Group | |||
2023 | 2022 | ||
Continuing operations | Note | £m | £m |
Interest income | 3 | ||
Interest expense | 4 | ( | ( |
Net interest income | |||
Fee and commission income | 5 | ||
Fee and commission expense | 5 | ( | ( |
Net fee and commission income | 5 | ||
Other income | |||
Total income | |||
Impairment charges | 13 | ( | ( |
Risk-adjusted income | |||
Operating costs | ( | ( | |
Statutory (loss)/profit before taxation from continuing operations | 1,6 | ( | |
Tax charge for continuing operations | 7 | ( | ( |
Statutory (loss)/profit after taxation from continuing operations | 1 | ( | |
Loss after taxation from discontinued operations | 2 | ( | |
Statutory (loss)/profit for the year attributable to equity shareholders | ( | ||
Add back: | |||
Tax charge for continuing operations | 7 | ||
Amortisation of acquisition intangibles | 20 | ||
Exceptional items | 1 | ||
Loss after taxation from discontinued operations | 2 | ||
Adjusted profit before tax |
Group | |||
2023 | 2022 | ||
Note | £m | £m | |
(Loss)/profit for the year attributable to equity shareholders | ( | ||
Items that will not be reclassified subsequently to the income statement: | |||
– actuarial movements on retirement benefit asset | 22 | ( | |
– tax on items taken directly to other comprehensive income | 7 | ( | |
– impact of change in UK tax rate on items in other comprehensive income | 7 | ( | |
Other comprehensive income/(expense) for the year | ( | ||
Total comprehensive (expense)/income for the year | ( | ||
(Loss)/earnings per share | |||
For the year ended 31 December | Group | ||
2023 | 2022 | ||
Note | pence | pence | |
Basic | 8 | ( | |
Diluted | 8 | ( |
Group | |||
2023 | 2022 | ||
Note | pence | pence | |
Interim dividend | 9 | ||
Final dividend | 9 |
Group | Company | |||||
At | At | At | At | At | ||
31 December | 31 December | 1 January | 31 December | 31 December | ||
2023 | 2022 | 2022 | 2023 | 2022 | ||
(restated) 1 | (restated) 1 | |||||
Note | £m | £m | £m | £m | £m | |
Assets | ||||||
Cash and cash equivalents | 12 | 14.7 | 4.1 | |||
Amounts receivable from customers | 13 | — | — | |||
Trade and other receivables | 14 | 914.9 | 1,197.9 | |||
Investments held at fair value through profit and loss | 15 | — | — | |||
Current tax asset | — | — | ||||
Property, plant and equipment | 16 | 0.7 | 0.9 | |||
Right of use assets | 17 | 10.9 | 12.7 | |||
Goodwill | 19 | — | — | |||
Other intangible assets | 20 | 1.7 | 2.3 | |||
Investment in subsidiaries | 21 | 241.6 | 207.4 | |||
Retirement benefit asset | 22 | 38.2 | 30.7 | |||
Derivative financial instruments | 23 | 1.0 | — | |||
Deferred tax assets | 24 | — | — | |||
Total assets | 1 | 1,223.7 | 1,456.0 | |||
Liabilities and equity | ||||||
Liabilities | ||||||
Trade and other payables | 25 | 235.4 | 304.3 | |||
Current tax liabilities | 3.1 | — | ||||
Provisions | 26 | — | 0.1 | |||
Lease liabilities | 27 | 13.6 | 16.7 | |||
Retail deposits | 28 | — | — | |||
Bank and other borrowings | 28 | 205.7 | 365.8 | |||
Derivative financial instruments | 23 | 3.0 | 15.3 | |||
Deferred tax liabilities | 24 | 7.8 | 5.3 | |||
Total liabilities | 1 | 468.6 | 707.5 | |||
Equity attributable to owners of the parent | ||||||
Share capital | 30 | 53.2 | 52.6 | |||
Share premium | 276.3 | 273.5 | ||||
Merger reserve | 280.5 | 280.5 | ||||
Other reserves | 32 | 11.3 | 11.6 | |||
