Business
Final Results
Final Results.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 6657S Provident Financial PLC 13 March 2019 \n\n \nProvident Financial plc\nFinal results for the year ended 31 December 2018\n \nProvident Financial plc (PFG or 'the Group') is the leading provider of credit products which provide financial inclusion for those consumers who are not well served by mainstream lenders. The Group serves 2.4 million customers and its operations consist of Vanquis Bank, the Consumer Credit Division (CCD) comprising Provident home credit and Satsuma, and Moneybarn. \n \nThe Group's results are being reported under IFRS 9 'Financial instruments' for the first time in 2018 following the mandatory adoption of the standard from 1 January 2018. \n \nKey financial results\n\n\n\n\n\n\n2018\nIFRS 9\n\n\n2017\nIFRS 91\n\n\n \nChange\n\n\n2017\nIAS 39\n\n\n\n\nAdjusted profit before tax2\n\n\n£153.5m \n\n\n£84.2m \n\n\n82.3% \n\n\n£109.1m \n\n\n\n\nStatutory profit/(loss) before tax\n\n\n£90.7m \n\n\n(£147.9m)\n\n\n161.3% \n\n\n(£123.0m)\n\n\n\n\nAdjusted basic earnings per share2,3\n\n\n46.6p \n\n\n36.8p \n\n\n26.6% \n\n\n45.7p \n\n\n\n\nBasic earnings/(loss) per share3 \n\n\n25.2p \n\n\n(75.3p)\n\n\n133.5% \n\n\n(66.4p)\n\n\n\n\nAnnualised return on assets4\n\n\n7.5% \n\n\n6.9% \n\n\n\n\n\n6.9% \n\n\n\n\nFinal dividend per share\n\n\n10.0p \n\n\n-p \n\n\nn/a \n\n\n-p \n\n\n\n\nTotal dividend per share\n\n\n10.0p \n\n\n-p \n\n\nn/a \n\n\n-p \n\n\n\n \nMalcolm Le May, Group Chief Executive, commented: \n \n\"Today's results are testament to the immense progress that the Group has made over the past 18 months, having delivered adjusted profit before tax growth of 82.3% in 2018. I am very pleased to announce that, in line with our commitment at the time of the rights issue, the Board have declared a nominal dividend of 10.0p per share for 2018. \n \nWe have delivered against each of the objectives we set ourselves for 2018 and have strengthened our relationship with our customers, regulators and other stakeholders. We aim to build on the considerable momentum within the Group in 2019 and beyond, with a focus on delivering attractive and sustainable returns to our shareholders as we execute on our strategy. \n \nWe conti...