October 13, 2017 / 6:09 AM / in 9 days

BRIEF-Provident financial ‍confirms FY dividend will not be paid

Oct 13 (Reuters) - Provident Financial Plc:

* HOME CREDIT BUSINESS RECOVERY PLAN HAS BEEN DEVELOPED UNDER NEW LEADERSHIP TO RE-ESTABLISH RELATIONSHIPS WITH CUSTOMERS​

* ‍CONFIRMS THAT A FULL-YEAR DIVIDEND WILL NOT BE PAID​

* SEARCH FOR A NEW CHIEF EXECUTIVE IS UNDERWAY​

* PROGRESS CONSISTENT WITH GUIDANCE PROVIDED OF PRE-EXCEPTIONAL FY LOSS FOR CONSUMER CREDIT DIVISION IN RANGE OF BETWEEN £80M-£120M

* ‍HOME CREDIT BUSINESS, WHICH CURRENTLY HAS C.500,000 ACTIVE FIELD CUSTOMERS, IMPLEMENTED A NEW OPERATING MODEL ON 6 JULY 2017​

* VANQUIS BANK CONTINUES TO WORK WITH FINANCIAL CONDUCT AUTHORITY (FCA) IN RELATION TO INVESTIGATION INTO REPAYMENT OPTION PLAN​

* ‍NEW MODEL INVOLVED EMPLOYING 2,500 FULL-TIME CUSTOMER EXPERIENCE MANAGERS (CEMS) IN PLACE OF 4,500 SELF-EMPLOYED AGENTS​

* IN VANQUIS, ‍NEW ACCOUNT BOOKINGS THROUGH Q3 WERE 5% HIGHER THAN LAST YEAR​

* ‍COLLECTIONS PERFORMANCE IN CCD IN SEPTEMBER WAS 65%, UP FROM 57% IN AUGUST

* ‍IN VANQUIS, YEAR-ON-YEAR CUSTOMER GROWTH OF 13% AND RECEIVABLES GROWTH OF 14% IN THREE MONTHS TO OCT 12​

* SALES IN CCD IN SEPT WERE APPROXIMATELY £6M PER WEEK LOWER THAN PRIOR YEAR COMPARED WITH £9M DURING AUGUST​

* MONEYBARN ‍CUSTOMER NUMBERS, RECEIVABLES ENDED SEPT AT 49,000 (SEPT 2016: 39,000) AND £362M (SEPT 2016: £286M) RESPECTIVELY​ Source text for Eikon: Further company coverage:

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