Good morning, it's Paul & Jack here with the SCVR for Thursday. Jack has written most of today's report, many thanks for that, which gave me a bit of a break, after a manically busy year so far.

Timing - I (Paul) will be writing more sections this afternoon, so we should have a full report up by about 4pm.

Agenda -

Jack's Section:

S&u (LON:SUS) (Jack holds) - trading update FY 01/2021 from this motor & specialist lender

Gaming Realms (LON:GMR) - Trading update for FY 12/2020

Tharisa (LON:THS) - AGM statement from this S.African miner

Ted Baker (LON:TED) - Incorrectly titled "Notice of Results" - this is actually a Q4 (ending 30 Jan 2021) trading update

Paul's Section:

Shoe Zone (LON:SHOE) (I hold) - Also incorrectly titled, "Date of Final Results" - this is actually a trading & liquidity update

Jack’s Section


Share price: 2,200p

Shares in issue: 12,133,760

Market cap: £267m

(I hold)

S&u (LON:SUS) is a sensibly-run, profitable operation with a good growth track record trading at a modest multiple. There will always be question marks around credit lending but from everything I’ve seen, S&U appears to act in good faith, puts a lot of work into vetting the financial quality of its customers, and seeks to build sustainable relationships.

The company was founded in Birmingham in 1938 and grew steadily before floating on the stock exchange in 1961. In 1992 it expanded its home credit loans business with the acquisition of Wilson Tupholme before founding Advantage Finance in 1999, which has grown to become one of the UK's leading specialist motor finance providers. Home credit loans was sold in 2015 for £82.5m, and then Aspen Bridging was launched in 2017 to provide property bridging finance for individuals and business borrowers.

So today the group has two trading subsidiaries. Advantage Finance offers loans of up to £15,000 for car deals and accesses its market through brokers, direct to dealers and through re-finance from loyal customers. Aspen Bridging lends up to £2m per deal with an average loan of £500,000 to the property refurbishment market.

Lewis Robinson wrote a great blog post on S&U last year (here). It spurred me on to investigate more closely and take up…

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