17 February 2012 – trading statement

The home credit and motor finance group S & U has issued a positive trading statement for the period 9 December to its year end at the end of January which has revealed that trading has been strong and that results will significantly exceed expectations.  The results for the year to 29 January will be announced on 29 March.  Customer numbers in Home Credit continue to grow and new branches have been opened in Swindon and Glasgow whilst on 13 February the company acquired a small home credit business in Rotherham.  The Motor Finance business has also done very well again, trading strongly in the last two months.  The dividend for the year looks likely to be increased to 40p, putting the shares on a prospective yield of 5.9% – continue to BUY.