21st May 2015 07:58
LONDON (Alliance News) - Motor finance and home credit provider S&U PLC on Thursday said trading has been satisfactory in the 2015, with its Advantage Finance business performing well but its home credit arm struggling due to the more cautious markets surrounding the General Election in the UK.
The Advantage Finance motor finance business has maintained its debt quality in the period from February 2 to May 20, the company said, and expects to meet transaction targets for the year.
In its home credit arm, however, sales in the business were hit by the cautious climate around the UK General Election and as it prepares its application for full authorisation by the City regulator, the Financial Conduct Authority. Advantage Finance also intends to apply for full authorisation in 2016.
"Although forthcoming regulatory changes and a pause in consumer appetite pending the General Election have made sales less buoyant than the recent past, group collections, debt quality and our treasury position remain very strong. We look forward to yet another successful year," said S&U Chairman Anthony Coombs.
S&U shares were down 2.3% to 2,044.00 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
S & U