Trading Statement

RNS Number : 5747I

S & U PLC

10 December 2015

 

10th December 2015

S&U plc

    ("S&U" or "the Group")

S&U TRADING STATEMENT

S&U, Britain's foremost niche specialist finance provider, announces a trading update for the period from 1st August to 9th December 2015.

Motor Finance

Advantage Finance, our market leading specialist car finance provider, continues to trade at record levels. On all measures, including new applications, customer numbers, monthly collection levels, debt quality and profitability, Advantage continues to break new ground.  As always, it also continues to refine and improve its product offerings, its formidable underwriting capabilities and the speed and certainty of service it offers its introducers.  The result has been live customer numbers which have now reached over 30,000 an increase of over 28% on a year ago.

Funding

The sale of Loansathome4u, our Home Credit division, was completed on 4th August 2015. The net proceeds of £80 million have been re-invested in the motor finance business, have funded a special dividend of £1.25p per ordinary share paid on 12th November 2015 and still allow substantial headroom within our funding facilities for both accelerated growth and acquisitions.

Shareholders are reminded that the payment date for our second interim dividend will this year be 18th March 2016 and the payment date for our final dividend will be 8th July 2016.

Acquisitions

Significant work is being carried out with our advisers on a limited number of opportunities meeting our acquisition criteria. These criteria include delivering earnings enhancement and significant future growth.

Overview

Commenting on Group trading, Anthony Coombs, S&U Chairman, said:

"Our excellent motor finance business is producing record results and operating in a general economic environment with the stability necessary to sustain strong consumer demand, thus providing balanced and sustained growth. We therefore continue to regard the future for S&U with great confidence."

For further information, please contact:

S&U plc www.suplc.co.uk  Anthony Coombs, Chairman	0121 705 7777
Broker & Financial Advisor Chris Hardie                                                   Arden Partners	0207 614 5917
Media and Investor Relations Will Swan                                                       Smithfield	0207 360 4900

 

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