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Address: Colonnade House, Sunbridge Rd, Bradford, BD1 2LQ

Website:

Tel: 01274 731111

Chief Executive: Howard Bell

Co No: 00668987

Nature of Business: Moneylenders - International personal financial services.

Bradford's biggest Plc, In July 2001 Provident was reporting half year turnover of £399 million, with pre-tax profits of £70 million. The company was valued at over £2 billion.

Earlier the same month the Church of England sold shares worth £12 million in the company, embarrassed at profiting from poverty. The Quakers did likewise in May.

Best known for their door to door money lending services, issuing small unsecured loans at huge rates of interest. Serviced by an army of "agents", Provident claimed in their 1998 Annual Report to have loans with 1 in 20 households in Britain.

At 30 June 2000 Provident Financial had 11,961 agents serving 1,553,000 customers. In its international money lending business it had 281,000 customers.

Established in Bradford in 1880, a typical small loan of £200 would be repayed at: £13 for 21 weeks (total repayment £273, APR 370%); £10 for 30 weeks (total repayment £300, APR 330%); £6 for 54 weeks (total repayment £324, APR 170%).

In February 1997 Provident announced it was pushing it's money lending services into the huge impoverished estates in Eastern Europe: Poland and the Czech Republic. The initial investment was repayed within 2 years. Other areas of operation include South Africa.

Staff: 5714 (450 in Bradford, 1350 in Yorkshire) - and over 11,000 self-employed "agents".

See also "Provident police pimps"

Provident Financial PLC
Five Year Summary P&L with Balance Sheet

year ended 31 December        1996     1997     1998     1999     2000

turnover               £m      430      444      506      583      728
pre tax profit         £m      119      137      146      155      160
norm earn per share     p     29.3     34.4     39.8     42.8     47.4
FRS3 earn per share     p     29.3     34.4     39.7     42.8     47.3
div per share           p     16.5     19.5     22.5     24.8     27.3

intangibles            £m        -        -        -        -        -
fixed assets           £m     21.2     21.1     22.1     23.6     26.7
fixed investments      £m        -     11.9     14.5     12.5     14.5

stocks                 £m        -        -        -        -        -
debtors                £m      522      578      639      705      810
cash, securities       £m      308      306      300      309      381

creditors short        £m      448      440      434      497      578
creditors long         £m      133      186      294      294      387
prefs, minorities      £m        -        -        -        -        -
ord cap, reserves      £m      270      291      247      259      267

mkt capitalisation     £m     1365     2165     2325     1811     2462

Check Hemscott for updated Company Information:

(year to Jun 2000)

(31 Jul 01) 249.12m 10 4/11p Ords - Schroder Inv Mgmt Ltd 9.37%, FMR Corporation 5.93%, Prudential Corp PLC 5.42%, Prudential Assur Co Ltd 4.97%, AXA Sun Life Investment Mgmt 3.29%, Morley Fund Mgmt Ltd 3.07%, Other Dirs 0.24%

Collonade Insurance Services Ltd

Updated: July 2001

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