Business
TRADING UPDATE AND NOTICE OF RESULTS
TRADING UPDATE AND NOTICE OF RESULTS.
About this update from S&u Plc
[{"type":"text","content":"\n \n \n RNS Number : 7104V\n S & U PLC\n 11 August 2020\n \n \n \n \n \n \n \n 11 August 2020\n \n \n S&U plc \n \n \n (\"S&U\" or \"the Group\")\n \n \n \n \n \n TRADING UPDATE AND NOTICE OF RESULTS\n \n \n \n \n \n \n \n S&U PLC, the motor finance and property bridging specialist, today issues a trading update for the period from its AGM statement of the 9th June to the 31st July 2020. It will announce half year results on the 30th September 2020.\n \n Trading\n It is barely two months since our AGM Trading Update in June and our business continues its steady recovery from the economic shocks initially caused by Covid-19, and the Government's measures to combat it. As we adjust to a gradual but uneven easing of the Lockdown, and trading volumes return nearer normal, we still feel it wise at present not to issue forward guidance. In changing times, it is wise to recall Mark Twain's admonition- \"It ain't what you don't know that gets you into trouble, but what you know for certain that just ain't so\". The mood of the British consumer is still skittish and cautious. Although recent manufacturing and financial services sectoral surveys are encouraging, uncertainty still persists about both the state of the labour market as Government support measures are dismantled, and about the deeper structural effects on the economy caused by the pandemic. We anticipate greater clarity over the next three months.\n \n \n Although these trends will inevitably have a significant impact on S&U's results this year, the Company is still profitable, paying dividends and our financial strength, experience, excellent broker partnerships and flexible and committed staff should ensure a return to a more \"normal\" trading environment by the end of the year.\n \n Advantage Finance\n As more car sales outlets recently returned to business, so sales at Advantage Finance ('Advantage') have recovered from around 40% of normal to nearly 80%. Loan applications are at a record high but our policy of early tightened under-writing, and a focus on customer quality has seen current transaction levels 25% less than last year. This has produced improved early repayments, indicative of the high quality of the new customers taken on since Covid began. In the...