Retained earnings | ( | ( | 133.8 | 130.3 | ||
Total equity | 1 | 755.1 | 748.5 | |||
Total liabilities and equity | 1,223.7 | 1,456.0 |
Share | Share | Merger | Other | Retained | |||
capital | premium | reserve | reserves | earnings | Total | ||
£m | £m | £m | £m | £m | £m | ||
At 31 December 2021 | |||||||
Prior year adjustment | |||||||
At 1 January 2022 | |||||||
Profit for the year | |||||||
Other comprehensive (expense)/income: | |||||||
– actuarial movements on retirement benefit asset | 22 | ( | ( | ||||
– tax on items taken directly to other comprehensive income | 7 | ||||||
– impact of change in UK tax rate | 7 | ||||||
Other comprehensive expense for the year | ( | ( | |||||
Total comprehensive income for the year | |||||||
Dividends (note 9) | ( | ( | |||||
Purchase of own shares | ( | ( | |||||
Issue of share capital | |||||||
Share-based payment charge | 31 | ||||||
Transfer of share-based payment reserve on vesting | |||||||
of share awards | ( | ||||||
At 31 December 2022 | ( | ||||||
At 1 January 2023 | ( | ||||||
Loss for the year | ( | ( | |||||
Other comprehensive income/(expense): | |||||||
– actuarial movements on retirement benefit asset | 22 | ||||||
– tax on items taken directly to other comprehensive income | 7 | ( | ( | ||||
– impact of change in UK tax rate | 7 | ( | ( | ||||
Other comprehensive income for the year | |||||||
Total comprehensive expense for the year | ( | ( | |||||
Dividends (note 9) | ( | ( | |||||
Issue of share capital | |||||||
Share-based payment charge | 31 | ||||||
Transfer of share-based payment reserve on vesting of share awards | ( | ||||||
At 31 December 2023 | ( |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | £m | £m | |
Cash flows from operating activities | |||||
Cash (used in)/generated from operations | 35 | ( | ( | 248.0 | (106.6) |
Finance costs paid | ( | ( | (55.3) | (30.6) | |
Finance income received | 24.4 | 57.2 | |||
Tax paid | ( | ( | — | — | |
Net cash (used in)/generated from operating activities | ( | ( | 217.1 | (80.0) | |
Cash flows from investing activities | |||||
Purchase of intangible assets | 20 | ( | ( | — | (2.3) |
Purchase of property, plant and equipment | 16 | ( | ( | (0.3) | — |
Proceeds from sale of available for sale investment | — | — | |||
Cash placed on deposit | — | (90.0) | |||
Acquisition of a subsidiary | ( | — | — | ||
Dividends received from subsidiaries | 33 | — | 115.3 | ||
Net cash (used in)/generated from investing activities | ( | ( | (0.3) | 23.0 | |
Cash flows from financing activities | |||||
Proceeds from bank and other borrowings | — | — | |||
Repayment of bank and other borrowings | ( | ( | (163.5) | (30.0) | |
Payment of lease liabilities | ( | ( | (4.4) | (2.2) | |
Dividends paid to Company shareholders | ( | ( | (38.4) | (42.8) | |
Repayment of loan from subsidiaries | — | (70.0) | |||
Proceeds from derivatives | — | (0.7) | |||
Proceeds from issue of share capital | 30 | 0.1 | 0.2 | ||
Purchase of own shares for share awards | ( | — | — | ||
Net cash generated from/(used in) financing activities | ( | (206.2) | (145.5) | ||
Net increase/(decrease) in cash, cash equivalents and overdrafts | ( | 10.6 | (202.5) | ||
Cash, cash equivalents and overdrafts at beginning of year | 4.1 | 206.6 | |||
Cash, cash equivalents acquired from Snoop (note 18) | — | — | |||
Cash, cash equivalents and overdrafts at end of year | 14.7 | 4.1 | |||
