The figuresRead more: Provident Financial resolves regulation issues with City watchdog Revenue increased 47 per cent to £158.8m from 107.7m in the 12 months to the end of December last year.
Why it’s importantThe firm made an offer to acquire rival firm Provident Financial at the end of last month, but was rejected by the company. However, in its full-year results today Non-Standard Finance made it clear that it would continue to pursue the £1.3bn deal, which has received the backing of prominent shareholders. The company said today that it has received undertakings to accept the offer and letters of intent to accept the offer for 49.4 per cent of Provident’s issued share capital. “NSF intends to capitalise on its operational and commercial success by acquiring and transforming Provident to unlock substantial value for all shareholders of, and stakeholders in, both Provident and NSF,” the company said.
“The offer, once complete is expected to create a well-balanced group with leading positions in some of the most attractive segments of the nonstandard finance sector. As part of the proposed deal, Non-Standard Finance will complete a demerger of its home credit business Loans at Home to win Competition and Markets Authority approval.