Final Results

S & U PLC
03 April 2003

S&U PLC

Providers of Consumer Credit & Motor Finance

RESULTS FOR THE YEAR TO 31ST JANUARY 2003

BUSINESS TRANSACTED £88.8M (£89.9M).  PRE-TAX PROFITS
£7.8M (£9.2M).  RESULTS AFFECTED BY ONE-OFF EVENT IN  SOUTH LONDON

TOTAL DIVIDEND 28p (27p), UP 3.7% (PREVIOUS YEAR'S INCREASE 14.9%)

HOME COLLECTED CREDIT

APART FROM SOUTH LONDON SHOWED GOOD PROGRESS, PARTICULARLY IN THE NORTH WEST '
POTENTIAL FOR STEADY GROWTH REMAINS'

MOTOR CAR FINANCE

'INCREASINGLY SUCCESSFUL'.  PRE-TAX PROFITS UP 16% ON TURNOVER UP 14%.  BUDGETED
PROFITS TARGET £1.6M FOR THE CURRENT YEAR.  'PROSPECTS FOR THE LONGER TERM
HEALTHY' AND 'THE DIRECTORS ARE CONFIDENT OF FURTHER SIGNIFICANT PROFIT GROWTH'

Enquiries:           Derek Coombs, Executive Chairman,  S&U PLC
                     or
                     Anthony Coombs, Managing Director, S&U PLC
                     Tel: [phone]


CHAIRMANS STATEMENT

Results

Business transacted for the year is £88.8m compared to £89.9m.  However, the
damage done to the figures by the lack of control in the South London area has
reduced the pre-tax trading profits for the year to £7.8m as against £9.2m.
This damage was referred to in the interim report although the full extent was
not known at that time.  It is laudable to cut costs but in this case it is
evident the cuts went too far.  Major changes have taken place both in
management, staff and security procedures as a consequence of that situation to
ensure such an event never happens again.

Earnings per share at 46.0p (53.5p previously) provide excellent cover for the
recommended total dividend.

The Board is recommending a final dividend of 20p per ordinary share, making 28p
for the year compared to 27p last year, an inflation beating increase for the
year as a whole of 3.7% (last year's increase was 14.9%).  The dividend will be
paid on 2nd July 2003 to ordinary shareholders on the register at 6th June 2003.
The shares will be dealt ex dividend from 4th June 2003.  On this basis, at
the average market price for March 2003 of 388.3p, the yield would be 7.2% with
a cover of 1.61 times.  Shareholders have enjoyed dividend growth in every year
since before the company's 50th anniversary in 1988, a record we will seek to
maintain.

Home Collected Credit

Apart from the South London problem the rest of the country showed good
progress, particularly SD Taylor, our north west subsidiary which produced pre
tax profits of 29% of its shareholders' funds.

The potential for steady growth remains available and we will continue to invest
in training to produce the quality improvements, which underpin profit growth.

Motor Car Finance - Advantage Finance Limited

In the competitive used car finance market, Advantage Finance is increasingly
successful and 2002/03 was a year in which profits and cash receipts continued
to grow sensibly and steadily in line with our strategy for this business.  On
turnover up 14%, pre-tax profits grew by 16% to nearly £1.3m, whilst borrowings
grew by less than £0.75m.

The business is not yet mature, but has already developed larger and more
reliable income streams and this is a tribute to our successful in-house
underwriting programme and our improving collections team.  The underwriting
programme was reinforced during the year by a full review of policy and we also
reorganised the collections team to achieve a quicker and more integrated
approach to more difficult collection accounts.  Both these changes should limit
bad debts and further improve future income streams.  Our sales team also turned
in a very creditable performance against stiff competition from other finance
companies.  Indeed we believe our efficient sales force, backed up by
sophisticated in-house systems, (allowing high levels of service and support),
to be an area of increasingly competitive advantage for us.  Advantage has set
itself a budgeted profit target of £1.6m for the current year.  Prospects for
the longer term are healthy and the directors are confident of further
significant profit growth.

I am particularly proud of Advantage's results because I introduced Advantage to
S&U as a new start-up venture only some three and a half years ago and the
management team has already achieved a significant presence in the market.

Staff

I was sorry to say goodbye to the staff of AE Holt (Leicester) Limited, the
small hosiery manufacturer that we had to close due to the increasing difficulty
of competing against low labour cost countries.  I thank them for their service
to the group and wish them well.

Every company is only as good as the quality and dedication of its staff.  S&U
is a very labour intensive operation and therefore even more dependent upon its
staff.  We have a superb team and I must take this opportunity to thank them on
your behalf for their contribution during the year.


Derek M Coombs
Chairman
2 April 2003


SUMMARY CONSOLIDATED PROFIT & LOSS
ACCOUNT 31 JANUARY 2003


                                                                                      2003             2002
                                                      Note                            £000             £000

BUSINESS TRANSACTED                                                                 88,828           89,929
                                                                                 =========        =========

TURNOVER                                                                            34,996           34,430
Cost of sales                                                                       (3,131)          (3,653)
                                                                                 ---------        ---------
                                                                                                 
Gross profit                                                                        31,865           30,777

Other expenses                                                                     (16,310)         (16,080)

Provision for doubtful debt
(includes exceptional item of £1.9m)                  1                             (6,762)          (4,300)
                                                                                                                        
                                                                                 ---------        ---------

Total administrative expenses                                                      (23,072)         (20,380)

OPERATING PROFIT                                                                     8,793           10,397

Profit on sale of fixed assets                                                         214                -

Net interest payable                                                                (1,161)          (1,191)
                                                                                 ---------        ---------

