Member Info for bigpunt

There is a lot to admire about JDW - they are the McDonalds of the pub industry. From nothing other than my own experience, it appears to be a really good app which is updated for all guest ales that are at the bar, and allows the family to stay together while the order is processed. The business is now worth around £1m per pub which seems like great value to me, especially with their buying power. The consolidation of the menu around covid must be yielding greater margins from food. It's also good to see management are quick to close a pub when the numbers no longer stack up

Really happy to be in around the 700p mark

Barrie, in no way am I an expert, but if you were happy with your trades (and with hindsight) when the price was circa 300p and there has been no material deterioration in the business or the markets; do not be so wistful and do not allow it to impair your decision-making on future trades.

I presume the market will have a close eye on impairment charges, and whether inflationary pressures are leading to higher impairment charges. There are a couple of really helpful tables within Note 12 of the Annual Report 2021 which give granular detail of 2021 and 2020 performance - although credit cards and personal loans are lumped together. I would note that there are £55.7m of 'overlay' provisions in credit cards and personal loans at 31/12/21, which incidentally appears to have an improving quality of loan book, which is a big plus in my view. However there are no additional provisions in vehicle finance and the loan book appears to be lowering in quality. This is where I will be focusing my attention in future updates

I have been in and out of Provident since the days they were heavily shorted, around the 2008 recession. The business is now is unrecognisable from those days. I got back in around the bottom of the covid-dip and I am delighted to see the price where it is today because it gives me another opportunity to get further invested now the business is significantly de-risked since dodging the regulatory bullet and closing CCD. Vanquis is a star performer and is allowing management to explore growth options - I will remain invested until there is any sign of regulatory issues