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Provident Financial Projects 2018 Profits Towards Lower End Of Market View

Provident Financial plc (PFG.L) announced the group expects to report profits for 2018 towards the lower end of the range of market expectations of 151 million pounds to 166 million pounds. The group expects to report exceptional costs of approximately 55 million pounds in 2018, of which 37 million pounds were incurred in the first half. The group said its funding and capital positions remain strong. The Board expects to declare a nominal dividend in respect of the 2018 financial year.

Malcolm Le May, CEO, said: "We have been progressively tightening our underwriting standards throughout the group in anticipation of the current uncertain UK economic environment we are facing. We will continue to monitor underwriting standards in light of any changes in customer behaviour. The group has strong funding and capital positions and the actions we have taken over the last 18 months have established a solid foundation for continuing to deliver on our strategic aim of being the leading provider of credit products to the 10 to 12 million consumers who are not well served by mainstream lenders."

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