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BRIEF-Provident Financial CEO quits, dividend shelved after fresh profit warning
August 22, 2017 / 6:13 AM / in 3 months

BRIEF-Provident Financial CEO quits, dividend shelved after fresh profit warning

Aug 22 (Reuters) - Provident Financial Plc

* Disruption to home credit trading

* Collections performance and sales are both showing substantial underperformance against comparable period in 2016

* Collections performance is currently running at 57 pct versus 90 pct in 2016

* Pre-Exceptional loss of home credit business is now likely to be in a range of between 80 mln pounds and 120 million pounds.

* A thorough and rapid review of home credit’s performance is underway to secure turnaround of business

* Trading performance of Vanquis Bank, Moneybarn and Satsuma remain in line with internal plans.

* Board has determined that group must protect capital base and financial flexibility by withdrawing interim dividend declared on 25 July 2017

* Indicate that a full-year dividend is unlikely

* Peter Crook has decided to step down as chief executive with immediate effect

* Manjit Wolstenholme will assume role of executive chairman Source text for Eikon: Further company coverage: (Reporting By Rachel Armstrong)

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