Edison Investment Research - SU PLC (SUS) SU - Maintaining cautious approach

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Edison Investment Research

Pedro Fonseca

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 to help further align Advantage Finance’s processes with the FCA’s standards including the new Consumer Duty requirements.

18/12/2023 1 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 - Maintaining cautious approach

S&U - PBT ahead, encouraging volume trends

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

Northern Data Group - Continued progress as a diversified HPC provider

Oryzon Genomics - Doubling down on clinical activity in 2024

AVAX - Strong pipeline reaffirmed

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