Brexit doomsayers no problem for S&U
SOLIHULL motor finance provider S&U has said concerns posed by stock market and currency turbulence in the wake of the EU referendum appears to be having little impact on the business.
“In contrast to the recent gyrations and doom saying in the stock and currency markets, trading in the real world at our Advantage motor finance business continues as strong and consistent as ever,” it said in a half year update.
Customer applications are at a record high with live customer numbers up 39% on last year at over 38,000 while margins are being maintained.
Commenting, Anthony Coombs, S&U chairman said: “A sound and consistent strategy, substantial investment and a dynamic and committed team both at Advantage and the group, form the bedrock of S&U’s progress.
“That is why, whatever the current economic uncertainties, we continue to regard the future with great confidence.”
Collections and repayments at Advantage have scaled new monthly highs and credit quality, while not at the record levels of last year, is nevertheless close to the historically high levels of the past two years.
The operation’s net receivables are now approaching £175m and have grown at over £1m per week in the first half of the financial year.
In addition, existing funding lines are said to provide sufficient headroom for the growth the company expects to we achieve over the next two years; as well as for new initiatives the group may wish to undertake.
For the medium term – 2018 and beyond – the business anticipates extending its finance facilities during the second half of this financial year.