S&U, the niche home credit and motor finance
provider has issued a trading update for the period from 10
December to 31 January, announcing a strong performance by its
non-prime motor finance business Advantage Finance.
It stated that: “At a time of year traditionally
associated with a lull in the used car market, Advantage Finance
again bucked the trend to produce two months of trading more than
matching the exceptional results it has achieved this year. By
extending both the range and quality of its customers, Advantage
has squared the circle of rising customer numbers, strong gross
margins, continued cash generation and record profitability.”
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The company’s Board has approved a second interim
dividend of 10p per ordinary share on 18 March, and announced its
intention to pay a final dividend on 10 June of not less than 15p
per ordinary share for the year.
Anthony Coombs, chairman of S&U said: “Both our
current trading and plans for the future confirm my ‘cautious
confidence’ of two months ago. The current performance of the
group augurs well for S&U’s future profitability and the
returns we continue to make to our much valued shareholders.”
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