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Trading statements

S and U says trading is very good

17 May 2016 07:35

S and U, the motor finance and specialist lender, said its trading in the period March 22 to May 17 has been very good.

"In fact, despite a generally more restrained recent economic outlook in the UK, Advantage Finance has recently seen an acceleration in its already impressive motor finance transactions growth rate," the company said.

"Customer numbers are now at an all-time high of 35,600, an increase of 3,000 since year-end and net receivables exceed GBP160m (GBP145m at the year-end). Debt quality remains excellent whilst collections, profit margins and average loan sizes are all on budget," it said in a statement.

"Our existing bank and finance facilities can comfortably accommodate our current rate of investment in Advantage of around £4m per month.

"Gearing has risen from 9% at year end to 19% now and our current projections suggest that it will not exceed 55% over the next 4 years as our business matures.

"Further funding will also be made available for suitable acquisitions and new initiatives as and when they are identified."

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