S&U PLC on Wednesday said both its motor and property bridging divisions continue to outperform its internal expectations.

The motor and property bridge loan provider said its current receivables stand at £370 million, up from £340 million in May.

S&U added that profitability in the six months to July 31 exceeded the same period last year.

S&U said Advantage Finance motor business continued an ‘excellent’ post-pandemic recovery to historic levels of growth and credit quality.

At Aspen, its property bridging business, S&U said the unit’s new products have been attracting ‘more experienced and expert’ borrowers.

‘Although growth currently exceeds budget and expectations, we judge it sensible in light of current uncertainty about economic prospects, to temper optimism with caution, particularly in our underwriting policy,’ S&U cautioned.

The firm will announce its interim results on September 27.

Shares in S&U were up 8.2% at 2,250.00 pence on Wednesday in London.

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