|
Next
Previous
The decision by doorstep lender Provident Financial to close its loss making Yes Car Credit unit cost the lender £165.6 million in combined pre-tax trading losses and closure costs, it has been revealed.
Despite the loss, the company has unveiled year end figures for its on-going operations showing a turnover of £1,110 million against £1,000 million in the previous year.
Taking the Yes Car Credit business into account, pre-tax profits fell to £40.5 million from £205.5 million.
Chairman John van Kuffeler claimed that revenue growth from ongoing operations had been strong but investments totalling £18.8 million in start-up losses at Vanquis Bank and in Mexico had resulted in the slight fall in pre-tax profits from on-going operations.
Mr van Kuffeler said the company was now considering a separate listing for its
overseas division.
He added: "While UK home credit is an excellent, cash generative business, we
see attractive prospects for continued expansion internationally in our existing
markets and in new countries."
Source:
Getting Paid
|
