Provident in Profits Drop
UK's biggest doorstep lender sees a 20% fall in profits
14th September 2006
Britain's biggest doorstep lender has suffered a 20% slump in profits despite an increase in both turnover and customer numbers.
The company's pre-tax profit figure fell by £16.9m to £66m, despite an increase in revenue of 5% and a 1% rise in customer numbers.
Provident's core business is in providing small-value loans to customers with low incomes or poor credit ratings, with weekly collections direct from the customer's home.
Chairman John van Kuffeler said that the outlook for the home credit business had improved in the medium term, and put the poor figures down to an investment of over £19m in new ventures and products, including the Vanquis credit card.
Read More: 20% fall in profits for Provident Financial
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