13th Jan 2016 07:42
LONDON (Alliance News) - Specialist lender Provident Financial PLC on Wednesday said its results for 2015 should meet its expectations, with solid trading across the business.
The company, which ascended to the FTSE 100 index earlier this year following a year of very strong growth, said its Vanquis Bank business has continued to deliver good growth and strong margins in the fourth quarter of 2015. UK customer numbers ended the year up 9.9% year-on-year, the group said.
Its Consumer Credit business is set to deliver profit for the full year marginally higher than in 2014 due to a strong performance in transitioning its home credit arm into a smaller, leaner business, Provident said. Sales in the home credit arm in the fourth quarter were marginally higher year-on-year, despite customer numbers falling as a result of the restructuring of the business.
Business volumes at Moneybarn, Provident's car finance business, remained strong, boosted by a widened product range. For 2015 in total, new business volumes at Moneybarn increased 69%, the group said.
"I am pleased to tell you that the group is expected to report 2015 results in line with market expectations. All our businesses have traded well through the final quarter of the year and our funding position remains strong," said Provident Chief Executive Peter Crook.
By Sam Unsted; [email protected]; @SamUAtAlliance
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