Cash, cash equivalents and overdrafts at end of year comprise: | |||||
Cash at bank and in hand | 12 | 14.7 | 4.1 | ||
Overdrafts (held in bank and other borrowings) | 28 | ( | ( | — | — |
Total cash, cash equivalents and overdrafts | 14.7 | 4.1 |
% | Method | |
Land | Nil | — |
Over the | ||
Leasehold improvements | lease period | Straight line |
Equipment (including | ||
computer hardware) | 10 to 33 1/3 | Straight line |
Motor vehicles | 25 | Reducing balance |
Scenario for year | ||||
ended 2023 | Base | Upside | Downside | Severe |
Weighting | 60% | 15% | 20% | 5% |
2024 | 4.5% | 3.9% | 4.8% | 5.1% |
2025 | 4.7% | 3.7% | 6.1% | 7.5% |
2026 | 4.7% | 4.2% | 6.2% | 8.0% |
2027 | 4.7% | 4.3% | 5.5% | 6.6% |
2028 | 4.7% | 4.4% | 5.2% | 5.8% |
Five-year peak | 4.8% | 4.5% | 6.4% | 8.4% |
Scenario for year | ||||
ended 2022 | Base | Upside | Downside | Severe |
Weighting | 50% | 10% | 35% | 5% |
2023 | 4.1% | 3.4% | 4.2% | 4.6% |
2024 | 4.7% | 3.6% | 5.8% | 7.4% |
2025 | 4.8% | 4.3% | 6.3% | 8.2% |
2026 | 4.8% | 4.5% | 5.5% | 6.8% |
2027 | 4.8% | 4.5% | 5.1% | 6.0% |
Five-year peak | 4.8% | 4.5% | 6.5% | 8.6% |
Change | |||
Complaint volumes | 2023 | 2022 | % |
CMC | 38,972 | 5,716 | 582% |
Direct | 30,637 | 22,860 | 34% |
Total | 69,609 | 28,576 | 144% |
Change | |||
Complaint uphold rates | 2023 | 2022 | % |
CMC | 11% | 14% | (3%) |
Direct | 35% | 38% | (3%) |
Total | 22% | 33% | (11%) |
Change | |||
FOS referral volumes | 2023 | 2022 | % |
CMC | 7,346 | 1,163 | 532% |
Direct | 2,628 | 1,790 | 47% |
Total | 9,974 | 2,953 | 238% |
Change | |||
FOS uphold rates | 2023 | 2022 | % |
CMC | 6% | 37% | (31%) |
Direct | 31% | 34% | (3%) |
Total | 14% | 35% | (21%) |
Repayable | Over 5 | |||||
on demand | <1 year | 1–2 years | 2–5 years | years | Total | |
2023 – Group | £m | £m | £m | £m | £m | £m |
Retail deposits | — | 1,137.6 | 467.0 | 408.7 | — | 2,013.3 |
Bank and other borrowings: | ||||||
– bank facilities | 1.5 | — | — | — | — | 1.5 |
– senior public bonds | — | — | — | — | — | — |
– securitisation | — | 13.6 | 207.4 | — | — | 221.0 |
– retail bonds | — | — | — | — | — | — |
– Tier 2 capital | — | 17.8 | 17.8 | 53.3 | 271.0 | 359.9 |
– TFSME | — | 1.3 | 175.3 | — | — | 176.6 |
Total borrowings | 1.5 | 1,170.3 | 867.5 | 462.0 | 271.0 | 2,772.3 |
Trade and other payables | — | 44.1 | — | — | — | 44.1 |
Lease liabilities | — | 10.7 | 10.7 | 11.3 | 11.9 | 44.6 |
Derivative financial instruments | — | 6.2 | (0.7) | (3.7) | — | 1.8 |
Total | 1.5 | 1,231.3 | 877.5 | 469.6 | 282.9 | 2,862.8 |
Repayable | Over 5 | |||||
on demand | <1 year | 1–2 years | 2–5 years | years | Total | |
2022 – Group | £m | £m | £m | £m | £m | £m |
Retail deposits | — | 602.3 | 322.5 | 214.7 | — | 1,139.5 |
Bank and other borrowings: | ||||||
– bank facilities | 1.0 | — | — | — | — | 1.0 |
– senior public bonds | — | 107.7 | — | — | — | 107.7 |
– securitisation | — | 122.5 | 178.4 | — | — | 300.9 |
– retail bonds | — | 63.1 | — | — | — | 63.1 |
– Tier 2 capital | — | 17.8 | 17.8 | 53.3 | 288.8 | 377.7 |
– TFSME | — | 1.3 | 1.3 | 175.3 | — | 177.9 |
Total borrowings | 1.0 | 914.7 | 520.0 | 443.3 | 288.8 | 2,167.8 |
Trade and other payables | — | 62.8 | — | — | — | 62.8 |
Lease liabilities | — | 11.1 | 10.2 | 18.5 | 14.2 | 54.0 |
Derivative financial instruments | — | 9.1 | 6.1 | 1.2 | — | 16.4 |
Total | 1.0 | 997.7 | 536.3 | 463.0 | 303.0 | 2,301.0 |
