17th May 2016 07:59
LONDON (Alliance News) - S&U PLC on Tuesday said its trading is "very good" despite a "generally more restrained recent economic outlook in the UK".
In a statement ahead of its annual general meeting, the motor finance and specialist lender said its Advantage Finance business has recently seen an acceleration in its "already impressive" motor finance transactions growth rate.
Customer numbers have reached 35,600, S&U said, up 3,000 since its most recent financial year ended in January.
The company said its existing bank and finance facilities can "comfortably accommodate" its current rate of investment in Advantage of around GBP4 million a month.
"Advantage's customary high standards and commitment to its burgeoning number of customers continue to reap their proper reward. A conservative and strong treasury position will allow both Advantage, and the S&U Group generally, scope for continued expansion in the exciting and rewarding times ahead," said Chairman Anthony Coombs in a statement.
Shares in S&U were up 2.8% at 2,221.25 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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