S&U PLC

Introduction

We have been instructed by the company to review the financial information for
the six months ended 31 July 2003 which comprises the profit and loss account,
the balance sheet, the cash flow statement and related notes 1 to 7. We have
read the other information contained in the interim report and considered
whether it contains any apparent misstatements or material inconsistencies with
the financial information.

This report is made solely to the company in accordance with Bulletin 1999/4
issued by the Auditing Practices Board. Our work has been undertaken so that we
might state to the company those matters we are required to state to them in an
independent review report and for no other purpose. To the fullest extent
permitted by law, we do not accept or assume responsibility to anyone other than
the company, for our review work, for this report, or for the conclusions we
have formed.

Directors' responsibilities

The interim report, including the financial information contained therein, is
the responsibility of, and has been approved by, the directors. The directors
are responsible for preparing the interim report in accordance with the Listing
Rules of the Financial Services Authority which require that the accounting
polices and presentation applied to the interim figures are consistent with
those applied in preparing the preceding annual accounts except where any
changes, and the reasons for them, are disclosed.

Review work performed

We conducted our review in accordance with the guidance contained in Bulletin
1999/4 issued by the Auditing Practices Board for use in the United Kingdom. A
review consists principally of making enquiries of group management and applying
analytical procedures to the financial information and underlying financial data
and, based thereon, assessing whether the accounting policies and presentation
have been consistently applied unless otherwise disclosed. A review excludes
audit procedures such as tests of controls and verification of assets,
liabilities and transactions. It is substantially less in scope than an audit
performed in accordance with United Kingdom auditing standards and therefore
provides a lower level of assurance than an audit. Accordingly, we do not
express an audit opinion on the financial information.

Review conclusion

On the basis of our review we are not aware of any material modifications that
should be made to the financial information as presented for the six months
ended 31 July 2003.


Deloitte & Touche LLP
Chartered Accountants
Birmingham
18 September 2003


CONSOLIDATED PROFIT AND LOSS ACCOUNT
Six months ended 31 July 2003

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000
                                                                    
                                 Note

Business transacted                       41,478           43,122       88,828
                                          ======           ======       ======
Turnover                            2     16,297           17,501       34,996
                                          ======           ======       ======
Group operating profit            2/3      4,498            4,849        8,793

Profit on sale of                            
property                                     297              214          214

Net interest payable                        (589)            (597)      (1,161)
                                          ------           ------       ------
Profit on ordinary                         
activities before
taxation                                   4,206            4,466        7,846

Tax on profit on ordinary                 
activities                                (1,254)          (1,340)      (2,293)
                                          ------           ------       ------
Profit on ordinary
activities after taxation
being profit for the
financial period                           2,952            3,126        5,553
                                          

Preference dividends
paid
On 6% cumulative shares                       (6)              (6)         (12)
On 31.5% cumulative                          
shares                                       (71)             (71)        (142)
                                          ------           ------       ------

Profit after preference                    
dividends                                  2,875            3,049        5,399

Dividend on ordinary                       
shares                                      (939)            (939)      (3,286)
                                          ------           ------       ------
Retained profit for the                    
financial period                           1,936            2,110        2,113
                                          ======           ======       ======

Earnings per ordinary                
share                                4     24.5p            26.0p        46.0p     
                                          ======           ======       ======

Dividends per ordinary               
share                                5      8.0p             8.0p        28.0p    
                                          ======           ======       ======


All activities derive from continuing operations.

There are no recognised gains and losses for the six months ended 31 July 2003
and comparative periods other than the retained profit of £1,936,000 (for the
period ended 31  July 2002 - £2,110,000, and the year ended 31 January 2003
£2,113,000) shown above.


CONSOLIDATED BALANCE SHEET
31 July 2003

                                                31.07.03    31.7.02    31.1.03
                                        Note        £000       £000       £000

Fixed assets
Tangible assets                                    2,529      2,767      2,646
                                                  ------     ------     ------
Current assets
Amounts receivable from customers                 61,214     60,001     60,949
Stocks                                               168        273        214
Debtors                                            1,224        766        946
Cash at bank and in hand                              87         92        106
                                                  ------     ------     ------
                                                  62,693     61,132     62,215

Creditors: amounts falling due within           
one year                                         (12,823)   (13,439)   (14,398)  
                                                  ------     ------     ------

Net current assets                                49,870     47,693     47,817
                                                  ------     ------     ------
Total assets less current liabilities             52,399     50,460     50,463

Creditors: amounts falling due after
more than one year                               (15,000)   (15,000)   (15,000)
                                                  ------     ------     ------
Total net assets                            2     37,399     35,460     35,463
                                                  ======     ======     ======
Capital and reserves
Called up share capital                            2,117      2,117      2,117
Share premium account                              2,136      2,136      2,136
Revaluation reserve                                  595        609        600
Profit and loss account                           32,551     30,598     30,610
                                                  ------     ------     ------
Total shareholders' funds                         37,399     35,460     35,463
                                                  ======     ======     ======
Attributable to equity shareholders               36,749     34,810     34,813
Attributable to non-equity                           
shareholders                                         650        650        650
                                                  ------     ------     ------
                                                  37,399     35,460     35,463
                                                  ======     ======     ======


These interim statements were approved by the Board of Directors on 18 September
2003.

