Provident Financial confirms £80m-to-£120m loss

Provident Financial confirmed that it will book a pre-exceptional loss for its consumer credit division of between £80m and £120m for its 2017 financial year.

A home credit business recovery plan has been developed under new leadership to re-establish relationships with customers, stabilise the operation of the business and improve collections performance, the company said.

Vanquis Bank, meanwhile, has delivered "further good growth" through the third quarter amid credit standards that have recently been tightened to recognise uncertainties faced by the UK economy.

Provident Financial also reiterated that it will not pay a full-year dividend.

Its cash resources and funding capacity stood at £236m following repayment of 2012 retail bonds on the maturity date of October 4.

A search for a new CEO is underway, after Peter Crook resigned in August.