Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Currently need a Mcap of £650m+ for the FTSE250, so approx. 255+ sp
http://www.stockchallenge.co.uk/ftse.php
Needs market cap increase to get back into FTSE250 so then gets better broker coverage and trading interest. Pfg used to get 4 or 5 brokers / banks covering after every update. Now only seems like ShoreCap who act for PFG so can't share guidance regardless of how good their guidance is (and in this sector they are v good) and then a sporadic one from Barclays. Then whenever PFG gets momentum Canaccord (acting for NSF in failed takeover, I believe) always pop up and try to shoot PFG in the knees with a sell.
Haven't looked recently but suspect share price needs another 25% to be north of £3 to get back in 250.
Ooh risky!! Careful buddy - there are some who use this forum who neither understand, nor engage in, humour.
Kudos to you for replying on the correct thread though...
In which case it is a good job that Barrie is not Ivana :)
The answer to your closed question is no. Barrieprov posts are just fine and if you don't like them, surely that's your problem. You obviously didn't like my comment regarding facts. My posts will highlight factual information, otherwise I will use IMO. So lets stop the sarcasm and treat each other with respect. Thank you.
Is he going to change his name to Barrievanq?
OIC, Thanks for pointing that out, interesting,. So they are not comparing new customer bookings 2022 to new customer bookings 2021. That means the 225k should increase to include any loans and if that figure doesn't increase, the comparison should have been against 212k and not 199k.
199k credit cards, the remainder being loans (Annual report dated 20 April, page 9, paragraph 3).
From the Q4 22 trading update (26/01/2023). The Group’s credit card business.
New customer acquisition volumes were approximately 225k for FY’22 (FY’21: 199k) and yet the Annual Report for 2021 states 212k. Strange that 13k has doubled to 26k, bit of a coincidence, but 26k increase looks better. PFG just love telling us how many new customers Vanquis have put on as it sounds good, but looking at the last three years they have lost customers every year. Customer count 1,541m (2021).1,667m (2020), 1,720m (2019), 1,773m (2018). in three years they have lost 232,000 customers and that's the bread and butter business. At the beginning of 2021 they closed 114.000 dormant accounts. Is 225,000 (2022) new customers enough to increase the customer base? Even if it is, they've had two more years for the dormant customers to build up again and that's why they never tell us how many active accounts there are.
It looks like it will take a while to transition in a new CEO (summer).
Meanwhile a potential interpretation of the problematically vague (but consistent) messages from the outgoing team over the year is that PFG 2.0 aka VANQ has ‘launch control’ engaged and all the new CEO has to do is hit the button. Then PFG2.0 takes off like a scalded cat?. Self effacingly the outgoing regime have been hiding their light under a bushel ?
It will be interesting to see how the YE results are presented on March 31st.
Comments throughout the year ...
Q1 : "I am pleased to report that the Group continued to trade in-line with management's expectations during the first quarter of 2022”
Q2: "I am delighted with the Group's first half performance. We have delivered growth and returns in line with market expectations”
Q3: "I am pleased to report that the Group continued to perform in-line with management's expectations throughout the third quarter of 2022 and into October.
Q4: “· The Group continued to trade in-line with management and current market expectations for FY'22 during the fourth quarter of the year.”
Q4 additions / YE Summary :
2022 was a transformational year for the Group as we built on the very strong foundations put in place during the previous year. … The Group remains well positioned to deliver long-term attractive and sustainable returns to shareholders and the Board remain confident in the outlook for our businesses.
In the Group's credit card business, receivables grew by approximately 9% during the fourth quarter and by approximately 11% for the year as a whole.
The Group's vehicle finance business saw receivables growth of approximately 5% during the fourth quarter and of approximately 10% for FY'22 as a whole. Credit issued increased by 19% year-on-year, reflecting its strong competitive positioning and attractive pricing policy, and the business had approximately 100k customers for the first time as of 31 December.
The Group's personal loans business also had an excellent fourth quarter. It reached an important milestone of lending over £10m to customers in a single month, resulting in strong receivables and customer numbers growth to approximately £75m and approximately 34k respectively as of 31 December.
The Group continued to be underpinned by a strong, well-capitalised balance sheet during the fourth quarter and ..funding options were improved by the approval of the large exposure waiver by the PRA, as previously disclosed in the fourth quarter.
The Group has decided to change its name to Vanquis Banking Group plc … expected to be effective in March 2023.
Joke – a certain poster has been known to jinx moves in the right direction.
Though I’ll also tempt the fates and say now that the MLM era is at an end and a new dawn beckons I’m feeling more positive about PFG myself.
??
'Keep shtum' Barrieprov - you have form :)
Not something you often say about PFG
As results days go I’ll take it
Positive update for me. Has made me think about holding for longer.
It’s been a while since I’ve seen positive SP response to announcement and particularly PFG so I’m pleased I didn’t jump shop ahead of the announcement though I’m sure there’ll be challenges ahead
GLA as there will be some sellers who bought in low
From my POV overall positive update, but for sure to be confirmed by the results in March.
Change of the name / CEO perceived positively (seems Mr. Market likes it as well)
Hope to see positive trend continuation on shares price...
Absolutely. I'm sure we will see MLM on the board as a NED receiving £100k pa for doing nothing, and don't forget his significant shareholding taking pleasant dividends.
The business will almost certainly be looking at a significant finance raise to properly participate in the mortgage market and a new CEO is a big part of this
I guess the thinking is that a CMD would probably be better fronted by someone (justified or not) with less baggage/more credibility than MLM.
Great news. I could foresee PFG becoming a proper bank with the launch of personal loans, and it seems the wheels are firmly in motion now. This will now be my #1 share using up my 23/24 ISA allowance
I'm just glad we got a good period of getting in while the price started with a 1
Yes there will be choppy waters to navigate but the bank have seen away practically all of the sub-prime competition and I'm sure they will be a major player in the banking market by the end of the decade. I just hope they are not tempted to internationalise too quickly
Meanwhile us enduring shareholders wander on into the wilderness in the hope of finding the mythical promised land of a Capital Markets Day.
Folklore has it that many moons ago, when PFG promised a CMD they'd actually arrange one. We can but dream.
On a more leisurely reading I do concede that there is more detail than usual and that it looks good.
MLM does seem to be saying “I left PFG in a good place” whilst not tying up his successor in too much detail. Hopefully the successor will agree and NOT feel the need for a kitchen sink re org.
Regardless in order to put he ‘wilderness years’ behind and appeal to a new audience a change of name and CEO does seem like the right way forward.
I noted the * to FINALLY acknowledge what 'management expectations' are. They must have read this forum.
I see all as very positive. Not overly sure on second charge mortgages going into a property value decline but depends on LTV and customer resilience. Let's see.
The ‘good news’ is that PFG continues to report that it is ‘on track’.
The ‘bad news’ (as ever) is that no one really knows what ‘on track’ means.
Meanwhile we will have to wait until the big reveal of March 31st for any real update. MLM may or may not have left PFG in a good place. Hopefuly so.
The better news is that MLM is out. He was not the right person for the next phase of PFG.
Sitting on my hands for now. GLA.
I’ve said for some time PF needs to change its name to reflect what the company is today… A positive move ??