Signed on behalf of the Board of Directors

D M COOMBS
A M V COOMBS
Directors


CONSOLIDATED CASH FLOW STATEMENT
Six months ended 31 July 2003

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000
                                 Note

Cash flow from operating            
activities                          6      4,775            3,847        7,366

Returns on investments                     
and servicing of
finance                                     (658)            (633)      (1,232)

Taxation                                  (1,275)          (1,393)      (3,035)

Capital expenditure and                    
financial investment                        (232)            (122)        (248)

Equity dividends paid                     (2,350)          (2,343)      (3,357)
                                          ------           ------       ------
Cash inflow/(outflow)
before financing being
increase/(decrease) in
cash in the period                           260             (644)        (506)
                                          ======            ======       ======


Reconciliation of net cash flow to movement in net debt

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000

Increase/(decrease) in                      
cash in the period being
movement in net debt in
the period                                   260             (644)        (506)

Net debt at start of                     
period                                   (23,683)         (23,177)     (23,177) 
                                          ------           ------       ------

Net debt at end of                       
period                                   (23,423)         (23,821)     (23,683)
                                          ======           ======       ======

NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2003


1.      ACCOUNTING POLICIES

The financial information within the interim report has been prepared in
accordance with applicable accounting standards and are consistent with those
policies disclosed in the 31 January 2003 financial statements.

Turnover

Turnover is exclusive of value added tax and comprises:

• Home collected instalment     Credit charges received or receivable
  credit agreements

• Monthly instalment credit     Credit charges received or receivable
  agreements (consumer credit)

• Monthly instalment credit     Credit charges received or receivable
  agreements (car finance)

• Hire purchase agreements      Gross amount received or receivable, less
                                deferred revenue

• Goods and services            Gross amounts of goods and services
                                supplied

• Insurance                     Net commission received and receivable on
                                premiums paid by customers


Business Transacted

In order to provide further comparative information, the directors have included
a memorandum figure at the top of the profit and loss account, 'Business
Transacted'. This represents the total amount that the customer has contracted
to pay subject to the deferral of revenue attributable to a later period and
VAT.

2.      ANALYSES OF TURNOVER, OPERATING PROFIT/LOSS AND NET ASSETS

All operations are situated in the United Kingdom. Analyses by class of business
of turnover, operating profit and net assets are stated below:

                                           <------------Turnover--------->

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000
Class of business

Consumer credit, rentals                  
and other retail trading                  12,465           13,960       27,647
Car finance                                3,745            3,264        6,676
Hosiery                                       87              277          673
                                          ------           ------       ------
                                          16,297           17,501       34,996
                                          ======           ======       ======

                                           <----Operating profit/(loss)---->

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000
Class of business

Consumer credit, rentals                   
and other retail trading                   3,369            3,871        6,745
Car finance                                1,192            1,061        2,126
Hosiery                                      (63)             (83)         (78)
                                          ------           ------       ------
                                           4,498            4,849        8,793
                                          ======           ======       ======

                                           <-----------Net assets--------->

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000
Class of business

Consumer credit, rentals                  
and other retail trading                  35,672           33,837       33,850
Car finance                                1,404            1,259        1,220
Hosiery                                      323              364          393
                                          ------           ------       ------
                                          37,399           35,460       35,463
                                          ======           ======       ======

3.      GROUP OPERATING PROFIT

                                      Six months       Six months    Financial
                                           ended            ended   year ended
                                         31.7.03          31.7.02      31.1.03
                                            £000             £000         £000
Group operating profit
is stated after
charging:

Provision for doubtful                     
debt                                       2,345            2,814        6,762

The provision for six months to 31 July 2002 and year ended 31 January 2003
include the financial effects of a fraud that occurred in a branch in the South
East.

4.      EARNINGS PER ORDINARY SHARE

The calculation of earnings per Ordinary share is based on profit after tax of
£2,952,000 (for the period ended 31  July 2002- £3,126,000 and the year ended 31
January 2003 - £5,553,000) from which is deducted Preference dividends of
£77,000 (for the period ended 31 July 2002 - £77,000, and the year ended 31
January 2003 - £154,000) giving earnings of £2,875,000 (for the period ended 31
July 2002 - £3,049,000 and the year ended 31 January 2003 - £5,399,000).

The number of shares used in the calculation is the average number of shares in
issue during the year of 11,737,228 (for the period ended 31 July 2002 and the
year ended 31 January 2003 - 11,737,228).

Diluted earnings per share is the same as basic earnings per share as there are
no dilutive shares.

5.      DIVIDENDS

The directors have declared an interim dividend of 8p per share (2002: 8p per
share). The dividend, which amounts to approximately £939,000 (2002: £939,000),
will be paid on 14 November 2003 to shareholders on the register at 17 October
2003. The shares will be quoted ex dividend on 15 October 2003.

6.      RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW
        FROM OPERATING ACTIVITIES

                                       Six months     Six months     Financial
                                            ended          ended    year ended
                                          31.7.03        31.7.02       31.1.03
                                             £000           £000          £000

Operating profit                            4,498          4,849         8,793
Depreciation                                  279            309           584
Loss on sale of fixed assets                    8             29             -
Decrease /(increase) in stocks                 46            (35)           44
Increase in amounts receivable from          
customers                                    (265)          (709)       (1,657)
Decrease / (increase) in debtors               82            113            (8)
Increase/(decrease) in creditors              127           (709)         (390)
                                           ------         ------        ------
Net cash inflow from                        
operating activities                        4,775          3,847         7,366
                                           ======         ======        ======

7.          INTERIM REPORT

The figures for the year ended 31 January 2003 are extracted from the audited
accounts for that period, on which the auditors to the Group have issued an
unqualified audit report which did not contain a statement under section 237(2)
or (3) of Companies Act 1985, and which have been delivered to the Registrar of
Companies.

A copy of this Interim Report will be posted to all shareholders and will be
made available to the public at the Company's registered office at Royal House,
Prince's Gate, Solihull, B91 3QQ.








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