S&U Group is fundamentally changing following the sale of its home collect business (£50.5m profit on disposal and a £1.25 special dividend). Resources (S&U currently has net cash) will be devoted to accelerated growth in motor finance and SME specialist lending. The special dividend was below our forecast, but reflects management confidence in its opportunities. H116 motor division profits (£9.7m, £7.7m in H115) were ahead of the run rate of our estimates, pri
01 Oct 2015
Growth opportunities and delivery
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Growth opportunities and delivery
S&U Group is fundamentally changing following the sale of its home collect business (£50.5m profit on disposal and a £1.25 special dividend). Resources (S&U currently has net cash) will be devoted to accelerated growth in motor finance and SME specialist lending. The special dividend was below our forecast, but reflects management confidence in its opportunities. H116 motor division profits (£9.7m, £7.7m in H115) were ahead of the run rate of our estimates, pri