14th Jan 2015 07:46
LONDON (Alliance News) - Provident Financial PLC Wednesday said it expects to report full-year results in line with market expectations, bolstered by "strong growth and robust margins" at Vanquis Bank, as well as "satisfactory" sales and collections at its consumer credit division in the fourth quarter and a positive reference for Moneybarn, the car finance lender acquired last year.
According to Provident Financial, the market expectations represent a consensus 2014 group profit before tax, amortisation of acquisition intangibles and exceptional costs of GBP232 million, based on the average of forecasts published by 14 equity research analysts.
There will be exceptional costs of about GBP7 million for 2014, comprising a GBP4 million charge for redundancy costs of 225 field administration employees in the consumer credit division and GBP3 million of costs relating to the acquisition of Moneybarn.
"Vanquis Bank and CCD have both traded well through the final quarter of the year and Moneybarn has made a very good start under the group's ownership. Our funding position remains strong," Peter Crook, chief executive, said in a statement.
By Samuel Agini; [email protected]; @samuelagini
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