Interim Results to 31.07.01

S & U PLC
19 September 2001


S&U PLC   -  PROVIDERS OF CONSUMER CREDIT & MOTOR FINANCE

INTERIM RESULTS FOR THE HALF YEAR TO 31st JULY 2001

HALF-YEAR PROFITS UP 30% TO £4.2m (£3.2m) ON BUSINESS TRANSACTED
£42.9M (£40.4M)

INTERIM DIVIDEND UP 16.7%

EARNINGS PER SHARE 24.4p (18.9p)

'EXCELLENT RESULTS' OF THE HOME COLLECTED CREDIT DIVISION

£436,000 CONTRIBUTED TO PROFITS BY ADVANTAGE FINANCE, AND 1,500
NEW CUSTOMERS ACHIEVED

'CONTINUED PROGRESS' EXPECTED IN SECOND HALF
 
Enquiries:     Simon Preston  -  Tel: [phone]



CHAIRMAN'S STATEMENT

I am pleased to report that the pre-tax profits for the six months ended 31st
July 2001 are up 30% at £4,206,000, as against £3,223,000 for the comparative
period last year.  Business transacted in the period totalled £42,922,000
compared to £40,440,000 for the previous half year.  The earnings per share
for the half year has increased to 24.4p compared with 18.9p.

In the home collected credit business during this half of the year,
significant growth was achieved in the southern half of Britain.  Overhead and
bad debt costs have been reduced as a percentage of business transacted.  It
is heartening to see that S&U's traditional business is reinvigorating and is
demonstrating its growth potential.

Advantage Finance, providing hire purchase finance for motor vehicles in the
sub-prime market, has contributed  £7,919,000 to business transacted and
£436,000 to pre-tax profits for the half year.  In addition it has contributed
£625,000 to revenue deferred to future periods in respect of advances already
made.  The first half of the year saw a competitive and slightly depressed
used car market, which adversely affected business and whilst the market has
settled down more recently, the growth in profits of 8.5% is less than we were
expecting.  A better result is anticipated in the second half, with a further
improvement for the following year.

The interim dividend for the period is raised to 7p per ordinary share,
compared with 6p at this time last year.  This will be paid on the 14th
November 2001 to ordinary shareholders on the register at 19th October 2001. 
The shares will go ex-dividend on 17th October 2001.

During the second half of the year we expect continued progress from the home
collected credit side, with an increased contribution from Advantage. The
world economic climate may become more gloomy, but the business that we are in
has defensive qualities and we remain confident for the foreseeable future.

Derek M. Coombs
Chairman
18 September 2001


MANAGING DIRECTOR'S STATEMENT

In April at S&U's full year results, and a year ago, I emphasised a sea-change
in your company's productivity and future profitability which would, with hard
work and dedication from everyone in the Group, produce substantial and
sustainable progress for the company in the years ahead.  Despite a slowing
national economy, I am very encouraged to report S&U Group profits up by just
over 30% on last year at £4.206m against £3.223m.  Business transacted is 6.1%
ahead at £42.922m.  

In an uncertain economic climate, I am particularly encouraged by the robust
health and sustained vitality of our home collected credit division which has
again produced excellent results.  It will continue to provide the bulk of
S&U's profits and growth in the years to come.  On business transacted up a
consistent 7%, detailed and persistent attention to costs, market focus and
attention to debt quality, has meant a significant improvement in gross
margins resulting in a profit increase of  35%, or nearly £1m, compared to
last year.  A particularly interesting development is the expansion of our
household and electrical goods business which has produced a sales increase of
70% on good margins and which provides additional marketing opportunities for
our mainstream finance products.

Yet again our North-West subsidiary achieved increased profits and a return on
shareholders' funds running, on an annualised basis, at 25%.  In a relatively
mature and competitive market, our North-East company Wilson Tupholme has
reduced bad debt, improved gross margins and boosted pre-tax profits by over
40% on last year.  Credit should go to our staff in these subsidiaries.
Nevertheless in terms of both business and profits growth, pride of place must
go to our Midlands and Southern businesses which have 'upped the tempo' to
such an extent that on business transacted, nearly 13% more than last year
they have produced operating profits after interest 68% up on a year ago. 
Although a slowing economy may modify such a growth rate, S&U's increasing
focus on better off and aspirational family business should provide a solid
basis for satisfactory future growth.

