Provident Financial 1H Pretax Profit GBP54.0M On Revenue GBP440.0M

27th Jul 2010 07:19

LONDON (Dow Jones)--Provident Financial PLC (PFG.LN), a provider of home credit in the U.K. and Ireland, said Tuesday that for the six months ended June 30, it made a pretax profit of GBP54.0 million on revenue of GBP440.0 million. MAIN FACTS: -Revenue GBP440.0 million (2009: GBP401.2 million) -Pretax profit GBP54.0 million (2009: GBP53.1 million) -Earnings per share 29.4 pence (2009: 29.2 pence) -Proposed interim dividend 25.4 pence (2009: 25.4 pence) -Customer numbers 2.3 million (2009: 2.1 million) -Average receivables GBP1.03 billion (2009: GBP991.7 million) -Growth in home credit customer count of 5.4%. -Granting of credit continues to be tempered by cautious customer behavior and tight underwriting. -Credit quality of receivables book remains good, reflecting sound first-half collections performance. -Tight credit standards to remain in place while there is uncertainty over direction of employment market. -Vanquis Bank is making excellent progress whilst maintaining a cautious approach to granting new credit. -It is expected to achieve the target set three years ago of a post-tax return on equity run rate of 30% by the end of 2010. -Group's balance sheet and liquidity are strong and plans to deliver good quality growth in 2010 remain on track. -Balance sheet showing modest gearing of 3.2 times at June 30 (2009: 3.2 times) -Shares closed Monday at 882.5 pence. By Iain Packham, Dow Jones Newswires; 44-20-7842-9269; [email protected] Order free Annual Report for Provident Financial plc Visit http://djnweurope.ar.wilink.com/?ticker=GB00B1Z4ST84 or call +44 (0)208 391 6028 (END) Dow Jones Newswires July 27, 2010 02:19 ET (06:19 GMT)