S&U - Quick Take
Updated: Sep 9, 2019
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.