LONDON (dpa-AFX) - British sub-prime lender Provident Financial plc (PFG.L) on Thursday reported profit before tax of 4.1 million pounds compared with loss before tax of 113.5 million pounds a year ago.
Profit before tax from continuing operations was 142.2 million pounds compared with loss of 37 million pounds in the year-ago period.
Excluding exceptional items, adjusted profit before tax was 64.8 million pounds compared with loss before tax of 54.6 million pounds last year.
Adjusted profit before tax from continuing operations increased to 167.8 million pounds from 27.8 million pounds a year ago.
Provident Financial posted a loss of 32.1 million pounds or 12.8p per share for the year, narrower than 83.4 million pounds or 32.9p per share loss for the previous year.
From continuing operations, the company had profit of 134.6 million pounds compared with loss of 37 million pounds a year ago.
Basic EPS from continuing operations was 53.7p compared with loss of 14.6p last year.
Adjusted basic EPS from continuing operations increased to 57.5p from 11.7p in the previous year.
Revenue for the year decreased to 602.6 million pounds from 807.8 million pounds last year.
Revenue from continuing operations declined to 534.6 million pounds from 615.4 million pounds a year ago.
Further, the company's Board has proposed a dividend of 12p per share for the year, a pay-out ratio of adjusted continuing earnings of nearly 30%.
Looking forward, the company said it expects to move to a dividend pay-out ratio of about 40% of adjusted earnings from FY'22 onwards.
'During the first quarter of 2022, PFG has continued to see positive momentum across its three businesses quarter-on-quarter......PFG remains well positioned to cope with the macroeconomic uncertainty that may arise from the current inflationary environment in the UK and we continue to support our customers through this time,' commented Malcolm Le May, Chief Executive Officer.
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