S & U Plc (SUS.L) in its trading update for the six months to July 31, 2012 said it continues to trade in line with market expectations.
The company stated that its home credit division LoansatHome4U has maintained its recent progress despite the current recessionary climate. Customer numbers are up just under 3%, revenue growth has exceeded that for last year and, whilst impairment charges are higher than a good first half year in 2011, debt quality continues to be strong.
Besides, Advantage Finance, the company's market leading Motor Finance business, continues its record development. Since S&U's IMS in May, Advantage has continued to make great progress in every sphere of its business - collections, gross receivables, transaction numbers, margins and impairment. Consequently, advances are up 23% on last year and impairment is down.
The company further stated that although it continues to invest in the Advantage Motor Finance book, the Group's strong cash generation has seen gearing fall again to under 35% against 38% last year.
Anthony Coombs, S&U chairman, commented, "Against the current economic backdrop, S&U's continuing progress is driven by our commitment and attention to the demands and needs of every customer. This defines S&U and underpins our confidence in the Company's future progress."
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by RTT Staff Writer
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