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Provident Financial PLC (PFG.L)

PFG.L on London Stock Exchange

911.50GBp
21 Nov 2017
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Latest Key Developments (Source: Significant Developments)

Provident Financial names first chief risk officer-source
Wednesday, 1 Nov 2017 07:30am EDT 

Nov 1 (Reuters) - Provident Financial Plc ::PROVIDENT FINANCIAL APPOINTS NORTHERN ROCK 'RESCUE EXECUTIVE' RICK HUNKIN AS ITS FIRST CHIEF RISK OFFICER- SOURCE.  Full Article

Deutsche Bank cuts stake in Provident Financial to 6.73 pct - filing‍​
Tuesday, 24 Oct 2017 04:59am EDT 

Oct 24 (Reuters) - Filing: Provident Financial : :DEUTSCHE BANK AG CUTS STAKE IN PROVIDENT FINANCIAL TO 6.73 PERCENT FROM 8.05 PERCENT EARLIER - FILING‍​.  Full Article

Provident financial ‍confirms FY dividend will not be paid
Friday, 13 Oct 2017 02:00am EDT 

Oct 13 (Reuters) - Provident Financial Plc ::HOME CREDIT BUSINESS RECOVERY PLAN HAS BEEN DEVELOPED UNDER NEW LEADERSHIP TO RE-ESTABLISH RELATIONSHIPS WITH CUSTOMERS​.‍CONFIRMS THAT A FULL-YEAR DIVIDEND WILL NOT BE PAID​.SEARCH FOR A NEW CHIEF EXECUTIVE IS UNDERWAY​.PROGRESS CONSISTENT WITH GUIDANCE PROVIDED OF PRE-EXCEPTIONAL FY LOSS FOR CONSUMER CREDIT DIVISION IN RANGE OF BETWEEN £80M-£120M.‍HOME CREDIT BUSINESS, WHICH CURRENTLY HAS C.500,000 ACTIVE FIELD CUSTOMERS, IMPLEMENTED A NEW OPERATING MODEL ON 6 JULY 2017​.VANQUIS BANK CONTINUES TO WORK WITH FINANCIAL CONDUCT AUTHORITY (FCA) IN RELATION TO INVESTIGATION INTO REPAYMENT OPTION PLAN​.‍NEW MODEL INVOLVED EMPLOYING 2,500 FULL-TIME CUSTOMER EXPERIENCE MANAGERS (CEMS) IN PLACE OF 4,500 SELF-EMPLOYED AGENTS​.IN VANQUIS, ‍NEW ACCOUNT BOOKINGS THROUGH Q3 WERE 5% HIGHER THAN LAST YEAR​.‍COLLECTIONS PERFORMANCE IN CCD IN SEPTEMBER WAS 65%, UP FROM 57% IN AUGUST.‍IN VANQUIS, YEAR-ON-YEAR CUSTOMER GROWTH OF 13% AND RECEIVABLES GROWTH OF 14% IN THREE MONTHS TO OCT 12​.SALES IN CCD IN SEPT WERE APPROXIMATELY £6M PER WEEK LOWER THAN PRIOR YEAR COMPARED WITH £9M DURING AUGUST​.MONEYBARN ‍CUSTOMER NUMBERS, RECEIVABLES ENDED SEPT AT 49,000 (SEPT 2016: 39,000) AND £362M (SEPT 2016: £286M) RESPECTIVELY​.  Full Article

UK's ‍Information Commissioner's Office​ fines Provident Financial's Vanquis Bank
Tuesday, 10 Oct 2017 05:34am EDT 

Oct 10 (Reuters) - UK'S ‍INFORMATION COMMISSIONER'S OFFICE​::UK'S ‍INFORMATION COMMISSIONER'S OFFICE​ - ‍BRADFORD-BASED BANK AND LONDON ADVERTISING FIRM FINED OVER ILLEGAL MARKETING​.ICO- ‍VANQUIS BANK INSTIGATED A CAMPAIGN TO SEND 870,849 SPAM TEXT MESSAGES AND 620,000 SPAM EMAILS TO PROMOTE ITS CREDIT CARDS​.UK'S ICO - ‍VANQUIS BANK HAS NOW BEEN FINED £75,000 BY ICO​.  Full Article