Repayable | Over 5 | |||||
on demand | <1 year | 1–2 years | 2–5 years | years | Total | |
2023 – Company | £m | £m | £m | £m | £m | £m |
Bank and other borrowings: | ||||||
– bank facilities | — | — | — | — | — | — |
– senior public bonds | — | — | — | — | — | — |
– retail bonds | — | — | — | — | — | — |
– Tier 2 capital | — | 17.8 | 17.8 | 53.3 | 271.0 | 359.9 |
Total borrowings | — | 17.8 | 17.8 | 53.3 | 271.0 | 359.9 |
Trade and other payables | — | 235.4 | — | — | — | 235.4 |
Lease liabilities | — | 3.7 | 3.7 | 2.4 | 5.6 | 15.4 |
Derivative financial instruments | — | 6.2 | (0.2) | (3.0) | — | 3.0 |
Total | — | 263.1 | 21.3 | 52.7 | 276.6 | 613.7 |
Repayable | Over 5 | |||||
on demand | <1 year | 1–2 years | 2–5 years | years | Total | |
2022 – Company | £m | £m | £m | £m | £m | £m |
Bank and other borrowings: | ||||||
– bank facilities | — | — | — | — | — | — |
– senior public bonds | — | 107.7 | — | — | — | 107.7 |
– retail bonds | — | 63.1 | — | — | — | 63.1 |
– Tier 2 capital | — | 17.8 | 17.8 | 53.3 | 288.8 | 377.7 |
Total borrowings | — | 188.6 | 17.8 | 53.3 | 288.8 | 548.5 |
Trade and other payables | — | 304.3 | — | — | — | 304.3 |
Lease liabilities | — | 4.4 | 3.6 | 5.1 | 5.7 | 18.8 |
Derivative financial instruments | — | 9.1 | 6.1 | 1.2 | — | 16.4 |
Total | — | 506.4 | 27.5 | 59.6 | 294.5 | 888.0 |
2023 | 2022 | |||
Receivables | Notes in | Receivables | Notes in | |
secured | issue | secured | issue | |
Vehicle | £m | £m | £m | £m |
Oban-Cards | ||||
2021-1 Holdings | ||||
Limited | 510.9 | 453.1 | 520.2 | 453.1 |
Moneybarn | ||||
Financing Limited | 321.0 | 321.0 | 368.6 | 368.6 |
2023 | 2022 | |
£m | £m | |
Total equity | 583.1 | 607.2 |
Regulatory adjustments | ||
IFRS 9 transitional arrangements | — | 54.2 |
Retirement benefit asset | (38.2) | (30.7) |
Deferred tax on retirement benefit asset | 9.6 | 7.7 |
Goodwill | (72.4) | (71.2) |
Intangible assets | (74.4) | (63.3) |
Deferred tax on intangible asset | 3.9 | 3.1 |
Foreseeable dividend | (2.6) | (26.1) |
Other regulatory adjustments | — | (2.1) |
Common Equity Tier 1 capital | 409.0 | 478.8 |
Tier 2 capital | 200.0 | 200.0 |
Total regulatory capital | 609.0 | 678.8 |
Risk-weighted exposures | 1,990.6 | 1,810.8 |
CET1 ratio | 20.5% | 26.4% |
Total capital ratio | 30.6% | 37.5% |
Second | |||||||
Vehicle | charge | Corporate | |||||
Cards | finance | Loans | mortgages | Snoop | centre | Total | |
2023 | 2023 | 2023 | 2023 | 2023 | 2023 | 2023 | |
£m | £m | £m | £m | £m | £m | £m | |
Interest income | 371.0 | 150.3 | 25.9 | 0.4 | — | 8.4 | 556.0 |
Interest expense | (51.6) | (28.7) | (4.0) | (0.2) | — | (28.9) | (113.4) |
Net interest income | 319.4 | 121.6 | 21.9 | 0.2 | — | (20.5) | 442.6 |
Fee and commission income | 44.2 | — | — | — | — | — | 44.2 |
Fee and commission expense | (1.7) | — | — | — | — | — | (1.7) |
Net fee and commission income | 42.5 | — | — | — | — | — | 42.5 |
Other income | 1.3 | 2.0 | — | — | 0.4 | — | 3.7 |
Total income | 363.2 | 123.6 | 21.9 | 0.2 | 0.4 | (20.5) | 488.8 |
Impairment charges | (130.0) | (15.2) | (20.9) | - | — | — | (166.1) |
Risk-adjusted income | 233.2 | 108.4 | 1.0 | 0.2 | 0.4 | (20.5) | 322.7 |
Adjusted Operating Costs | (167.8) | (49.5) | (16.0) | (0.7) | (2.9) | (60.9) | (297.8) |
Adjusted PBT/(LBT) | 65.4 | 58.9 | (15.0) | (0.5) | (2.5) | (81.4) | 24.9 |
