S&U — Robust delivery through FY26

S&U published an update on trading to 5 February (end-FY26) and will release its annual results on 21 April. Group performance continues to be characterised by robust growth in the property lending division and by recovery in the motor finance business. Group net receivables increased to c £495m, up c 14% y-o-y. The company has grown the business, added additional funding for future growth and increased the final dividend by c 17% to 35p. Shares have reacted positively, increasing more than 25% since December. We continue to see upside potential for the shares over the medium term.