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Prices & Quotes - UK Markets - Provident Financial (PFG)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Up 243.60p
Change Today:
0.60p
Market Cap:
617.81m
Sector:
Financial Services

Provident Financial on track for 2020

By Sean Farrell

Date: Wednesday 04 Nov 2020

LONDON (ShareCast) - (Sharecast News) - Provident Financial said it was on course to meet market expectations for 2020 but that Covid-19 lockdowns would hit customer spending and borrowing.
The subprime lender said trading in the third quarter was in line with management forecasts. It has ordered an operational review of its consumer credit division (CDD), which includes its main doorstep lending business.

Delinquency trends at the Vanquis credit card business were stable but customer booking volumes were lower than a year earlier. Customer spending at Vanquis was 31% up on the previous quarter but 15% lower than a year earlier.

Home credit lending to existing customers was more than 70% of normalised levels for the third quarter and loans to new customers were at about 60%, the FTSE 250 company said. The consumer credit business, which also includes online loans, has been hit by Covid-19, stricter rules and a rise in customer complaints.

Chief Executive Malcolm Le May said: "We remain vigilant for possible economic shocks, including those caused by further local and national lockdowns. Such measures will inevitably have an impact on customer expenditure patterns and loan origination.

"I have asked the new managing director of CCD, Hamish Paton, to undertake an operational review of the division. This will ensure that the business is best positioned, in the context of these industry dynamics, to return to delivering long-term sustainable profitability, whilst continuing to focus on good customer outcomes."

Le May said Provident had 700m of regulatory capital at the end of September - 200m more than the regulatory minimum.

Provident shares rose 2.9% to 240.20p at 08:28 GMT.



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PFG Market Data

Currency UK Pounds
Price 243.60p
Change Today 0.60p
52 Week High 324.00p
52 Week Low 144.20p
Volume 352,023
Shares Issued 253.62m
Market Cap 617.81m
Beta 0.04

Performance Indicators

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What The Brokers Say

Strong Buy 5
Buy 0
Neutral 1
Sell 0
Strong Sell 1
Total 7
buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

PFG Dividends

  Latest Previous
  Interim Final
Ex-Div 15-Aug-19 23-May-19
Paid 26-Sep-19 21-Jun-19
Amount 9.00p 10.00p

Trades for 16-Apr-2021

Time Volume / Share Price
16:35 184,567 @ 243.60p
16:29 6 @ 242.60p
16:29 45 @ 242.60p
16:29 12 @ 242.60p
16:29 757 @ 242.60p

PFG Key Personnel

Chair Patrick J R Snowball
CFO Neeraj Kapur