Exceptional items | (21.4) | (21.4) | |||||
Amortisation of acquisition intangibles | (7.9) | (7.9) | |||||
Statutory loss before taxation on continuing operations | (110.6) | (4.4) | |||||
Tax charge for continuing operations | (1.6) | ||||||
Statutory loss after taxation on continuing operations | (6.0) | ||||||
Loss after taxation on discontinued | |||||||
operations | — | ||||||
Statutory loss for the year attributable to equity shareholders | (6.0) |
Second | |||||||
Vehicle | charge | Corporate | |||||
Cards | finance | Loans | mortgages | Snoop | centre | Total | |
2022 | 2022 | 2022 | 2022 | 2022 | 2022 | 2022 | |
£m | £m | £m | £m | £m | £m | £m | |
Interest income | 337.4 | 137.7 | 13.1 | — | — | 3.3 | 491.5 |
Interest expense | (22.4) | (22.1) | (1.2) | — | — | (13.1) | (58.8) |
Net interest income | 315.0 | 115.6 | 11.9 | — | — | (9.8) | 432.7 |
Fee and commission income | 47.0 | — | — | — | — | — | 47.0 |
Fee and commission expense | (2.8) | — | — | — | — | — | (2.8) |
Net fee and commission income | 44.2 | — | — | — | — | — | 44.2 |
Other income | 0.9 | 2.9 | — | — | — | — | 3.8 |
Total income | 360.1 | 118.5 | 11.9 | — | — | (9.8) | 480.7 |
Impairment charges | (16.8) | (40.8) | (8.5) | — | — | — | (66.1) |
Risk-adjusted income | 343.3 | 77.7 | 3.4 | — | — | (9.8) | 414.6 |
Adjusted Operating Costs | (164.8) | (39.7) | (19.1) | — | — | (64.4) | (288.0) |
Adjusted PBT/(LBT) | 178.5 | 38.0 | (15.7) | — | — | (74.2) | 126.6 |
Exceptional items | (9.0) | (9.0) | |||||
Amortisation of acquisition intangibles | (7.5) | (7.5) | |||||
Statutory (loss)/profit before taxation on continuing operations | (90.6) | 110.1 | |||||
Tax charge for continuing operations | (27.8) | ||||||
Statutory profit after taxation on continuing operations | 82.3 | ||||||
Loss after taxation on discontinued | |||||||
operations | (4.9) | ||||||
Statutory profit for the year attributable to equity shareholders | 77.4 |
2023 | 2022 | |
£m | £m | |
Strategy consultancy costs | (3.5) | (3.8) |
Redundancy – outsourcing and other staff exits (note 11(b)) | (7.2) | (1.5) |
Other outsourcing costs | (2.2) | — |
Property exit costs (note 17) | (4.1) | — |
Total transformation costs | (17.0) | (5.3) |
Other exceptional costs: | ||
Snoop acquisition costs (note 18) | (3.0) | — |
Legal and other advice | (1.0) | — |
Repayment Option Plan (ROP) provision release (note 26) | 2.0 | — |
CCD liquidation/scheme costs | (2.4) | (3.7) |
Total exceptional items | (21.4) | (9.0) |
Segment assets | Segment liabilities | Net assets/(liabilities) | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Group | £m | £m | £m | £m | £m | £m |
Credit cards, personal loans and second charge mortgages | 2,195.7 | 1,795.6 | (1,802.0) | (1,410.7) | 393.7 | 384.9 |
Vehicle finance | 896.1 | 770.1 | (683.2) | (589.7) | 212.9 | 180.4 |
Central | 29.4 | 504.8 | (58.4) | (72.7) | (29.0) | 432.1 |
Other | 11.8 | — | (6.3) | — | 5.5 | — |
Continuing operations before intra-group elimination | 3,133.0 | 3,070.5 | (2,549.9) | (2,073.1) | 583.1 | 997.4 |
Discontinued operations | — | — | — | (382.7) | — | (382.7) |
Intra-group elimination | 75.7 | (407.2) | (75.7) | 407.2 | — | — |
Total Group | 3,208.7 | 2,663.3 | (2,625.6) | (2,048.6) | 583.1 | 614.7 |
Capital expenditure | Depreciation | Amortisation | ||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |
Group | £m | £m | £m | £m | £m | £m |
