StockMarketWire.com - Motor finance and bridging lender S&U said new loan agreements in the year to date had fallen 7%, though current trading still indicated full-year results 'broadly in line' with expectations.

The UK motor industry had slowed in recent months, though the impact on the used car finance market had been less marked, the company said.

However, S&U said new loan agreements for the year so far to 6 December had fallen to 18,710, amid a 'slight reduction' in the record number of loan applications seen in July, tightened underwriting and an increase in competition.

Both Advantage's customer base and current net receivables continued to grow and, while at a slower rate than previously anticipated, they were both at record levels,m S&U added.

The former now stood at 59,000 and the latter at £267m.

Aspen Bridging, meanwhile, had made 'good' progress and had now moved out of its pilot stage, with its loan book has now reaching £18m of net receivables, double the level from a year earlier.

'At a time of considerable political and economic uncertainty in the UK, I am pleased to say that S&U retains a very strong financial base, growing expertise and experience and a prudent business philosophy which will enable us to make the most of the opportunities presented by the motor and property markets as 2019 unfolds,' chairman Anthony Coombs said.

'In a fast changing world these enormous strengths underpin our ability to continue to provide steady, sustainable growth for our shareholders.'




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