Profit warning wipes £750m off finance group’s value
Bradford lender Provident Financial has seen its share price plummet after warning of a big drop in profits caused by disruption from a major streamlining of its operations.
Investors took fright with shares in the FTSE-100 firm closing at 504p yesterday, a drop of 17.59% - reducing its market value by nearly £750m to £3.6bn.
Its status in the top 100 index will be under threat if its share price doesn't rally before the next quarterly review, which takes place in September.
The sub-prime lender decided it would be "more ef... You can carry on reading TheBusinessDesk.com for free, but you have reached the maximum number of pages an unregistered user can view. To register for an account, click here or login below...
