Business
PFG 2019 Preliminary Results Announcement
PFG 2019 Preliminary Results Announcement.
About this update from Vanquis Banking Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 2656E\n Provident Financial PLC\n 27 February 2020\n \n \n \n \n Provident Financial plc\n \n \n Preliminary results for the year ended 31 December 2019\n \n \n \n \n \n Provident Financial plc ('Provident Financial' or 'the group') is the leading specialist provider of credit products which provide financial inclusion for those consumers who are not well-served by mainstream lenders. The group serves 2.3 million customers and its operations consist of Vanquis Bank, Moneybarn and the Consumer Credit Division (CCD), comprising Provident home credit and Satsuma. \n \n \n \n \n \n Group highlights\n \n \n \n \n \n Continued good operational and financial recovery of the group underpins the Board's 150% increase in total dividend\n \n \n · \n Group adjusted profit before tax up 1.6% to £162.6m (2018 (restated1): £160.1m), as the business continues to adapt to the evolving regulatory environment and successfully defended the hostile NSF bid. \n \n \n · \n Statutory profit before tax up 32.4% to £128.8m (2018 (restated1): £97.3m), reflecting lower exceptional costs.\n \n \n · \n Strategic initiatives outlined at the Capital Markets Day in November are well underway to deliver the group's 'Vision for the Future' and financial targets. \n \n \n · \n Agreement of a £275m bilateral securitisation facility in early January 2020 to fund Moneybarn's business flows. \n \n \n · \n ROP refund programme at Vanquis Bank and FCA investigation at Moneybarn both now complete. \n \n \n · \n Regulatory capital headroom of approximately £90m at 1 January 20204\n .\n \n \n · \n The Board proposes a final dividend of 16.0p per share (2018: 10.0p), up 60.0% on 2018.\n \n \n · \n Total dividend per share of 25.0p per share (2018: 10.0p), up 150% on 2018, and representing dividend cover of 1.9 times (2018 (restated): 4.9 times).\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n 2019 \n \n \n \n \n 2018 \n \n \n (restated1)\n \n \n \n \n Change\n \n \n \n \n \n \n Adjusted profit before tax\n \n \n \n \n £162.6m \n \n \n \n \n £160.1m \n \n \n \n \n 1.6% \n \n \n \n \n \n \n Amortisation of acquisition intangibles\n \n \n \n \n (£7.5m)\n \n \n \n \n (£7.5m)\n \n \n \n \n -% \n \n \n \n \n \n \n Exceptional items2\n \n \n \n \n (£26.3m)\n \n \n \n \n (£55.3m)\n \n \n \n \n 52.4%&nb...