Advantage Finance, our motor finance subsidiary, has had a more challenging
half year.  Although adding an additional 1,500 customers to reach a record
4,800, a somewhat depressed used car market nationally has seen some pressure
on margins, new business and a prudent rise in bad debt provisioning. 
Recently, however, used car prices appear to be hardening with a subsequent
improvement in sales prospects.  Advantage have commendably maintained
underwriting and collections standards which result in almost certainly one of
the highest up to date accounts ratios in the sub-prime sector.  Further,
Advantage's increasingly sophisticated collection procedures, their internet
based Dealer Programme and its stand alone proposal and quoting system, augur
well for a steady profit improvement in the future.

S&U's strong profit performance is again reflected in the strength of its
balance sheet.  Both a slower market and Advantage's greater maturity as a
business have reduced the additional Group investment required in it over the
past six months. Although the further funds to develop the company are in
hand, it is appropriate that over the next three years Advantage should
produce profits on assets employed nearing the Group average.

Meanwhile, investment in both Advantage and our home collected business has
seen company gearing move to 64% of shareholders' funds against 49% a year
ago.  This remains conservative for the financial sector and considerably
lower than that of our direct competitors; interest cover on operating profit
is nearly 7.6 times.  Nevertheless, whatever the relatively benign current
level of interest rates, prudence will dictate that S&U maximises its already
impressive return on capital and its ability to generate cash in the future. 
This will be, in my judgement, entirely consistent with the satisfactory
growth in profit and shareholder value of the kind we have again been able to
produce in the past six months.

A M V Coombs
Managing Director
18 September 2001


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 2001 which comprises the profit and loss account,
the balance sheets, the cash flow statement and related notes 1 to 5.  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.

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 policies and presentation applied to the interim figures should be
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 2001.

Deloitte & Touche
Chartered Accountants
Birmingham
18 September 2001


CONSOLIDATED PROFIT & LOSS ACCOUNTS
Six months ended 31st July 2001
                                                                   
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01         31.7.00        31.1.01
                                                     restated*      restated*
                              Note       £000            £000           £000
                                                       
Business transacted                    42,922          40,440         86,482
                                       ======          ======         ======
Turnover                         2     16,296          14,680         31,892
                                       ======          ======         ======  
                                    

Group operating profit           2      4,847           3,541          8,449

Profit on sale of fixed assets            -               113            113

Net interest payable                     (641)           (431)          (942)
                                       ------          ------         ------
Profit on ordinary activities
before taxation                         4,206           3,223          7,620

Tax on profit on ordinary
activities                             (1,267)           (923)        (2,318)
                                       ------          ------         ------
Profit on ordinary activities
after taxation being profit for 
the financial period                    2,939           2,300          5,302

Preference dividends paid                                         

On 6% cumulative shares                    (6)             (6)           (12)
On 31.5% cumulative shares                (71)            (71)          (142)
                                       ------          ------         ------
Profit after preference dividends       2,862           2,223          5,148

Dividend on ordinary shares              (822)           (704)        (2,758)
                                       ------          ------         ------
Retained profit for the financial
period                                  2,040           1,519          2,390
                                       ======          ======         ======
Earnings per ordinary share        3    24.4p            18.9p          43.9p
                                       ======          ======         ======
Dividends per ordinary share             7.0p             6.0p         23.5p
                                       ======          ======         ======


* The consolidated profit and loss account for the period ending 31 July 2000
and the year ending 31 January 2001 has been restated for the adoption of  FRS
19 (see note 1).  

All activities derive from continuing operations.


