Provident Financial

Ticker PFG

Today's data summary

Market closed
% change
-1.63%
Price Pence
488.40
Change
-8.10
As of 18:25 15 Feb 2019
Market cap. Pound sterling
1,237.04 million
As of 18:25 15 Feb 2019

Latest updates

Fresnillo rises to top of FTSE 100

Fresnillo
Fresnillo

The FTSE 100 has extended its meagre early morning gains and is now ahead 22.52 points or 0.29% at 7,723.37.

Precious metals miner Fresnillo (pictured) is now leading the blue chip risers, with its share price up 2.6% at £10.24 after reporting strong interim results.

Just Eat is now the biggest faller on the FTSE 100, down 5.1% at 802.8p.

The FTSE 250 is now trading lower, down 2.99 points at 20,875.26.

After taking steps to restructure the business, Provident Financial's shares are flying and are up 13.26% at 699.1p on a positive update today.

Travis Perkins, however, continues to lead the biggest fallers on the FTSE 250, down 11% at £11.92.

Provident in £331m rights issue: £192.1m in fines

Provident Financial building
Provident Financial

Troubled doorstep lender Provident Financial has raised £331m through a rights issue, which will help it cope with regulator fines totalling around £192m..

It has agreed a £172.1m settlement with the Financial Conduct Authority over the mis-selling scandal around Vanquis Bank's repayment option plan.

The company has issued annual figures today, which also include a £20m hit for an expected fine from the FCA about the company's unfair affordability, forbearance and termination options.

It's pre-tax profit slumped 136% to £109.1m to a loss of £123m. It made a profit of 343.9m in 2016.

Provident Financial failing to reconnect

Troubled sub-prime lender Provident Financial has said full-year losses at its Consumer Credit Division are set to be about £120m, at the top end of expectations.

It said the size of the loss "reflects a lower than expected rate of reconnection" with customers after an attempt at changing its doorstep lending model last year went wrong.

Provident tried to change the way it collected its loans, replacing self-employed agents with "customer experience managers". But the move flopped, with debt collection rates falling to 57% compared with a 90% rate in 2016.

That led to the company warning on profits, and the departure of its chief executive.

In addition, Provident's car finance division, Moneybarn, and its credit card division, Vanquis, are both being investigated by the Financial Conduct Authority.