Provident Financial profits slightly up

28th Jul 2009 07:32

Sub-prime lender Provident Financial saw interim pre-tax profit rise 3.5% and said it expects to deliver continued growth for the year despite remaining cautious about new lending.Pre-tax profit for the six months to June rose 3.5% to £53.1m as revenue came in at £401.2m from £370.1m before. "These are good first half results, in line with our internal plans which anticipated the pressure of rising unemployment and reduced working hours on household budgets," said chief executive Peter Crook.Customer numbers in the consumer credit division and Vanquis Bank rose to 2.1m from 2m before. "We do not anticipate any material change in market conditions in the second half of 2009 and we will maintain our cautious approach to new lending," said the group."Despite the challenging environment, the group expects to deliver continuing quality growth for the full year," it added.The group said its balance sheet and funding profile remain strong, with committed facilities providing £280m of headroom at the half yearInterim dividend was maintained at 25.4p.