Provident Financial PLC Trading Update (7982Z)
15 Enero 2020 - 1:00AM
UK Regulatory
TIDMPFG
RNS Number : 7982Z
Provident Financial PLC
15 January 2020
Provident Financial plc
Trading update
15 January 2020
Provident Financial plc, the leading provider of credit products
to those consumers who are not well served by mainstream lenders,
makes the following update on trading for the financial year ended
31 December 2019, ahead of its preliminary results for the year
which will be announced on 27 February 2020.
Fourth quarter trading
The group has delivered results in line with internal plans
during the fourth quarter of the year. Vanquis Bank has delivered
results modestly above expectations due to favourable delinquency
and tight cost control. Moneybarn has continued to deliver
attractive receivables growth although performed modestly below
internal plan as a result of higher impairment, primarily
reflecting the stronger than forecast growth in the year. CCD
finished the year well and has delivered results in line with plan.
Accordingly, the group expects to report profits for 2019 as a
whole in line with market expectations*.
Funding update
Consistent with the group's strategy set out at the Capital
Markets Day in November to diversify its funding base and lower the
overall cost of funding, the group has agreed a bilateral
securitisation facility with NatWest Markets to fund Moneybarn
business flows. The new facility provides up to GBP100m of initial
funding and is anticipated to grow to GBP275m over the next 18
months. The facility provides a comparable funding rate to the
revolving credit facility which reduced from GBP450m to GBP235m in
July 2019.
Commenting on the final quarter of the year, Malcolm Le May,
Chief Executive Officer, said:
"I am very pleased that the group has continued to perform well
in the final quarter and we expect to report full-year results in
line with market expectations.
I am also delighted to announce that we have now agreed a
bilateral securitisation facility to fund Moneybarn's business
flows, further diversifying our funding sources, reducing the
group's funding costs and supporting the group's medium-term growth
ambitions.
We are well placed entering 2020 to continue to meet our
customers' needs and deliver against the targets set out at our
Capital Markets Day in November."
* Market expectations in this announcement represent a mean
consensus 2019 group profit before tax, amortisation of acquisition
intangibles and exceptional items of GBP162m with a range of
GBP155m to GBP166m based on the forecasts published by 12 equity
research analysts.
Enquiries:
Media
Richard King, Provident Financial 0203 6203073
Nick Cosgrove/Simone Selzer, Brunswick 0207 4045959
providentfinancial@brunswickgroup.com
Investor relations
Gary Thompson/Vicki Turner, Provident
Financial 01274 351900
investors@providentfinancial.com
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END
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