S&U (SUS) Q2 2027 TU earnings summary

Executive summary

• Achieved robust growth in Q2 2026/27, with capital receivables reaching a record £616m, up 20% year-over-year.

• Debt quality remains strong, with up-to-date receivables at 73% for motor finance and late payers in property finance within budget.

• Growth and quality position the group well for future profitability despite broader UK economic pessimism.

Financial highlights

• Capital receivables increased to £616m from £512m last year, a 20% rise.

• Borrowings stand at £285m, well below the £330m facility.

• Advantage Finance advances up 50% year-to-date, with advances reaching £105m for the half-year.

• Collections against due at 92% year-to-date, up from 90% last year.

• Bad debt and written-off accounts fell by nearly a fifth compared to last year.

Outlook and guidance

• Profitability expected to improve further in the second half of the year and into 2027/28.

• Securitisation project nearing completion, with details to be announced in September.

• Cautious optimism for a pro-growth UK government approach, with confidence in continued prosperity.