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Provident Financial expects FY'19 profit to be in line with market expectations

U.K.-based subprime lender Provident Financial PLC expects its 2019 group profit to be in line with market expectations.

Based on forecasts by 12 equity research analysts, the company is expected to achieve a mean consensus of 2019 group profit before tax, amortization of acquisition intangibles and exceptional items of £162 million with a range of £155 million to £166 million, the company said Jan. 15.

CEO Malcolm Le May said the company "has continued to perform well in the final quarter" of 2019.

Meanwhile, Provident Financial agreed a bilateral securitization facility with NatWest Markets PLC to provide initial funding of up to £100 million to unit Moneybarn Group Ltd.

The facility, which is expected to increase to £275 million over the next 18 months, provides a comparable funding rate to a revolving credit facility that reduced to £235 million from £450 million in July 2019.