Credit provider S&U on course to meet expectations
HOME credit and motor finance provider S&U has said it is trading satisfactorily and is on course to meet expectations.
The Solihull business said in a trading update covering December 2012 that it was confident for the year ahead.
Anthony Coombs, chairman of S&U, said: “The continued success of our business during subdued, even recessionary times should not be taken for granted. S&U’s achievement is due both to the hard work, dedication and commitment to customer service of our staff, and the long term, responsible and sustainable approach of our board which includes family shareholders. We approach our 75th anniversary with confidence.”
In Home Credit it said the current economic uncertainty, benefit changes and a preference for shorter term borrowing had combined to constrain home credit sales in comparison to the record figures of last year. Nevertheless, trading in January was good.
It said debt quality remained strong and, following encouraging results in pilot areas, new products were being introduced which are aimed at extending the appeal of home credit to a broader customer base.
Advantage, the company’s motor finance business, has rounded off a record year by producing its best ever transactions and collections figures during what is normally a more subdued final quarter. Current live customer numbers are now close to 15,000, net receivables over £50m and collections and debt quality stronger than ever.
The firm said it anticipated continued growth in this area.
S&U will announce its results for the year ending January 31, 2013 on March 26.