STATEMENT OF TOTAL RECOGNISED GAINS & LOSSES
Six months ended 31 July 2001

                                                                   
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01         31.7.00        31.1.01
                                                    restated*      restated*
                                         £000            £000           £000


Profit for the financial year           2,939           2,300          5,302
                                       ------          ------         ------
Prior period adjustment for FRS 19
(note 1)                                  136             -              -
                                       ------          ------         ------
Total recognised gains and losses 
since last annual report                3,075           2,300          5,302
                                       ======          ======         ======


* The statement of total recognised gains and losses for the period ending 31
July 2000 and the year ending 31 January 2001 has been restated for the
adoption of FRS 19.


CONSOLIDATED BALANCE SHEETS
31st July 2001                                                                
                                  
                                      31.7.01        31.7.00         31.1.01
                                                    restated*       restated*
                              Note       £000           £000            £000

Fixed assets                                                      

Tangible assets                         2,862          3,079           2,873
                                       ------         ------          ------
Current assets                                                    

Amounts receivable from customers      53,344         43,518          49,574

Stocks                                    404            541             383

Debtors                                   901            827           1,053

Cash at bank and in hand                  176            159             156
                                       ------          ------         ------
                                       54,825         45,045          51,166

Creditors: amounts falling due
within one year                       (15,405)       (18,752)        (13,797)
                                       ------          ------         ------
Net current assets                     39,420         26,293          37,369
                                       ------          ------         ------
Total assets less current
liabilities                            42,282         29,372          40,242

Creditors: amounts falling due
after more than one year              (10,000)           -           (10,000)
                                       ------         ------          ------
Total net assets                    2  32,282         29,372          30,242
                                       ======         ======          ======
Capital and reserves                                              

Called up share capital                 2,117          2,117           2,117

Share premium account                   2,136          2,136           2,136

Revaluation reserve                       620            629             620

Profit and loss account                27,409         24,490          25,369
                                       ------          ------         ------
Total shareholders' funds              32,282         29,372          30,242
                                       ======         ======          ======
Attributable to equity
shareholders                           31,632         28,722          29,592

Attributable to non-equity
shareholders                              650            650             650
                                       ------         ------          ------
                                       32,282         29,372          30,242
                                       ======         ======          ======

* The consolidated balance sheet as at 31 July 2000 and as at 31 January 2001
has been restated for the adoption of FRS 19 (see note 1).

These interim statements were approved by the Board of Directors on 18
September 2001

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 2001
                                                                  
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01        31.07.00        31.1.01
                              Note       £000            £000           £000

Cash flow from operating
activities                       4        997          (1,251)        (1,633)

Returns on investments and
servicing of finance                     (718)           (510)        (1,128)

Taxation                                 (902)           (433)        (2,054)

Capital expenditure and financial
investment                               (286)           (291)          (466)

Equity dividends paid                  (2,054)         (1,876)        (2,583)
                                       ------          ------         ------
Cash outflow before financing          (2,963)         (4,361)        (7,864)

Financing                                 -               -           10,000
                                       ------          ------         ------
(Decrease) / increase in cash in
the period                             (2,963)         (4,361)         2,136
                                       ======          ======         ======


Reconciliation of net cash flow to movement in net debt

                                                                  
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01        31.07.00        31.1.01
                                         £000            £000           £000
                                                                  
(Decrease) / increase in cash in
the period                             (2,963)         (4,361)         2,136

Cash inflow from increase in debt         -               -          (10,000)
                                       ------          ------         ------
Movement in net debt in the period     (2,963)         (4,361)        (7,864)

Net debt at start of period           (17,805)         (9,941)        (9,941)
                                       ------          ------         ------
Net debt at end of period             (20,768)        (14,302)       (17,805)
                                       ======          ======         ======


NOTES TO THE INTERIM STATEMENTS
Six months ended 31 July 2001


1.  ACCOUNTING POLICIES

    The financial information within the interim report has been prepared in
    accordance with applicable accounting standards. Since the preparation of 
    the previous financial statements, the group has adopted the              
    recommendations set out in Financial Reporting Standard ('FRS') 19.  The  
    group adopted FRS18 in the January 2001 financial statements.  As a result
    certain financial information for the period ended 31 July 2000 has been  
    restated.

    FRS18

    Turnover

    Turnover is exclusive of value added tax and comprises:


    Home collected instalment credit    Credit charges received or receivable
    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.

