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Provident Financial is hit by nervous borrowers
Provident Financial said it was not expecting any change in the economy for the rest of the year as it missed expectations for its first-half profit.
However, chief executive Peter Crook said he was comfortable with current full-year profit forecasts, adding the business is set to benefit from cost-cutting measures and lower funding costs. He said: “In the second half of the year, we’re not expecting any material change. We can’t see any catalyst for improvement”.
The firm said uncertainty about the future of the economy was making customers nervous about borrowing money. The doorstep lender reported a pre-tax profit of £54m in the six months to June.