20th Jun 2007 15:11
S & U PLC20 June 2007 Interim Management Statement S&U plc are the foremost niche consumer and motor finance provider in the UK,providing a reliable, consistent and trustworthy service to over 130,000customers. I am pleased to present our interim management statement for theperiod from 1st February 2007 to 19th June 2007. Revenue in our home collected operations has grown by 15% versus the same periodlast year driven by the 20% expansion in representative numbers referred to inmy yearend report. This expansion has centred on operations in Scotland and theNorthwest and we are making steady progress in integrating these newrepresentatives to our existing businesses and increasing cost efficiency as weapproach the second half of this year. Balance Sheet receivables are up by 9%versus last year with the corresponding loan loss provisions up by 12%. Whilstthis reflects an increase in impairment on our more difficult customer debts,overall debt quality remains satisfactory and collections are up 13% year onyear. After a slower start to the year, Advantage Finance has now grown new dealvolumes by 10% year to date and continues to be a leading innovator in itsmarket. Given the current economic climate and concerns over sub-prime mortgageswe have decided to suspend new lending in our pilot Communitas second mortgageoperation. Borrowings at the end of the period are virtually unchanged since yearend,seasonally positive cash generation from our home collected business financingfurther investment in Advantage as well as the payment of the main dividend toshareholders on 1st June. Anthony M V Coombs Managing Director This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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