S&U this morning released another solid trading update, this time covering the 2019 year-end period. The key highlights include the successful transition to the new Advantage CEO, an improvement in transaction levels for both businesses (including another record for Advantage), improvements in the Aspen repayments profile, and an increased second interim dividend, up 1p to 36p. We will reforecast at full year results on 24th March. In the meantime, management are optimistic for the coming year and have re-confirmed that FY20 results should be in line with their expectations.