    On advice regarding the most appropriate accounting policy in the light of
    industry practice and the guidance contained in Financial Reporting       
    Standard 18, in the 31 January 2001 financial statements, the directors   
    restated turnover on the home collected instalment credit agreements as   
    shown above. In previous periods, turnover was based on the total amount  
    repayable less deferred income which also included the principal sum      
    advanced.  Cost of sales has been restated accordingly.  There has been no
    impact on the profit for the period in the current or previous accounting 
    periods.  Turnover and cost of sales have reduced by £21,632,000 (January 
    2001: £44,457,000; July 2000: £20,423,000) as a result of this            
    restatement.

    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.

    FRS19

    The adoption of FRS19 Deferred Taxation has required changes in the method
    of accounting for deferred tax assets and liabilities.  As a result of    
    these changes in accounting policy the comparatives have been restated.   
    As at 31 January 2001 a deferred tax asset of £136,000 arises, £50,000 of 
    which relates to earlier periods.  The deferred tax asset as at 31 July   
    2001 is £83,000 (July 2000 £93,000).  The charge against retained profit  
    for the period of adopting FRS 19 is £53,000 (July 2000: credit of        
    £43,000).
   
1.  ANALYSES OF TURNOVER, OPERATING PROFIT 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
                                      31.7.01        31.07.00        31.1.01
                                                     restated*    
Class of business                        £000            £000           £000  

Consumer credit, rentals and other
retail trading                         12,939          11,865         25,661

Car finance                             2,924           2,193          4,966

Manufacturing                             433             622          1,265

                                       16,296          14,680         31,892

                                                                          
                                   ------------ Operating profit------------ 
                                                 
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01        31.07.00        31.1.01
                                         £000            £000           £000
Class of business                                           
                                                                  
Consumer credit, rentals and other
retail trading                          3,944           2,864          6,793

Car finance                               887             635          1,571

Manufacturing                              16              42             85

                                        4,847           3,541          8,449

                                                                              
                                                
                                   ----------------Net assets---------------  
   
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01        31.07.00        31.1.01
                                                     restated*      restated*
                                         £000            £000           £000
      
Class of business                                           
                                                                 
Consumer credit, rentals and other
retail trading                         31,311          28,716         29,380

Car finance                               496             221            398

Manufacturing                             475             435            464

                                       32,282          29,372         30,242
 
    * Restated per changes described in Note 1.


2.  EARNINGS PER ORDINARY SHARE

    The calculation of earnings per Ordinary share is based on profit after   
    tax of £2,939,000 (for the period ended 31  July 2000 - £2,300,000, and   
    the year ended 31 January 2001 - £5,302,000) from which is deducted       
    Preference dividends of £77,000 (for the period ended 31 July 2000 -      
    £77,000, and the year ended 31 January 2001 - £154,000) giving earnings of
    £2,862,000 (for the period ended 31 July 2000 - £2,223,000 and the year   
    ended 31 January 2001 - £5,148,000).

    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 2000 and the year ended 31 January 2001 11,737,228).

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

3.  RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW
    FROM OPERATING ACTIVITIES
                                                                  
                                   Six months      Six months      Financial
                                        ended           ended     year ended
                                      31.7.01        31.07.00        31.1.01
                                         £000            £000           £000  
                                                   

Operating profit                        4,847           3,541          8,449

Depreciation                              286             313            640

Loss / (profit) on sale of
fixed assets                               11             (10)            46

(Increase) / decrease in
stocks                                    (21)            (65)            93

Increase in amounts receivable
from customers                         (3,770)         (5,046)       (11,103)

Decrease in debtors                        97             118            106

(Decrease) / increase in
creditors                                (453)           (102)           136

Net cash inflow / (outflow)
from operating activities                 997          (1,251)        (1,633)
    

4.  INTERIM REPORT

    The abridged figures in respect of the financial year ended 31 January    
    2001 are not full accounts as defined by the Companies Act 1985.  Full    
    group accounts for that period have been delivered to the Registrar of    
    Companies with an unqualified audit report.  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.