S&U’s full year trading update shows excellent trading in its two niche lenders, Advantage Finance and Aspen Bridging. Full year results on 21 April should beat expectations in our view, as collections are above budget, and the sale of written off loans realised £3.4m. The outlook is positive, with the RCF increased £50m. Even before we update our forecasts, we look forward to January 2027 and set a new target price of 2,600p.
