Provident Financial hails good new customer momentum
By Duncan Ferris
Date: Thursday 07 Nov 2019
(Sharecast News) - Provident Financial on Thursday said third quarter results were in line with expectations as it reported "good momentum" in new customer volumes.
The consumer credit division (CCD) saw a 6% rise in new and returning home credit customers, compared to the same period last year, and its upward trajectory is expected to continue during the peak fourth quarter period.
The FTSE 250-listed company said CCD is on track to deliver its full year objective of stabilising the customer base and reducing the cost base in order to deliver a break even result next year.
Meanwhile, the amount of customers at the sub prime lender's Vanquis Bank subsidiary had increased by 2% to 1,811,000 at 30 September, though a fourth quarter reduction is expected.
New business volumes at Moneybarn beat internal forecasts as they jumped by 36%, with client numbers up by 24% at 73,000 by the end of the period.
Chief executive Malcolm Le May said: "We are well placed to meet changing customer needs, respond to the evolving regulatory environment whilst at the same time delivering attractive and sustainable returns for shareholders."
Provident Financial shares were up 3.62% at 452.80p at 1100 GMT.
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