Edison Investment Research - SU PLC (SUS) SU - Adapting to the new environment

Report

Edison Investment Research

Pedro Fonseca

S&U - Adapting to the new environment

S&U H121 results were substantially affected by the COVID-19 pandemic but the company has remained profitable and there are clear signs of improvement. While profitability over our forecast period looks set to be relatively subdued, the benefits of tighter credit criteria, increased new business and work to enhance aspects of Advantage’s activities should become more apparent in FY23 and FY24.

07/10/2020 10 EN

Underlying

S&U PLC

S & U is engaged in the provision of consumer credit and car finance throughout the United Kingdom.

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GB0007655037 London Stock Exchange United Kingdom

Provider

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Pedro Fonseca

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S&U - Regulatory uncertainty holding back recovery

S&U’s trading update, covering the H225 period up to 10 December 2024, contrasts strong growth in the property lending division with regulatory headwinds for motor finance. Positive news of the lifting of temporary restrictions on motor finance collections was quickly followed by a surprise Appeal Court ruling against other lenders regarding FCA-compliant motor finance commissions. This is a separate issue from that of discretionary commission, to which S&U is not exposed. The Supreme Court has agreed to hear an appeal, a development of great significance to lenders across the consumer finance...

December 16, 2024 December 16, 2024 1 EN

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S&U - The time to look ahead

In line with earlier guidance, S&U reported H125 PBT of £12.8m, a significant decline versus H124 but an improvement versus H224. Customer repayment collections and earnings in the motor finance business were materially affected by the temporary restrictions agreed with the Financial Conduct Authority (FCA). These have since been lifted, and while regulatory discussions are ongoing, this is an important step towards the strong recovery in motor finance earnings that we forecast. Meanwhile, as previously reported, the property lending division continues to perform strongly, with a positive outl...

October 15, 2024 October 15, 2024 1 EN

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S&U - Timing is everything

Interim results, for the six months to 31 July (H125), will be published on 8 October. Ahead of that, S&U has alerted the market that based on the H1 performance, full year PBT is unlikely to meet the previous market consensus expectations. We believe this to be primarily a timing issue, reflecting the continuing impact of the temporary FCA restrictions on collections activity in the motor finance business. Once regulatory clarity has been established, we expect a significant recovery. Meanwhile, as previously reported, the property lending division continues to perform strongly. We have reduc...

September 23, 2024 September 23, 2024 1 EN

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S&U - Adapting to the new environment

S&U - Regulatory uncertainty holding back recovery

S&U - The time to look ahead

S&U - Timing is everything

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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