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Equity Bottom-Up

S&U’s Q422 trading update was positive, indicating that both Advantage motor finance and Aspen Bridging are set to beat FY22 profit expectations. The main positive surprise is an exceptionally low impairment charge at Advantage, which is likely to normalise in FY23, while the group is not immune to economic uncertainty. However, both businesses are making good progress and appear well-placed to achieve medium-term growth.

S&U’s Q422 trading update was positive, indicating that both Advantage motor finance and Aspen Bridging are set to beat FY22 profit expectations. The main positive surprise is an exceptionally low impairment charge at Advantage, which is likely to normalise in FY23, while the group is not immune to economic uncertainty. However, both businesses are making good progress and appear well-placed to achieve medium-term growth.

S&U - FY22 profit beat and positive outlook

S&U’s trading update (for the period since its July half-year end) was upbeat, reporting growth accelerating in both Advantage motor finance and Aspen bridging finance. Recent developments in the pandemic could temper near-term consumer confidence but, looking beyond this, S&U has successfully navigated the onset of COVID-19 while continuing to develop both its businesses, creating a good basis for longer-term growth.

S&U’s trading update (for the period since its July half-year end) was upbeat, reporting growth accelerating in both Advantage motor finance and Aspen bridging finance. Recent developments in the pandemic could temper near-term consumer confidence but, looking beyond this, S&U has successfully navigated the onset of COVID-19 while continuing to develop both its businesses, creating a good basis for longer-term growth.


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.

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.   

S&U - H122 ahead of expectation and outlook good

S&U reports that growth in lending at Advantage and Aspen has been somewhat constrained by the supply of used vehicles and houses for sale, but collections have been strong. At Advantage the level of impairment has been lower than expected, more than offsetting lower loan growth and prompting increases in our earnings estimates.

S&U reports that growth in lending at Advantage and Aspen has been somewhat constrained by the supply of used vehicles and houses for sale, but collections have been strong. At Advantage the level of impairment has been lower than expected, more than offsetting lower loan growth and prompting increases in our earnings estimates.

S&U - Reduced impairments underpin increased profit

The expected April bounce in motor finance transactions did not quite meet Advantage’s expectations, but there was still an acceleration and credit quality on new loans has remained good. Aspen Bridging is seeing strong growth in receivables and is on track to make a material contribution to group profits.

The expected April bounce in motor finance transactions did not quite meet Advantage’s expectations, but there was still an acceleration and credit quality on new loans has remained good. Aspen Bridging is seeing strong growth in receivables and is on track to make a material contribution to group profits. 


United Kingdom

S&U plc is a UK-based specialist motor finance and property bridging lender. It operates through its trading subsidiaries, Advantage Finance Limited, which provides non-prime motor finance, and Aspen Bridging Limited, which focuses on property bridging finance. The company was founded in 1938 and is headquartered in Solihull, United Kingdom.

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S&U (SUS LN)

S&U - FY22 profit beat and positive outlook

S&U’s Q422 trading update was positive, indicating that both Advantage motor finance and Aspen Bridging are set to beat FY22 profit...

Edison Investment Research

S&U - Upbeat update

S&U’s trading update (for the period since its July half-year end) was upbeat, reporting growth accelerating in both Advantage motor finance...

Edison Investment Research

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...

Edison Investment Research

S&U - Reduced impairments underpin increased profit

S&U reports that growth in lending at Advantage and Aspen has been somewhat constrained by the supply of used vehicles and houses for sale, but...

Edison Investment Research

S&U - Strong start to the year

The expected April bounce in motor finance transactions did not quite meet Advantage’s expectations, but there was still an acceleration and credit...

Edison Investment Research

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