The half year end trading update should serve to reassure investors on the robustness of the S&U model; the group is not exposed to the PCP market and, with an average loan of £6,200, the prospect of declining residuals on the business model is minimal. Whilst competitive activity in the car financing market has had some impact on product mix and impairment, we are confident these metrics are factored into our model and believe the group is tracking to deliver our forecast of 18% ea