PROFIT ON ORDINARY ACTIVITIES BEFORE                                                 
TAXATION                                                                             7,846            9,206

Tax on profit on ordinary activities                                                (2,293)          (2,775)
                                                                                 ---------        ---------

PROFIT ON ORDINARY ACTIVITIES AFTER
TAXATION BEING PROFIT FOR THE FINANCIAL
YEAR                                                                                 5,553            6,431

Dividends paid and proposed - including
amounts in respect of non equity shares                                             (3,440)          (3,323)
                                                                                 ---------        ---------             
                                                                           
RETAINED PROFIT FOR THE FINANCIAL YEAR                                               2,113            3,108

                                                                                 =========        =========

Basic Earnings per Ordinary share                                                    46.0p            53.5p
                                                                                 =========        =========
Dividends per Ordinary share                                                         28.0p            27.0p
                                                                                 =========        =========



There have been no recognised gains or losses other than the profit for the
current and preceding years.

All activities derive from continuing operations.







CONSOLIDATED BALANCE SHEET
31 JANUARY 2003

                                                                               2003             2002
                                                                               £000             £000

FIXED ASSETS
Tangible assets                                                               2,646            2,768
                                                                          ---------        ---------              
CURRENT ASSETS
Amounts receivable from customers (including
£12,776,000            falling due after one year
(2002: £12,578,000))                                                         60,949           59,292
Stocks                                                                          214              238
Debtors                                                                         946              879
Cash at bank and in hand                                                        106              115
                                                                          ---------        ---------              

                                                                             62,215           60,524

CREDITORS: amounts falling due within one year                              (14,398)         (14,942)
                                                                          ---------        ---------              

NET CURRENT ASSETS                                                           47,817           45,582
                                                                          ---------        ---------              

TOTAL ASSETS LESS CURRENT LIABILITIES                                        50,463           48,350

CREDITORS: amounts falling due after more than one
year                                                                        (15,000)         (15,000)
                                                                          ---------        ---------                    
                                                                     
NET ASSETS                                                                   35,463           33,350
                                                                          =========        =========

CAPITAL AND RESERVES                                                         35,463           33,350
                                                                          =========        =========
Statistics
                                                                          31-Jan-03        31-Jan-02

Operating Profit/Business Transacted                                           9.8%            11.6%

Profit Before Taxation/Net Assets                                             22.2%            27.6%

Net Borrowing/Shareholders Funds                                              67.1%            69.5%



CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED
31 JANUARY 2003

                                                                       2003                      2002
                                                          £000         £000         £000         £000

Cash flow from operating activities                                   7,366                     1,750

Returns on investments and servicing
of finance
Interest received                                            5                        12
Interest paid                                           (1,159)                   (1,116)
Preference dividends paid                                  (78)                      (78)
                                                        ______                     _____
Net cash outflow from returns on investments
and servicing of finance                                             (1,232)                   (1,182)

Taxation                                                             (3,035)                   (2,430)

Capital expenditure and financial
investment
Purchase of tangible fixed assets                         (707)                     (708)
Proceeds of sale of fixed assets                           459                        74
                                                        ______                     _____
Net cash outflow for capital expenditure and
financial investment
                                                                       (248)                     (634)

Equity dividends paid                                                (3,357)                   (2,876)
                                                                     ______                     _____
Cash outflow before financing                                          (506)                   (5,372)

Financing
Increase in loans from banks                                              -                     5,000
                                                                     ______                     _____
Decrease in cash in the year                                           (506)                     (372)
                                                                     ======                     =====



NOTES TO THE PRELIMINARY ANNOUNCEMENT YEAR ENDED 31 JANUARY 2003

1.   EXCEPTIONAL BAD DEBT EXPENSE

     Within the bad debt expense are the financial effects of frauds that were
     identified at the London branch during the year ended 31 January 2003.

     The bad debt provision in respect of London has increased by £1,872,000 to
     £2,265,000 at 31 January 2003 (2002:393,000), which includes both the 
     direct losses due to the fraud and the indirect negative impact on the 
     normal collection procedures.

     OTHER NOTES

2.   The financial information has been prepared using the same accounting 
     policies as were used in preparing the statutory accounts of the
     Group for the year to 31 January 2002

3.   This summary of results are not statutory accounts within the meaning of 
     section 240 of the Companies Act 1985.  The statutory accounts for
     the year ended 31 January 2003 on which the auditors have given an 
     unqualified report and did not contain an adverse statement under section 
     237(2) or 237(3) of the Companies Act 1985 will be delivered to the 
     Registrar of Companies after the Annual General Meeting.

4.   The financial information within this report has been prepared in 
     accordance with applicable accounting standards.  The transitional
     requirements of FRS 17 have been adopted in the current period.

5.   The number of shares used in the calculation of earnings per share is the 
     average number of shares in issue during the year of 11,737,228
     (2001: 11,737,228).  There are no dilutive shares.

6.   If approved at the Annual General Meeting a final dividend of 20.0p per 
     Ordinary Share is proposed, payable on 2 July 2003, with a record date
     of 6 June 2003.

7.   The Annual General Meeting will be held on 4 June 2003.

8.   The figures shown for the year ended 31 January 2002 are not statutory 
     accounts.  A copy of the statutory accounts has been delivered to the
     Registrar of Companies, contained an unqualified audit report and did not
     contain an adverse statement under section 237 (2) or 237 (3) of the 
     Companies Act 1985.

9.   The 2003 Annual Report and Financial Statements will be posted to 
     shareholders in due course.  Copies of this announcement are available from
     the Company Secretary, S&U plc, Royal House, Prince's Gate, Homer Road,
     Solihull, West Midlands, B91 3QQ.


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