S & U PLC Trading Statement (3190G)
August 05 2016 - 1:00AM
UK Regulatory
TIDMSUS
RNS Number : 3190G
S & U PLC
05 August 2016
5th August 2016
S&U plc
("S&U"or "the Group")
HALF YEAR UPDATE AND NOTICE OF RESULTS
S&U plc issues its trading update for the period from its
AGM statement of the 17th May to 31st July 2016, and will announce
its half year results on 27th September 2016.
Trading
In contrast to the recent gyrations and doom saying in the stock
and currency markets following June's Brexit vote, trading in the
real world at our Advantage motor finance business continues as
strong and consistent as ever. Customer applications are at a
record high with live customer numbers up 39% on last year at over
38,000 whilst margins are being maintained.
As collections and repayments at Advantage scale new monthly
highs, credit quality, whilst not at the record levels of last
year, is nevertheless close to the historically high levels of the
past two years and within our expectations. Advantage net
receivables are now approaching GBP175m and have grown at over
GBP1m per week in the first half of the financial year.
Funding
Our existing funding lines provide sufficient headroom for the
growth we anticipate at Advantage over the next two years; as well
as for new initiatives the Group may wish to undertake. For the
medium term, 2018 and beyond, we anticipate extending our finance
facilities during the second half of this financial year.
Commenting on the Group's trading and outlook, Anthony Coombs,
S&U chairman said:
"A sound and consistent strategy, substantial investment and a
dynamic and committed team both at Advantage and the Group, form
the bedrock of S&U's progress.
"That is why, whatever the current economic uncertainties, we
continue to regard the future with great confidence."
For further information, please contact:
S&U plc: www.suplc.co.uk
Anthony Coombs, Chairman 0121 705 7777
Financial Advisers, Sponsors and Brokers
Chris Hardie, Arden Partners 0207 614 5929
Media and Investor Relations
Will Swan, Smithfield 0207 360 4900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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