Business
S&U (SUS): Seeing recovery and adapting to ...
S&U (SUS): Seeing recovery and adapting to ....
About this update from S&u Plc
[{"type":"text","content":"\n \n\n\nEdison Investment Research Limited\n\n\n\nEdison Investment Research Limited: S&U (SUS): Seeing recovery and adapting to grow04-Apr-2022 / 07:00 GMT/BST\n\n\n \n\nLondon, UK, 4 April 2022\n\n \n\nS&U (SUS): Seeing recovery and adapting to grow\n\nS&U recorded a dramatic increase in profit in FY22, but the more telling point is that average pre-tax profit for FY22 and FY21 was nearly £33m, only slightly below the pre-pandemic level of £35m (FY20). In the meantime, the group has continued to refine and develop both its businesses, which should underpin medium-term growth even if the near-term macro background is uncertain.\n\nOur estimates are increased slightly, with EPS raised by 2% and 3% for FY23 and FY24 respectively. Following the exceptionally low level of loan loss provisions in FY22 we expect a normalisation in FY23, hence the reduction in pre-tax profit between the two years, from £47m to £39m. This still leaves the prospective multiple only just above 9x. The disparity between profits and earnings growth in FY24 is the result of allowing for the increase in corporation tax to 25%. The historical and prospective yield of over 5% should be supportive for the share price.\n\nClick here to view the full report or here to sign up to receive research as it is published. \n\n \n\nAll reports published by Edison are available to download free of charge from its website\n\nwww.edisongroup.com\n\nAbout Edison: Edison is a leading research and investor relations consultancy, connecting listed companies to the widest pool of global investors. By focusing on the volume and quality of investors reached - across institutions, family offices, wealth managers and retail investors - Edison can create and gauge intent to purchase, even in the darkest pools of capital, and then make introductions via non-deal roadshows, events or virtual meetings. \n\nHaving been the first in-market 17 years ago, Edison now has more than 100 analysts covering every economic sector. Headquartered in London, Edison also has offices in New York, Frankfurt, Amsterdam and Tel Aviv and a presence in Athens, Johannesburg and Sydney.\n\nEdison is authorised and regulated by the Financial Conduct Authority.\n\nEdison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations ...