Date: Wednesday 18 Jun 2008
LONDON (ShareCast) - Credit credit crunch problems are pushing more business towards home credit lender S&U, which expects another good year in 2008.
Home credit accounts for approximately 70% of S&U's revenues and it says debt quality has continued to improve in all subsidiaries, though sales are slightly lower as it has shortened its debt profile. Further industry consolidation may also offer opportunities for growth, it says.
Motor finance sales are 14% ahead of last year with customer quality and average deal size improving as competition eases.
"In uncertain macroeconomic conditions the Group continues to perform well. Although we will be cautious going forward, the group remains robust and well placed to deliver a good performance for 2008 and beyond," chairman Anthony Coombs said.