EarningsQ2 2026 Earnings Report
DE:97V Q2 2026 EPS Results
Actual EPS€1.13
Consensus EPS―
Beat/Miss―
One Year Ago EPS€1.11
DE:97V Q2 2026 Revenue Results
Actual Revenue€66.91M
Expected Revenue―
Beat/Miss―
YoY Revenue Growth+10.80%
Earnings Announcement Details
QuarterQ2 2026
Date09/29/2026
TimeBefore Open
Conference CallTuesday, September 29, 2026
DE:97V Upcoming Earnings
S&U plc's next earnings date is estimated for March 30, 2027, based on past reporting schedules.
Q2 2026 Earnings Call Audio
No earnings call audio is available for this earnings event.
Q2 2026 Earnings Slide Deck
No slide deck is available for this earnings event.
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was broadly optimistic, with management highlighting 7% like-for-like profit growth, strong receivables and lending expansion, improving Advantage collections, record Aspen receivables, new funding capacity, technology investment, and a higher dividend. These positives were partly offset by only 1% reported profit growth, higher cost of sales and finance costs, increased gearing, slower Aspen repayments, and challenging UK property market conditions. Overall, the highlights significantly outweighed the lowlights.Company Guidance
Like-for-Like Profit Growth
Profit before tax was GBP 15.7 million versus GBP 15.6 million last year, a 1% increase. Excluding the large unexpected Aspen recovery recorded last year, like-for-like profit before tax increased 7% year on year.
Revenue Growth and Stable Impairments
Revenue increased 11% period on period, driven by higher average receivables and higher-margin Advantage deals. The impairment charge remained steady at GBP 8.2 million, with Advantage repayments improving to 92% of due versus 90% last year, lower-than-budgeted write-offs, and improving Aspen book quality.
Record Group Receivables and Continued Investment
The group invested GBP 40 million during the half year, described as another GBP 90 million on the previous year, and net group receivables increased by just over GBP 100 million to GBP 541 million, exceeding GBP 500 million for the first time.
Higher Shareholder Dividend
The interim dividend increased from GBP 0.35 to GBP 0.36 per share. Management anticipates replicating GBP 0.36 for the two further dividends in the year, which would represent a significant increase on the GBP 1.15 paid last year.
Advantage Receivables Growth
Advantage net receivables increased 22% to GBP 341.1 million, following strong lending and better repayments, which also resulted in lower provision requirements.
Advantage Lending Momentum
Advantage advances increased 49%, from GBP 70.6 million to GBP 105 million. Management reported month-on-month lending increases despite difficult macroeconomic conditions and is executing a five-year strategy intended to significantly grow market share, with a target of doubling market share by the end of the period.
Strong Advantage Collections and Book Quality
At August 5, 73.1% of Advantage debt was up to date versus 71.8% at year-end, while accounts in six-plus arrears declined to 4.4% from 5.7%. Management also said the improvement continued after the period end, with crystallized bad debt recoveries tracking well within budget.
Aspen Receivables at a Record Level
Aspen net receivables increased 35% to a record GBP 199.9 million, largely reflecting growth in longer-term bridge and buy-to-let offerings. Aspen has achieved annual growth of 16% over a number of years, and management expressed confidence in continuing that progress.
Aspen Historical Credit Performance
Aspen reported GBP 897 million of capital deployed with only 0.03% of capital losses. Management said overdue levels were similar to last year but proportionately much lower given the larger book, while loan-to-value remained strong.
Expanded Funding Capacity
The group is in the latter stages of arranging two new three-year private warehouses, one for Advantage and one for Aspen. Together with a small RCF facility, these are expected to increase funding capacity from GBP 337 million to GBP 650 million, with management also expecting a reduction in overall finance cost. Signing and drawdown were expected in October.
Large Addressable Demand for Advantage
Management reported approximately 300,000 finance applications per month, of which roughly 180,000 to 200,000 are considered serious, while Advantage completes around 2,000. Management cited this demand, new distribution channels, and existing broker channels as support for its plan to double the Advantage book over five years.
Industry Recognition
Advantage received awards for best response to market conditions, best technology provider, and car finance provider of the year. Karl Werner was also recognized as motor finance chief executive of the year and chief executive of the year.
Technology and AI Investment
Advantage recruited AI engineering expertise, built three AI products, and planned to release a fourth before Christmas. Aspen is beginning its own AI journey in October to improve efficiency and support future growth.
Regulatory and Customer Positioning
Advantage said it had the processes and a dedicated remediation team in place for the remaining elements of the Financial Conduct Authority commission issue. Management described its engagement with regulators as healthy, proactive, and positive, and said the company remained in the top tier of the Cost of Sales league table. Customer Trustpilot scores were 4.9.
Enhanced Advantage Credit Scorecard
Advantage introduced a new scorecard framework partnered with Experian, incorporating demographic, asset, and historical data, alongside an expenditure engine and upgraded affordability engine. Management said the changes were intended to improve the risk mix and had proven statistically more reliable in identifying applicant income.
Sustainable Growth Focus
Management repeatedly emphasized steady, sustainable and responsible growth, supported by approximately 88 years of lending and collections experience, continuity of management, and a focus on responsible repayment rather than simply expanding the loan book.
DE:97V Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed