Provident sees plunge in full-year profits

By Daily Mail Reporter
Updated:

 

Doorstep lender Provident Financial revealed an unexpected drop in its full-year profits after consumers reined in their spending plans in the run-up to Christmas.

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Pre-tax earnings fell 2.4% to £126m for 2009 after demand for credit had been 'tempered by increasingly cautious behaviour' during its busiest period of the year.

Chief executive Peter Crook believes his customers, who typically take out loans of between £450 and £500, will continue to be careful.

Provident (down 55.5p to 916.5p) held its dividend for 2009 steady at 63.5p.

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