RNS Number : 8518S
06 December 2012

6th December 2012


S&U plc ("S&U" or "the Group")

Interim Management Statement


S&U, Britain's foremost niche home credit and motor finance provider, today issues an IMS for the period from the 1st August 2012 to 6th December 2012.


Home Credit

Loansathome4U, our home credit division, continues on its consistently profitable and cash generative path.   Our platform for the coming prime Christmas trading period is strong, with collections maintaining the progress of the first half, debt quality improving further and credit availability up 10% on last year.  Costs percentage increase year on year remains in line with turnover.  Although the recovery generally remains fragile, recent surveys on consumer confidence have improved significantly.  We are therefore confident that our customers' appreciation of our levels of service, and their traditional loyalty, will produce satisfactory results.


Motor Finance

Advantage has maintained its excellent performance seen at the half year.  As predicted, the period has seen £2m of further investment in its loan book.  This is producing  further improvements in debt quality and levels of impairment.


Customer numbers are at a record and some 14% above a year ago, and our new finance products have been received well.  Our confidence in the future rises accordingly. 


Funding and Capital

Good collections and careful underwriting have seen gearing fall to 31% from 33% at the half year, despite budgeted investment in Advantage.  Our financial strength gives us the headroom required for future organic or acquisitions growth.


Commenting on Group trading and outlook, Anthony Coombs, S&U Chairman, said:

"A solid platform for Christmas sales and good current trading give us confidence for the continued progress which the efforts of all at S&U properly deserve."




For further information, please contact:

S&U plc www.suplc.co.uk

Anthony Coombs, Chairman                           0121 705 7777


Financial Advisers, Sponsors and Brokers   Arden Partners

Adrian Trimmings/Jamie Cameron                 020 7614 5920


Media and Investor Relations                      Smithfield

Will Swan/Rebecca Hunt                                020 7360 4900







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