S&U Plc (SUS.L), in its Interim Management Statement for the period from the 1 February 2013 to 24 May 2013, said that Group trading remains in line with overall expectations with the cash generative Home Credit division helping to finance the very strong progress of the Motor Finance business.
In home credit division, Advances and receivables were 3%, and collections 2% lower than a good first quarter last year. Home Credit year on year profitability was slightly down, but cash generation was good and has considerably exceeded the first quarter of last year, the company said.
Motor Finance division, Its performance remains outstanding and even exceeds the levels of growth and collection quality of 2012. Receivables were no less than 29% up on last year while customer numbers were at a record leveland collections quality was better than ever, the company noted.
The company said it will implement any changes required by reforms of the Corporate Governance Code expected to be announced later this year. In the meantime a new independent Non-Executive Director, specifically responsible for Corporate Governance matters, will be appointed immediately following the Annual General Meeting.
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