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Interim Results

Provident Financial profits slump

25 July 2017 09:05

Provident Financial (PFG), a non-standard lender, saw its first half adjusted pre-tax profits fall by 22.6% to £115.3 million after the migration of its home credit business to a new operating model caused trading disruption.

The company's statutory pre-tax profit almost halved to £90 million.

It said Vanquis Bank, Moneybarn and Satsuma continue to experience strong growth, booking record volumes of new business.

Peter Crook, chief executive, said: "Whilst I remain disappointed by the higher than expected operational disruption to trading in the home credit business, the new business model was deployed as planned during the first week in July. Our focus will be on customer service, embedding the new model and improving collections through the third quarter of the year."

The interim dividend per share has been maintained at 43.2p.

At 9:05am: (LON:PFG) Provident Financial PLC share price was -60.5p at 2236.5p

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