Provident Financial names new managing director for home credit business
Friday, 25 Aug 2017 02:00am EDT 

Aug 25 (Reuters) - PROVIDENT FINANCIAL PLC ::EXECUTIVE CHAIR, MANJIT WOLSTENHOLME, HAS BEGUN A REVIEW OF BUSINESS.CHRIS GILLESPIE HAS BEEN APPOINTED MANAGING DIRECTOR OF PROVIDENT HOME CREDIT BUSINESS.CONSUMER CREDIT DIVISION MANAGEMENT UPDATE.CHRIS GILLESPIE'S FOCUS AS NEW MANAGING DIRECTOR WILL BE ON RE-ESTABLISHING RELATIONSHIPS WITH CUSTOMERS.  Full Article

Provident Financial CEO quits, dividend shelved after fresh profit warning
Tuesday, 22 Aug 2017 02:11am EDT 

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.  Full Article

Provident Financial says Q1 trading in line with market consensus
Friday, 12 May 2017 02:56am EDT 

May 12 (Reuters) - Provident Financial Plc :Group's trading performance during Q1 of 2017 has been consistent with market consensus.Vanquis Bank and Moneybarn have made a good start to year.Vanquis Bank Q1 new account bookings of 122,000 were up 45 pct versus relatively weak Q1 of 2016.A one-off exceptional charge of approximately 20 million pounds ($25.77 million) will be taken in first half of 2017 in respect of redundancy, retention and training costs at home credit business.  Full Article

Provident Financial updates guidance for medium-term potential of its businesses
Tuesday, 4 Apr 2017 02:05am EDT 

Provident Financial Plc : Group's refreshed guidance for medium-term potential of each of its businesses . Medium-Term growth potential for vanquis bank's credit cards unit of having 2.0m-2.3m customers with an average balance of £1,000-£1,100 . Refreshed medium-term growth potential for provident's home credit loans is profit of £150m+ .Refreshed medium-term growth potential for satsuma is £100m-£150m receivables.  Full Article

Provident Financial posts FY adjusted EPS 177.5 pence
Tuesday, 28 Feb 2017 02:00am EST 

Provident Financial Plc : Total dividend up 12.1 percent to 134.6 pence per share . Final dividend up 13 percent to 91.4 penceper share . FY adjusted profit before tax 334.1 million stg versus 292.9 million stg year ago . FY adjusted earnings per share 177.5 pence versus 162.6 pence year ago .Instability in UK economy over near or medium term may result in weak GDP growth and may result in increased unemployment unlikely to have a significant impact on group through 2017.  Full Article

UK subprime lender Provident Financial sees FY results in-line with market expectations
Tuesday, 17 Jan 2017 02:00am EST 

Provident Financial Plc : Group expects to report results for 2016 in line with market expectations, with each business meeting its internal forecast. . Vanquis Bank delivered Q4 new account bookings ahead of prior year . Total new account bookings for 2016 were 406,000 in Vanquis Bank . Customer numbers ended year at 1,545,000, representing year-on-year growth of 9 pct in Vanquis Bank . Consumer credit division sales some 3 pct up on Q4 of 2015 . CCD customer numbers ended year at a similar level to June 2016 . Start-Up loss associated with satsuma has reduced by approximately 12 mln stg in 2016 as business approaches break even . Satsuma customer numbers and receivables ended year at 55,000 and £18m respectively, up from 49,000 and 14 mln stg at September 2016 .New business volumes increase by approximately 7 pct in Moneybarn.  Full Article

Short seller Kerrisdale targets Woodford-backed Prothena

LONDON Hedge fund Kerrisdale Capital has taken a short position in drugmaker Prothena , a company backed by UK investor Neil Woodford, calling it "the next big biotech blowup".