S&U - Quick Take
Today’s trading update shows that both divisions, Advantage Finance and Aspen, continue to perform well. Advantage has outshone its market, providing more loans (transactions “ahead”) than last year despite lower consumer confidence. Aspen has continued to grow profitably, though has not met management expectations due to a housing market in which transactions fell 9% YoY in the quarter. In light of this the 47% growth in the loan book, albeit from a low base, is doubly impressive. We see nothing in this update to lead us to change our forecasts at this stage, as both divisions are trading within our expected range.We will provide a full update upon release of the half year results on 24th September 2019.
Gordon Dadds Update Note
FY 2019 closed with the acquisition of Ince UK and FY 2020 opened with the consolidation of the international offices and the acquisition of Gibraltar-based Ramparts, both of which further validate the exciting potential of the Gordon Dadds business model.
SIG - Consensus in Detail Update - 5th July 2019
SIG is actively covered by 14 investment analysts, 13 of whom provide a full set of forecasts for 2019 and 2020. These are anonymised to form the basis of this analysis. The analysis provides detail on forecasts for the following four key financial metrics; PBT, EPS, DPS and Headline Financial Leverage