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S&U PLC on Thursday said the turnaround in its fortunes continues apace with both its Advantage and Aspen businesses delivering improved performances. Chair Anthony Coombs said recent months have ‘undoubtedly confirmed that S&U has regained its ’Va Va Voom’.’ ‘With both Advantage and Aspen on the right track, we have every confidence in the good rewards for shareholders we anticipate in the years to come,’ he added. Group profit at the end of the third quarter continues to beat budget, with trading, particularly at Advantage, its motor finance business, healthy both in terms of new business volumes and quality. As a result, group net receivables, the ‘life blood of future profitability’, now stand at around £491 million compared to £447 million at the end of 2024 and are ‘accelerating month by month.’ In a trading update covering the period August 5 to December 10, the Solihull, England-based lender, which is focused on motor finance and property bridging, said the improved trading ‘confirms the abilities of our businesses, once freed from the shackles of regulatory intervention.’ S&U was referring to the probe by the UK’s financial regulator, the Financial Conduct Authority into motor finance commission mis-selling. The company pointed to latest Finance and Leasing Association statistics which show the used car finance market was up by 6% in September, having declined slightly by 2% in the preceding months. The last four months have seen an upsurge in trading at Advantage, S&U said, with recent monthly agreement volumes averaging 2,500, or over £25 million in value compared to 7,121 deals in the first half. Advantage’s third quarter, to October 31, saw a record 869,000 finance applications, and now receivables are a net £318 million, an increase of 14% on the previous quarter. Aspen Bridging continues to grow its loan book, S&U said. At the end of the period under review net receivables stood at £173 million, up from £148 million at the half-year end. Shares in S&U were rose 6.6% to 1,983.00 pence each in London on Thursday afternoon. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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