Standanddeliver, it has nothing whatsoever to do with that. It is due to anticipated exceptional costs throughout 2024 to deal with expected claims due to the FCA vehicle finance variable commission scandal.
Did you even read it?
ITK24 no fault of Vanquis or Moneybarn. Moneybarn did everything right in this case. VBG is an unfortunate indirect victim of the FCA investigation in this case.
The blame lies squarely with the CMCs. It is not in their interest to claim from Moneybarn, not in their customers' interest, and most definitely not in investors' interest.
I only hope some of the CMCs read the news release and cross Moneybarn off their list. In the meantime VBG has done the right thing for a change and given an early heads up that there will be additional costs associated with dealing with the futile claims.
Thankfully, giro121, that's a big fat "No".
There is a statement on VBG's news page from 17 Jan stating that Moneybarn has only ever paid fixed commission (never variable or discretionary). Finally - an FCA investigation that'll have to jog on by.
My personal view? The quarterly trading statement is due soon and the half year update was a shocker that knocked the share price down from 181 to 128.
One or two might be getting itchy feet as the new board might actually tell it how it is. Could mean bigger shifts - just not sure which way!
Hx - were you around in 2017? If you were then you will know why the board is being cautious when it comes to bigging everything up. If you read the publications on the Vanq site you'll know that the company is going through another technical transformation and we hope lessons have been learned from last time. That is why it is inappropriate to try to forecast performance.
With regard to 'abysmal' performance in the sector, I have provided the names of three companies in the sector - one is delisted from LSE and the other 2 are down over 99% from pre-covid price. Vanq is down approx. 45% on pre-covid. If you can provide examples of FCA regulated subprime or near-prime lenders who have performed well on the LSE from pre-covid (I used 28 Feb 2020 for comparison) then I'd love to know who they are. Not saying they don't exist but please, when making comparisons in the sector, provide specific examples.
Glad you picked up on that, bigpunt.
I could not disagree more with Hx on this one. It's an 'adapt or die' sector following ridiculous over-regulation by the FCA that created a bandwagon for claims management companies to jump on. Where are Morse's? Where is Amigo? Did you invest in NSF?
The conditions have been intolerably challenging and Vanquis are clearly evidenced to be adapting by shutting down those parts of the company that cannot compete in the over-regulated space and focussing the business in areas which are known to be profitable.
I'm sure the board are more concerned with turning the company around and getting it into good long term profitability rather than trying to artificially up the share price for the sake of impatient investors.
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...
Is he going to change his name to Barrievanq?
199k credit cards, the remainder being loans (Annual report dated 20 April, page 9, paragraph 3).
You've done it again Bazza. Just let it silently rise, you shout it's at 205 and before you know it, we're back at 197.
All these tools we have available to use calculating trends, averages, etc. etc. Pointless. As soon as Barrie comments I'm selling, then buying back a day or two later! Missed it this time!
:-(
Well the £2 didn't last long. Hoping we're on a general upward trend - I'm in it for the long haul and I agree that it is currently undervalued. 2-3 years I'm hoping for a good return.
So I just looked it up and found this:
The 200-Day SMA
The 200-day SMA, which covers roughly 40 weeks of trading, is commonly used in stock trading to determine the general market trend. As long as a stock price remains above the 200-day SMA on the daily time frame, the stock is generally considered to be in an overall uptrend. One frequently used alternative to the 200-day SMA is a 255-day moving average that represents the trading for the previous year.
But, to me, this seems dangerous as all it gives you is 'stock price is currently higher than the average over last 40 weeks'. The rest of it looks like 'buy high, sell low'. There must be more to it.
OWLS
I said a 'good look at that simple rule', not a fleeting glimpse. Try again. I'm sure this time the penny will drop.
OWLS, just take a good look at that simple rule again for us. I think the reason for bigpunt's comment may become clearer to you. :-)
Will be interesting to see, bigpunt. I just wonder if, with the price being so low now, one or two might take a chance and push the price up a little, even before any announcements. I and many others cannot see a market justification as to why the price is suffering so much so I'm hoping it's bottomed out just above the £2 mark. Went up 8p on Friday so here's hoping.
PFG IS having a good rally but your numbers don't stack up against this SP. Are you posting against the right company, Barrie? Prov in the name, Prov in the mind?
He was just a stats guy who completely failed to account for the major shake-up that was (and still is) taking place. Not only that but he failed to understand the make-up of the company itself. So many saw PFG as the Home Credit business only - this I think is the main reason why the company has been (and still is) undervalued. You never know, he might have sold at 3.50 and bought back at 3.20 - hope not :-)