10th Dec 2015 09:20
LONDON (Alliance News) - Specialist finance provider S&U PLC on Thursday said trading in its motor finance business has continued to be robust following the sale of its home credit business in August.
S&U said Advantage Finance, its motor finance arm, is trading at record levels in terms of new applications, customer numbers, monthly collection levels, debt quality and profitability.
Live customer numbers for the business had increased to 30,000 by this week, up 28% year-on-year.
The company completed the sale of Loansathome4u, its home credit arm, in August and said the net proceeds of GBP80.0 million have been re-invested in the motor finance business. The unit was sold to Non-Standard Finance PLC, a vehicle floated in order to acquire niche lending businesses.
"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," said Chairman Anthony Coombs.
Shares in S&U were untraded on Thursday, having last traded at 2,350.00p.
By Sam Unsted; [email protected]; @SamUAtAlliance
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