S & U PLC
20 June 2007


Interim Management Statement


S&U plc are the foremost niche consumer and motor finance provider in the UK,
providing a reliable, consistent and trustworthy service to over 130,000
customers. I am pleased to present our interim management statement for the
period from 1st February 2007 to 19th June 2007.


Revenue in our home collected operations has grown by 15% versus the same period
last year driven by the 20% expansion in representative numbers referred to in
my yearend report. This expansion has centred on operations in Scotland and the
Northwest and we are making steady progress in integrating these new
representatives to our existing businesses and increasing cost efficiency as we
approach the second half of this year. Balance Sheet receivables are up by 9%
versus last year with the corresponding loan loss provisions up by 12%. Whilst
this reflects an increase in impairment on our more difficult customer debts,
overall debt quality remains satisfactory and collections are up 13% year on
year.


After a slower start to the year, Advantage Finance has now grown new deal
volumes by 10% year to date and continues to be a leading innovator in its
market. Given the current economic climate and concerns over sub-prime mortgages
we have decided to suspend new lending in our pilot Communitas second mortgage
operation.


Borrowings at the end of the period are virtually unchanged since yearend,
seasonally positive cash generation from our home collected business financing
further investment in Advantage as well as the payment of the main dividend to
shareholders on 1st June.




Anthony M V Coombs

Managing Director




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