28 February 2012 – final results

Strong results from home credit group Provident Financial have seen the shares surge higher today.  In 2011, pre-tax profits rose by over 12% to £162.1m whilst earnings per share were 14% higher at 89.6p.  The total dividend for the year was raised by almost 9% to 69p.  The group’s home credit business reported very solid results with profits at a similar level to 2010, but strong growth was seen at the Vanquis Bank business.  The group has also renegotiated its bank facilities meaning that the group is now fully funded until 2015.  A solid start has been made to 2012 with further improvements in profit, earnings per share and the dividend expected and the shares remain a BUY.