S&U is a niche consumer and motor finance provider to the non-standard UK market. It distributes the former through agents to customers’ homes and the latter through brokers. It has over 140,000 customers and more than 800 employees and home credit agents. The family business is firing on all cylinders. S&U has produced results above forecasts (pre-tax profit £17.3m against our £16.6m), driven by revenue £0.8m better than anticipated. The strong growth in motor credit has continued (profit up 42%), with an increasing number of customers falling into its target niche and market share gains by delivering good service to brokers. Home Collect saw growing volumes in its fourth quarter to end January 2014 (advances up 8% on the same period last year).

Chairman Anthony Coombs reviews the regulatory environment, the excellent growth seen in the motor business and the return to growth in the home collect business.

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