August 22, 2017 / 6:16 AM / a year ago

BRIEF-Provident Financial CEO quits, dividend shelved after fresh profit warning

Aug 22 (Reuters) - Provident Financial Plc

* Disruption to home credit trading

* Collections performance and sales are both showing substantial underperformance against comparable period in 2016

* Collections performance is currently running at 57 pct versus 90 pct in 2016

* Pre-Exceptional loss of home credit business is now likely to be in a range of between 80 mln pounds and 120 million pounds.

* A thorough and rapid review of home credit’s performance is underway to secure turnaround of business

* Trading performance of Vanquis Bank, Moneybarn and Satsuma remain in line with internal plans.

* Board has determined that group must protect capital base and financial flexibility by withdrawing interim dividend declared on 25 July 2017

* Indicate that a full-year dividend is unlikely

* Peter Crook has decided to step down as chief executive with immediate effect

* Manjit Wolstenholme will assume role of executive chairman Source text for Eikon: Further company coverage: (Reporting By Rachel Armstrong)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below