| Viewing Single Post From: Provident Financial Pre-close Update | |
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| whistleblower | Dec 18 2006, 09:42 AM |
www.saynotoyes.co.uk
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18 Dec 2006 PROVIDENT FINANCIAL PRE-CLOSE UPDATE Overall, the group has traded in line with the Board’s expectations in the eleven months ended 30 November 2006. UK Home Credit The UK Home Credit business has performed in line with expectations in the eleven months to November 2006. At the end of November, customer numbers were up 0.5% on the prior year despite tighter controls over the acceptance of new customers. This growth reflects further gains from the marketing investment in new sales channels, including direct mail and the internet. The continuing pressure on the disposable incomes of consumers in UK Home Credit’s target market has seen impairment charges increase at a faster rate than revenue, consistent with the trend reported in the first half of the year. Vanquis Bank Vanquis’ focus on developing and applying more rigorous underwriting criteria together with increasing the resources dedicated to collections, has proved to be the right set of priorities in difficult market conditions which have seen impairment charges rise across the industry. Customer numbers continue to grow and were close to 250,000 at the end of November, assisted by internet recruitment which has supplemented its primary direct mail sales channel. As previously indicated, Vanquis is expected to report a start-up loss in 2006 which is slightly greater than the guidance issued at the time of the Interim Results in September and reach breakeven in 2007. Motor Insurance Provident Insurance is trading ahead of expectations, with profits continuing to benefit from the favourable development of claims costs. Yesinsurance.co.uk, its internet-based distribution channel launched earlier this year, is trading well. Yes Car Credit The collect out of the Yes Car Credit receivables book has continued to progress well. International The international home credit businesses have, in aggregate, performed in line with expectations and at the end of November customer numbers were up 3% on the prior year. Over the past two years, the Polish operation has had to contend with rolling out the new product to comply with the interest rate cap legislation introduced in February 2006 and also respond to the adverse trends in collections and impairment that emerged during 2005. Management have successfully met both challenges and it is now pleasing to report an improvement in the quality of lending and the receivables book which is generating a significantly reduced level of impairment charges. The business is now investing in marketing and its field operations to restore profitable growth. In Hungary, the changes to administrative procedures and the status of agents required by the PSZAF, the Hungarian financial supervisory authority, have been completed and lending recommenced on 6 December, having been temporarily suspended on 17 October. In Mexico, customer numbers stood at almost 250,000 at the end of November, more than double the prior year and up from 184,000 at the end of June. As stated at the Interim Results, the current priority is building the experience of the local management and field operations before resuming geographic expansion through further branch openings. Demerger Good progress continues to be made with preparations for the proposed demerger of the international business, and full details will be provided with the announcement of the Group’s Preliminary Results for 2006 on 7 March 2007. Enquiries: Media Kevin Byram, Brunswick 020 7404 5959 Nigel Prideaux, Brunswick 020 7404 5959 Investor Relations Helen Waggott, Provident Financial 01274 731111 Provident PLC |
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<a href="http://www.dpbolvw.net/click-2359542-10365649" target="_top"> <img src="http://www.awltovhc.com/image-2359542-10365649" width="120" height="60" alt="" border="0"/></a> Applying for car finance? <a href="http://www.kqzyfj.com/click-2359542-10366647" target="_blank" onmouseover="window.status='http://www.creditexpert.co.uk';return true;" onmouseout="window.status=' ';return true;">View your Experian credit report online for FREE</a> and see what lenders will see <img src="http://www.tqlkg.com/image-2359542-10366647" width="1" height="1" border="0"/>  <FONT COLOR=RED>Vanquis credit card is owned by provident Financial.Typical 39.9% APR variable Say No! </FONT> Are you having problems with Yes Car Credit or a debt collection agency? Make your complaint direct to the Office Of Fair Trading and BBC1 Watchdog below:. James.MacDougall@oft.gsi.gov.uk or telephone 08457 22 44 99 watchdog@bbc.co.uk or telephone - 020 8535 1000 ****************************************** Advice & opinions of the 'saynotoyes' team are offered informally, without prejudice & without liability. Use your own judgment. Seek advice of a qualified insured professional if you have any doubts ****************************************** 
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| Provident Financial Pre-close Update · Provident Financial News @ Information | |
1:48 PM Nov 24