Credit cards, personal loans and second charge mortgages | 12.9 | 21.6 | 1.3 | 1.6 | 8.6 | 7.1 |
Vehicle finance | 0.7 | 1.7 | 0.5 | 0.6 | 0.1 | 0.4 |
Central | 19.4 | 9.5 | 0.4 | 0.6 | 9.8 | 8.5 |
Other | 0.4 | — | — | — | — | — |
Continuing operations | 33.4 | 32.8 | 2.2 | 2.8 | 18.5 | 16.0 |
Discontinued operations | — | — | — | — | — | — |
Total Group | 33.4 | 32.8 | 2.2 | 2.8 | 18.5 | 16.0 |
Group | ||
2023 | 2022 | |
Interest receivable from: | £m | £m |
Customer receivables (note 13) | 525.7 | 484.0 |
Cash balances held on deposit and other (note 12) | 25.6 | 5.4 |
Net fair value gains on derivative financial instruments (note 23) | 4.7 | 2.1 |
Total income | 556.0 | 491.5 |
Group | ||
2023 | 2022 | |
Interest payable on: | £m | £m |
Retail deposits | 57.7 | 19.6 |
Senior public and retail bonds | 35.9 | 30.7 |
Securitisation | 18.8 | 13.5 |
Lease liabilities finance costs | 1.0 | 1.2 |
Total interest expense | 113.4 | 65.0 |
Interest expense – continuing operations | 113.4 | 58.8 |
Interest expense – discontinued operations (note 2) | — | 6.2 |
Group | ||
2023 | 2022 | |
£m | £m | |
Fee and commission income | 44.2 | 47.0 |
Fee and commission expense | (1.7) | (2.8) |
Net fee and commission income – continuing operations | 42.5 | 44.2 |
Group | ||
2023 | 2022 | |
Profit before taxation for continuing operations is stated after charging/(crediting): | £m | £m |
Amortisation of other intangible assets: | ||
– computer software (note 20) | 10.6 | 8.5 |
– acquisition intangibles (note 20) | 7.9 | 7.5 |
Depreciation of property, plant and equipment (note 16) | 2.2 | 2.8 |
Loss on disposal of property, plant and equipment (note 16) | 1.3 | 0.9 |
Loss on disposal of intangibles (note 20) | 0.5 | 2.2 |
Depreciation of right of use assets (note 17) | 6.9 | 9.3 |
Lease liability finance costs (note 4) | 1.0 | 1.2 |
Impairment of amounts receivable from customers (note 13) | 166.1 | 66.1 |
Employment costs (prior to exceptional redundancy costs (note 11(b)) | 130.6 | 149.6 |
Exceptional items: | ||
Strategy consultancy costs | (3.5) | (3.8) |
Redundancy – outsourcing and other staff exits (note 11) | (7.2) | (1.5) |
Other outsourcing costs | (2.2) | — |
Property exit costs (note 17) | (4.1) | — |
Snoop acquisition costs (note 18) | (3.0) | — |
Legal and other advice | (1.0) | — |
Repayment Option Plan (ROP) provision release (note 26) | 2.0 | — |
CCD liquidation/scheme costs (note 26) | (2.4) | (3.7) |
Total exceptional items | (21.4) | (9.0) |
Group | ||
2023 | 2022 | |
Auditor’s remuneration | £m | £m |
Fees payable to the Company’s auditor for the audit of Company and consolidated financial statements | 0.4 | 0.4 |
Fees payable to the Company’s auditor and its associates for other services: | ||
– audit of Company’s subsidiaries pursuant to legislation | 1.6 | 1.3 |
– other non-audit services | 0.3 | 0.7 |
Total auditor’s remuneration | 2.3 | 2.4 |
Group | ||||||
2023 | 2022 | |||||
Continuing | Discontinued | Continuing | Discontinued | |||
operations | operations | Total | operations | operations | Total | |
Tax charge/(credit) in the income statement | £m | £m | £m | £m | £m | £m |
Current tax – UK | (2.0) | — | (2.0) | 14.4 | (5.8) | 8.6 |
Deferred tax (note 24) – UK | 2.3 | — | 2.3 | 10.2 | — | 10.2 |
Impact of change in UK tax rate (note 24) | 1.3 | — | 1.3 | 3.2 | — | 3.2 |
