The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
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This appears to be a quote from analyst Gary Greenwood at Shore Capital rather than from PFG management as implied. It's a pretty insensitive statement though, whoever said it and however accurate it might be.
"While this will be incredibly disappointing news for employees and customers, we expect it to be welcomed by shareholders as it will lance a boil that has proven to be a source of significant financial pain in recent years.“
Another winning statement from the PR team of the Board. If this is the language they use publicly....what is a) the language they use internally and b) what they really think of their customers....?
Source: Yorkshire Post
Some good points, I think it'll be sound as a group for at least 10 years but as soon as holiday companies and more retail companies start to latch on to Klarna the sub prime credit cards days are numbered. Its so easy, you can sign in using Facebook and often spread the cost for free, without any rigmarole. It just depends whether the regulators catch up with them before the tipping point.
Fireant - your points are well made. Simple fact is these people struggle to make ends meet and if they can afford to pay upwards of £400 and onwards towards £1,000 for £1,000 borrowed, then I would question how many can genuinely afford these rates. Pay day loans are obviously unaffordable for lowest income families and Government obviously want rid of them.
I'm beginning to think along those lines too nuri. The underserved will always be with us but everybody seems to have a mobile phone. We've seen what AI can do and frankly it's better at deciding what credit risk you are than a collector, even those with years of experience. If surgeons are relying on it then using it for a loan of a thousand pounds will hardly test the algorithm. Afiniti for example sent 800 coders from ****stan to Bermuda and their systems break every call down in nano seconds before there is even a need for human intervention. I believe Klarna and Afiniti know each other. I hope PFG are taking advantage of the opportunities that AI presents.
Honestly I dont see a future for provident financial or any companies of this nature.
CCD to be binned (no surprise) at a cost of £100m and 2100 colleagues to go through consultation. Hope the market doesn't react to the news negatively, 100m is less than 2 years losses the way CCD is so its a positive. Also sure that 2100 staff isn't all of them so there must be a belief in this other product mentioned and plans to save some jobs at least. Liquidity at 1bn and head room of 100s of million also strong - as is the move to synergies the business to be product led. Not bad all things considered, thoughts with the staff but for investors may be a value buy today, DYOR