Interim Results - Part 2

S & U PLC
19 September 2002


PART 2

CONSOLIDATED BALANCE SHEET

31 July 2002

                                                               Note            31.7.02    31.7.01    31.1.02
                                                                                  £000       £000       £000
            Fixed assets                                                                                    
            Tangible assets                                                      2,767      2,862      2,768

            Current assets                                                                                  
            Amounts receivable from customers                                   60,001     53,344     59,292
            Stocks                                                                 273        404        238
            Debtors                                                                766        901        879
            Cash at bank and in hand                                                92        176        115
                                                                                61,132     54,825     60,524

            Creditors: amounts falling due within one year                    (13,439)   (15,405)   (14,942)

            Net current assets                                                  47,693     39,420     45,582

            Total assets less current liabilities                               50,460     42,282     48,350

            Creditors: amounts falling due after more than one year           (15,000)   (10,000)   (15,000)

            Total net assets                                              2     35,460     32,282     33,350

            Capital and reserves                                                                            
            Called up share capital                                              2,117      2,117      2,117
            Share premium account                                                2,136      2,136      2,136
            Revaluation reserve                                                    609        620        609
            Profit and loss account                                             30,598     27,409     28,488

            Total shareholders' funds                                           35,460     32,282     33,350

            Attributable to equity shareholders                                 34,810     31,632     32,700
            Attributable to non-equity shareholders                                650        650        650
                                                                                35,460     32,282     33,350


These interim statements were approved by the Board of Directors on 18 September 2002

Signed on behalf of the Board of Directors

D M COOMBS
A M V COOMBS
Directors


CONSOLIDATED CASH FLOW STATEMENT
Six months ended 31 July 2002

                                                                                                                      
                                               Note   Six months ended 31.7.02   Six months ended            Financial
                                                                          £000            31.7.01   year ended 31.1.02
                                                                                             £000                 £000

  Cash flow from operating activities             5                      3,847                997                1,750
  Returns on investments and servicing of                                (633)              (718)              (1,182)
  finance                                                                                                             
  Taxation                                                             (1,393)              (902)              (2,430)
  Capital expenditure and financial                                      (122)              (286)                (634)
  investment                                                                                                          
  Equity dividends paid                                                (2,343)            (2,054)              (2,876)
  Cash outflow before financing                                          (644)            (2,963)              (5,372)
  Financing                                                                  -                  -                5,000
  Decrease in cash in the period                                         (644)            (2,963)                (372)
 

Reconciliation of net cash flow to movement in net debt

                                                                                                               
                                               Six months ended 31.7.02   Six months ended            Financial
                                                                   £000            31.7.01   year ended 31.1.02
                                                                                      £000                 £000

         Decrease in cash in the period                           (644)            (2,963)                (372)

         Cash inflow from increase in debt                            -                  -              (5,000)

         Movement in net debt in the period                       (644)            (2,963)              (5,372)

         Net debt at start of period                           (23,177)           (17,805)             (17,805)

         Net debt at end of period                             (23,821)           (20,768)             (23,177)


NOTES TO THE INTERIM STATEMENT
Six months ended 31 July 2002 


ACCOUNTING POLICIES

The financial information within the interim report has been prepared in 
accordance with applicable accounting standards.


Turnover
Turnover is exclusive of value added tax and comprises:

                                                                                                                      
  * Home collected instalment credit agreements              Credit charges received or receivable                    
  * Monthly instalment credit agreements (consumer credit)   Credit charges received or receivable                    
  * Monthly instalment credit agreements (car finance)       Credit charges received or receivable.                   
  * Hire purchase agreements                                 Gross amount received or receivable, less deferred       
                                                             revenue.                                                 
  * Goods and services                                       Gross amounts of goods and services supplied.            
  * Insurance                                                Net commission received and receivable on premiums paid  
                                                             by customers.                                            

Business Transacted

In order to provide further comparative information, the directors have included
a memorandum figure at the top of the profit and loss account, 'Business
Transacted'. This represents the total amount that the customer has contracted
to pay subject to the deferral of revenue attributable to a later period and
VAT.

FRS19

Deferred taxation is provided in full on timing differences which result in an
obligation at the balance sheet date to pay more tax, or a right to pay less
tax, at a future date, at rates expected to apply when they crystallise based on
current tax rates and laws.

