Edison Investment Research - SU PLC (SUS) SU - H122 ahead of expectation and outlook good

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Edison Investment Research

Pedro Fonseca

S&U - H122 ahead of expectation and outlook good

S&U’s focus on establishing customer relationships as well as refining its credit scoring in motor finance and providing high service levels in property bridging are paying off through strong collections (and lower than expected impairments) at Advantage and further strong loan and profit growth at Aspen Bridging.

01/10/2021 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 - PBT ahead, encouraging volume trends

S&U reported FY24 PBT of £33.6m, down from £41.4m in FY23 on higher funding and regulatory costs and higher impairments in Advantage in H2. PBT was 2% ahead of our forecast as stronger revenues – up 12% to £115.4m – and better costs offset higher-than-expected impairments. Net receivables grew to a record at both Advantage and Aspen and management noted particular strength in Q4 and a good trading environment in the current year. Having absorbed a significant rise in funding cost as well as additional regulatory cost, the company looks well positioned to deliver steady growth from here on, esp...

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S&U - Impairments drag FY24 PBT, moderation in FY25

In its trading update between December 2023 and January 2024, S&U announced that FY24 PBT will be 10% to 15% below consensus of c £38m. The key reason is lower collection rates in Advantage of 90% (H123: 94%) have prompted an increase in provisions. Management expects the collection rate to partially recover in the following months. Underpinned by an improving real estate market, Aspen continues to grow steadily with net receivables just over £130m (FY23: £114m). Elevated borrowing, at £224m, alongside higher interest rates have consequently doubled S&U’s interest payments to £15.1m (FY23: £7....

February 29, 2024 February 29, 2024 1 EN

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S&U - Maintaining cautious approach

In its update for the August to December period, S&U posted good growth in its net receivables balances in both Advantage and Aspen. Advantage reported a drop in live collections to 91% (H123: 94%), but bad debts and voluntary terminations remain below budget. Aspen continues to experience good volume with transactions improving in the quarter, while repayments remain above budget. Additionally, group borrowings reached £209m as S&U continues to fund its growth initiatives. Management announced that following a review by the Financial Conduct Authority (FCA), it has appointed a Skilled Person ...

December 18, 2023 December 18, 2023 1 EN

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

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S&U - H122 ahead of expectation and outlook good

S&U - PBT ahead, encouraging volume trends

S&U - Impairments drag FY24 PBT, moderation in FY25

S&U - Maintaining cautious approach

Basilea Pharmaceutica - Cresemba milestone payments continue to roll in

AAC Clyde Space - Solid start to the year with further order growth

Tinexta - Typical seasonality in Q124

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