Information  X 
Enter a valid email address

Non-Standard Finance losses mount as it counts cost of failed Provident bid

By BFN News | 07:37 AM | Tuesday 20 August, 2019

Subprime lender Non-Standard Finance booked a deeper first-half loss, partly owing to costs associated with its failed takeover bid for rival Provident Financial. Pre-tax losses for the six months through June amounted to £22.8m, compared to losses of £2.6m on-year. The company booked fees and costs associated with the Provident offer of £12.7m and also booked a £12.5m impairment charge against its Loans at Home business. Normalised revenue rose 12% to £88.3m, while adjusted pre-tax profit rose 12% to £6.3m. Non-Standard Finance declared an interim dividend of 0.7p per share, up 17% on-year. 'The group delivered another good performance in the first half of 2019 with strong loan book growth and a further reduction in impairment as a percentage of revenues,' chief executive John van Kuffeler said. 'Whilst we believe strongly that a combination with Provident Financial would have accelerated the delivery of benefits for customers, employees and shareholders, each of our businesses continued to perform well during the first half.' 'Our strategy remains unchanged and we remain on course to deliver attractive long-term returns through a combination of income and capital growth.' Story provided by

a d v e r t i s e m e n t