14 February 2011 – trading update

The group has issued a trading update for the period to 31 January confirming that trading is in line with expectations.  The home credit business traded well over Christmas and in January despite the poor weather conditions and further solid progress is expected.  The motor finance business did better than expected and it has extended the range and quality of its customers.  Group borrowings continue to fall and gearing is now under 50% and this provides the group with the flexibility to expand.  Despite the steady run up in the share price the shares remain a LONG TERM BUY.