S&U — H1 results provide positive momentum

S&U has issued interim results confirming the recovery of the business and momentum supporting full-year profit expectations. Group PBT of £15.6m was 22% higher than the prior year, driven by lower impairments and financing costs. The motor finance business, Advantage, is in a strong recovery phase and positive resolution of regulatory matters is scheduled for the beginning of 2026. Aspen, the property lender, continues to grow robustly, generating record PBT of £5m in H1. We view S&U’s trajectory positively and believe the company will meet our FY26 PBT forecast of £31.3m. The market reacted positively to the results, with the shares up 2% following the announcement.