9th Dec 2021 12:10
(Alliance News) - S&U PLC on Thursday described how it was experiencing a growth rebound in a strong period of trading, in spite of a lack of used cars and a quietening housing transaction market.
The motor finance and property bridging lender said growth was accelerating in both its businesses and had "laid the trading and financial foundations for a return to its historical levels of significant, sustainable and profitable growth".
The stock was trading 3.5% higher at 2,700.00 pence each on Thursday around midday in London.
S&U said its Motor Financing business was "rebounding vigorously" both in profitability and in new business transactions, record basic live collections in the second quarter of GBP38.3 million. New business transactions also grew, increasing by over 30% in the period versus the same period last year.
Within its property bridging business Aspen Bridging Finance, receivables reached over GBP60 million, more than double last year. An "excellent Aspen profit increase" in the period was also singled out.
Chair Anthony Coombs said: "S&U is in very fine form. Credit for this goes to our great people who have not only maintained an excellent service to customers, whatever the personal depredations or uncertainties of Covid, but are also continuously monitoring, planning and adapting within rapidly evolving finance markets."
By Will Paige; [email protected]
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