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.
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- S&U - Maintaining cautious approach19 Dec 2023