Provident Financial’s (PFG) troubles seem more deep-rooted than first thought. Customer collections and sales at its home credit business are taking longer than anticipated to recover from the disruption caused by its operational changes. Management expects the business to incur a pre-exceptional loss of between £80m and £120m during 2017, down from the £60m profit forecast when it first warned in June. Chief executive Peter Crook has stepped down with immediate effect, with chair Manjit Wolstenholme taking up the role as executive chair.
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