23rd May 2019 10:47
LONDON (Alliance News) - S&U PLC on Thursday expressed confidence for the year ahead after reporting improved performance across all of its units.
Ahead of its annual general meeting, the lender said its motor finance business, Advantage Finance, continues to trade well with profit for the period from February to Wednesday up on last year. Customer numbers in this division now exceed 60,000 for the first time, S&U highlighted.
Advantage Finance's collections stood at GBP263 million, up 3% against last year, with rolling 12-month risk adjusted yield slightly improved at just over 25%. This division has also reported the record number of applications for finance, averaging over 108,000 per month.
Meanwhile, Aspen Finance, S&U's new property bridging lender, continued to make "impressive" progress, the company said. The divisional loan book now stands at GBP22 million versus GBP18 million at year end, as its product range, introducer network and reputation continue to grow.
"Recent trends in our business are encouraging, particularly in transaction growth, debt and new customer quality," said Chair Anthony Coombs.
"Together with our tried and tested traditional emphasis on continuous process refinements and improvements for our customers, these give us confidence of further steady and sustainable growth and a successful year ahead," added Coombs.
S&U shares were trading 1.8% higher on Thursday at 2,258.80 pence each.
Related Shares:
S & U