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Provident should recover from recent missteps

Shares in Provident Financial slumped by almost 20% last week after management was forced to issue a profit warning following a botch restructuring. However, there is plenty of scope to fix the issue.

Garry white employee

by
Garry White

in Features

26.06.2017

Last week, Provident Financial revealed that the transformation of its consumer credit division was going worse than it had expected. As a result, adjusted profits from the unit are likely to be around £60m for 2017, compared with a consensus view of £111.2m and £115.2m for 2016. The consumer credit business makes up about 30% of group profits.

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