S&U takes credit for trading well

SOLIHULL-based home credit and motor finance provider S&U says it is optimistic about the future despite a sluggish operating environment.

In an interim management statement covering the period February 1 to May 23, the group said its home credit division Loansathome4u continues to trade well.

Whilst the current economic turbulence demands caution from both lender and customer, our customer numbers are up just under 4% on last year, it said. Customer caution has led to an appetite for shorter-term loans.

Collections are up over 7% on last year and credit availability is now at a record level.

S&U’s acquisition Norton Finance has been successfully integrated into the business, the group says, and it continues to pursue acquisitions of similar quality.

In the motor finance area, transactions, revenues and collections are all above budget and productivity per employee is at a record level. Gross receivables are 11% higher than last year.

 Anthony Coombs, S&U chairman, said: “In times of continuing uncertainty our focus on the service we give every single S&U customer continues to reap dividends. We look to the future with pragmatism and confidence.”