£120m losses confirmed at crisis-hit Provident Financial

Crisis-hit Provident Financial is to report pre-exceptional loss of around £120m in its consumer credit division, which  it says "is at the upper end" of its expectations.

The Bradford-based sub-prime lender this morning published a trading update for the year to 31 December. The company said the losses reflected a "lower than expected rate of re-connection" with home credit customers whose relationship had been adversely impacted by the poorly executed migration to the new operating model in July ... 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...