Timing differences arise from the inclusion of items of income and expenditure
in taxation computations in periods different from those in which they are
included in the financial statements. Deferred tax is not provided on timing
differences arising from the revaluation of fixed assets where there is no
commitment to sell the asset, or on unremitted earnings of subsidiaries and
associates where there is no commitment to remit these earnings. Deferred tax
assets are recognised to the extent that it is regarded as more likely than not
that they will be recovered. Deferred tax assets and liabilities are not
discounted.


1. ANALYSES OF TURNOVER, OPERATING PROFIT AND NET ASSETS

All operations are situated in the United Kingdom. Analyses by class of business 
of turnover, operating profit and net assets are stated below:

                                                                                                                      
                                                                   ------------ Turnover ----------------               
     
  Class of business                                   Six months ended 31.7.02   Six months ended            Financial
                                                                          £000            31.7.01   year ended 31.1.02
                                                                                             £000                 £000

  Consumer credit, rentals and other                                    13,960             12,939               27,630
  retail trading                                                                                                      
  Car finance                                                            3,264              2,924                5,861
  Manufacturing                                                            277                433                  939
                                                                        17,501             16,296               34,430
                                                                                                            

          
                                                            ---------------- Operating profit --------------            
      
  Class of business                                   Six months ended 31.7.02   Six months ended            Financial
                                                                          £000            31.7.01   year ended 31.1.02
                                                                                             £000                 £000

  Consumer credit, rentals and other                                     3,871              3,944                8,441
  retail trading                                                                                                      
  Car finance                                                            1,061                887                1,983
  Manufacturing                                                           (83)                 16                 (27)
                                                                         4,849              4,847               10,397
                                                                                                            

          
                                                             --------------------- Net assets --------------            
        
  Class of business                                   Six months ended 31.7.02   Six months ended            Financial
                                                                          £000            31.7.01   year ended 31.1.02
                                                                                             £000                 £000
  Consumer credit, rentals and other                                    33,837             31,311               32,100
  retail trading                                                                                                      
  Car finance                                                            1,259                496                  808
  Manufacturing                                                            364                475                  442
                                                                        35,460             32,282               33,350


2.GROUP OPERATING PROFIT

                                                                                                                      
  Group operating profit is stated after charging:    Six months ended 31.7.02   Six months ended            Financial
                                                                          £000            31.7.01   year ended 31.1.02
                                                                                             £000                 £000

  Provision for doubtful debt                                            2,814              2,178                4,300


The provision for six months to 31st July 2002 includes the financial effects of 
a fraud that occurred in a branch in the South East.


3. EARNINGS PER ORDINARY SHARE

The calculation of earnings per Ordinary share is based on profit after tax of
£3,126,000 (for the period ended 31 July 2001- £2,939,000, and the year ended 31
January 2002 £6,431,000) from which is deducted Preference dividends of £77,000
(for the period ended 31 July 2001 - £77,000, and the year ended 31 January 2002
- £154,000) giving earnings of £3,049,000 (for the period ended 31 July 2001 -
£2,862,000 and the year ended 31 January 2002 - £6,277,000). The number of
shares used in the calculation is the average number of shares in issue during
the year of 11,737,228 (for the period ended 31 July 2001 and the year ended 31
January 2002 - 11,737,228).

Diluted earnings per share is the same as basic earnings per share as there are 
no dilutive shares.

4. RECONCILIATION OF OPERATING PROFIT TO NET CASH FLOW FROM OPERATING ACTIVITIES

                                                                                                                
                                                Six months ended 31.7.02   Six months ended            Financial
                                                                    £000            31.7.01   Year ended 31.1.02
                                                                                       £000                 £000

        Operating profit                                           4,849              4,847               10,397
        Depreciation                                                 309                286                  694
        Loss on sale of fixed assets                                  29                 11                   45
        (Increase) / decrease in stocks                             (35)               (21)                  145
        Increase in amounts receivable from                        (709)            (3,770)              (9,718)
        customers                                                                                               
        Decrease / (increase) in debtors                             113                 97                 (77)
        (Decrease) / increase in creditors                         (709)              (453)                  264
        Net cash inflow from                                       3,847                997                1,750
        operating activities                                                                                    

5. INTERIM REPORT

The figures for the year ended 31 January 2002 are extracted from the audited
accounts for that period, on which the auditors to the Group have issued an
unqualified audit report which did not contain a statement under section 237(2)
or (3) of Companies Act 1985, and which have been delivered to the Registrar of
Companies.

A copy of this Interim Report will be posted to all shareholders and will be
made available to the public at the Company's registered office at Royal House,
Prince's Gate, Solihull, B91 3QQ.



END

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