Currency in GBP

Last close As at 26/01/2023


20.00 (0.96%)

Market capitalisation


S&U’s Advantage motor finance business lends on a simple HP basis to lower- and middle-income groups who may have impaired credit records restricting access to mainstream products. It has c 64,500 customers. The Aspen property bridging business has been developing since its launch in 2017.

While both businesses continued to perform well, S&U acknowledged the more challenging economic background with growing pressure on household incomes and the potential for a cooling in the housing market as rates rise. Advantage has adjusted its affordability criteria to reflect conditions, refined credit metrics and broadened its range of introducers supporting its ability to address opportunities in the market that offer attractive risk-adjusted yields. Aspen’s high net worth borrowers are showing resilience and it stands to benefit if some participants withdraw from the bridging market or act more cautiously. A Q323 update is due 8 December.

Latest Insights

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S&U — Positive trading update


S&U — H1 growth ahead of expectations



Equity Analyst

Andrew Mitchell

Andrew Mitchell

Director, Financials

Key Management

  • Anthony Coombs

    Executive Chairman of the Board

  • Chris Redford


Balance Sheet

Forecast net debt (£m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (2.1) (3.7) (21.6)
Relative (5.8) (12.9) (23.5)
52 week high/low 2810.0p/1905.0p


In S&U’s H123 total net receivables increased by 21% to £370m versus H122. Within this, Advantage motor finance receivables were up 13% to £280m and Aspen property bridging 56% to £90m. Revenue was £49.4m (+15%) and pre-tax profit increased by 5% to £20.9m; there was a lower-than-normal level of impairment charge at Advantage in H122 following high pandemic-period charges. The group reported that credit quality remained strong and improving in terms of bad debt, default level and collections against due. EPS increased by 6% to 140.7p and a first interim dividend of 35p (33p) was announced.

Y/E Jan Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2021A 83.8 22.2 18.1 120.7 17.4 7.7
2022A 87.9 51.3 47.0 312.7 6.7 N/A
2023E 102.6 49.2 41.2 276.2 7.6 N/A
2024E 121.0 58.1 42.5 265.6 7.9 373.1



S&U — Positive trading update


S&U — H1 growth ahead of expectations


S&U — Seeing recovery and adapting to grow


S&U — FY22 profit beat and positive outlook


S&U — Upbeat update


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