Agm Statement 17/05/2006

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Agm Statement 17/05/2006
Topic Started: May 17 2006, 05:49 PM (46 Views)
whistleblower	May 17 2006, 05:49 PM Post #1
www.saynotoyes.co.uk Posts: 2,649 Group: Admin Member #1 Joined: May 13, 2005	Provident Financial : AGM Statement 17/05/2006 In UK home credit, the early months of 2006 have benefited from the increased focus on customer recruitment with the year on year reduction in customer numbers improving from a 3% reduction at the end of 2005 to 1.5% at the end of April 2006. The first four months of 2006 have also seen slightly higher volumes of credit issued with growth of 0.4% compared to the same period in 2005. Costs have increased due to increased customer recruitment activity and additional expenditure on IT. Impairment charges continue to increase, reflecting growth in receivables of 6% together with continued pressure on customers’ disposable incomes from rising fuel and utility costs. Vanquis Bank continues to grow its credit card customer numbers which now stand at 185,000. Impairment charges are better than expectations following the tightening of credit criteria in 2005. This tightening, whilst successfully controlling impairment charges has slowed growth in customer numbers and revenues, but we continue to believe that this is a sensible trade-off. The collect out of the Yes Car Credit receivables is progressing well with total collections of Ł58m in the first four months of 2006, Ł2m ahead of budget. Provident Insurance continues to trade as expected with profits continuing to benefit from the favourable development of claims costs. In International division customer numbers and credit issued for the first four months grew by 10% and 9%, respectively. In Central Europe growth was slower with customer numbers up 3.5% and credit issued up by 2.6%, reflecting our focus on improving the quality of lending in Poland. Our rapid expansion in Mexico continues and, as planned, we commenced trading in Romania in April. We said, at the time of our preliminary results for 2005, that we were at the early stages of considering whether obtaining a separate listing for International, in due course, would allow the international growth opportunity to be captured more quickly and maximise shareholder value. We are discussing the merits of this possibility with our largest shareholders and will provide a further update on the results of our review with our interim results in September. Provident Financial
	<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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