Business
Interim Results for Six Months ended 30 June
Interim Results for Six Months ended 30 June.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \nRNS Number : 1067H Provident Financial PLC 30 July 2019 \n\nProvident Financial plc\nInterim results for the six months ended 30 June 2019\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, Moneybarn, and the Consumer Credit Division (CCD) comprising Provident home credit and Satsuma. \n \nKey financial results\n\n\n\n\n \n\n\nH1\n2019\n\n\nH1\n2018\n\n\n \nChange\n\n\n\n\nAdjusted profit before tax1 \n\n\n£74.9m\n\n\n£74.9m\n\n\n-%\n\n\n\n\nAmortisation of acquisition intangibles\n\n\n(£3.7m)\n\n\n(£3.7m)\n\n\n-%\n\n\n\n\nExceptional costs (excluding bid defence costs)\n\n\n(£10.0m)\n\n\n(£36.6m)\n\n\n72.7%\n\n\n\n\nProfit before tax and bid defence costs\n\n\n£61.2m\n\n\n£34.6m\n\n\n76.9%\n\n\n\n\nExceptional costs - bid defence costs\n\n\n(£23.6m)\n\n\n-\n\n\nn/a\n\n\n\n\nStatutory profit before tax\n\n\n£37.6m\n\n\n£34.6m\n\n\n8.8%\n\n\n\n\nAdjusted basic earnings per share1\n\n\n21.8p\n\n\n24.2p\n\n\n(9.9%)\n\n\n\n\nBasic earnings per share \n\n\n8.1p\n\n\n9.8p\n\n\n(17.3%)\n\n\n\n\nAnnualised return on assets2\n\n\n7.7%\n\n\n5.3%\n\n\nn/a\n\n\n\n\nInterim dividend per share\n\n\n9.0p\n\n\n-p\n\n\nn/a\n\n\n\n\n \nHighlights\n \nContinued good recovery of the group underpins the Board's reinstatement of the interim dividend \n· Group profit before tax and bid defence costs up 76.9% to £61.2m (2018: £34.6m).\n· Group adjusted profit before tax1 of £74.9m (2018: £74.9m), in line with internal plans and the first half of 2018. \n· Improvement in the annualised return on assets from 5.3% to June 2018 to 7.7% to June 2019, with Vanquis Bank and Moneybarn both delivering returns above the group's target of 10%.\n· Strategic initiatives well underway to deliver the group's 'Vision for the Future', including a number of product developments, combining online loans capabilities and cost and funding efficiencies. \n· Further strengthening of the senior management team and Board following the appointments of Neil Chandler as Ma...