5th Aug 2014 09:39
LONDON (Alliance News) - S&U PLC Tuesday said it continues to trade in line with market expectations ahead of its interim results, as the lender reported a rise in advances in its motor finance division and a rise in market share in home credit.
In a trading update for the six months ended June 30, S&U said that advances in its motor finance subsidiary, Advantage Finance, were more than GBP18.0 million above those in the corresponding period last year. S&U also said that a rise in consumer confidence and greater market share boosted its home credit business, for which it opened three new branches and grown its number of representatives by 10% - a rise "more than matched" by increases in both advances and collections.
Furthermore, S&U said that constructive discussions are continuing with regulators regarding the acquisition of a deposit-taking licence. The lender is eyeing the licence as a way to give it further scope to expand its lending organically.
"Current performance and future prospects in both our businesses are very encouraging. Our constant attention to the service we give every customer justifies our confidence in the future," Chairman Anthony Coombs said in a statement.
S&U shares were Tuesday quoted up 4.1% at 1,769.74 pence.
By Samuel Agini; [email protected]; @samuelagini
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