Customer numbers up at S&U
Customer numbers in Solihull-based S&U's motor finance division have grown 12 per cent in the last year.
The home credit provider said its motor finance arm Advantage was "maintaining its impressive form" between 1 August and 8 December despite the return of other lenders to the market.
Monthly customer repayments at Advantage now average a regular £2.5m and impairment rates continue to fall, said the company.
The company's home credit division, Loansathome4u, said customer numbers stand at about 2 per cent above last year.
"Home credit retains its cash generative qualities, costs are in line with budget, and we approach the all important Christmas trading period with confidence," said S&U.
It added that the company's financial position had "grown ever stronger" as increased cash generation had enabled a medium-term loan from RBS to paid off in full ahead of schedule.
S&U said that the shorter term bank facilities had given the group "wide scope" for organic growth and new ventures.
Anthony Coombs, S&U chairman, said: "Whilst it would be unwise in the current economic climate to take Christmas sales and collections for granted, current trading is strong and underpinned by a solid financial base.
"Expectations and group morale are high and we hope to confirm these promising trends at our year end trading update on 17 February 2012."