Total tax charge/(credit) | 1.6 | — | 1.6 | 27.8 | (5.8) | 22.0 |
2023 | ||||
Continuing operations | ||||
Adjusted | Exceptional | |||
PBT | items | Amortisation | Total | |
£m | £m | £m | £m | |
Profit/(loss) on ordinary activities before tax | 24.9 | (21.4) | (7.9) | (4.4) |
Profit/(loss) before tax multiplied by standard rate of corporation tax in the UK of 23.5% | 5.8 | (5.0) | (1.8) | (1.0) |
Effect of: | ||||
– impact of change of UK tax rate (note (a)) | 1.3 | — | — | 1.3 |
– write off of deferred tax assets (note (b)) | 0.3 | — | — | 0.3 |
– adjustments in respect of prior years (note (c)) | 1.5 | — | — | 1.5 |
– non-deductible general expenses (note (d)) | 0.2 | 0.7 | — | 0.9 |
- benefit of capital losses (note (e)) | (1.4) | — | — | (1.4) |
Total tax charge/(credit) | 7.7 | (4.3) | (1.8) | 1.6 |
2022 | |||||||
Continuing operations | Discontinued operations | ||||||
Adjusted | Exceptional | Adjusted | Exceptional | ||||
PBT | items | Amortisation | Total | PBT | items | Total | |
£m | £m | £m | £m | £m | £m | £m | |
Profit/(loss) on ordinary activities before tax | 126.6 | (9.0) | (7.5) | 110.1 | (15.3) | 4.6 | (10.7) |
Profit/(loss) before tax multiplied by standard rate | |||||||
of corporation tax in the UK of 19% | 24.1 | (1.7) | (1.4) | 21.0 | (2.9) | 0.9 | (2.0) |
Effect of: | |||||||
– impact of change of UK tax rate (note (a)) | 3.2 | — | — | 3.2 | — | — | — |
– write off of deferred tax assets (note (b)) | 0.2 | — | — | 0.2 | — | — | — |
– adjustments in respect of prior years (note (c)) | (4.4) | 0.8 | — | (3.6) | (6.5) | 0.4 | (6.1) |
– non-deductible general expenses (note (d)) | 0.2 | 0.7 | — | 0.9 | 0.6 | (0.4) | 0.2 |
– benefit of capital losses (note (e)) | — | — | — | — | — | — | — |
– impact of bank corporation tax surcharge (note (f)) | 8.4 | — | — | 8.4 | — | — | — |
– impact of lower tax rates overseas and overseas | |||||||
losses (note (g)) | — | — | — | — | (0.1) | (0.1) | (0.2) |
– prior year adjustments related to transfer pricing | |||||||
and losses (note (h)) | 1.0 | — | — | 1.0 | (1.0) | — | (1.0) |
– discount on payment for losses of discontinued | |||||||
operations (note (i)) | (3.3) | — | — | (3.3) | 3.3 | — | 3.3 |
Total tax charge/(credit) | 29.4 | (0.2) | (1.4) | 27.8 | (6.6) | 0.8 | (5.8) |
Group | ||
2023 | 2022 | |
Tax credit on items taken directly to other comprehensive income | £m | £m |
Deferred tax (charge)/credit on actuarial movements on retirement benefit asset | (1.5) | 16.0 |
Impact of change in UK tax rate | (0.1) | 5.0 |
Total tax (charge)/credit on items taken directly to other comprehensive income | (1.6) | 21.0 |
2023 | 2022 | |||||
Weighted | Weighted | |||||
average | average | |||||
number of | Per share | number of | Per share | |||
Earnings | shares | amount | Earnings | shares | amount | |
Continuing operations | £m | m | pence | £m | m | pence |
Basic (loss)/earnings per share | (6.0) | 253.0 | (2.4) | 82.3 | 250.9 | 32.8 |
Dilutive effect of share options and awards | — | 9.8 | 0.1 | — | 2.8 | (0.4) |
Diluted (loss)/earnings per share | (6.0) | 262.8 | (2.3) | 82.3 | 253.7 | 32.4 |
2023 | 2022 | |||||
Weighted | Weighted | |||||
average | average | |||||
number of | Per share | number of | Per share | |||
Earnings | shares | amount | Earnings | shares | amount | |
Group | £m | m | pence | £m | m | pence |
Basic (loss)/earning per share | (6.0) | 253.0 | (2.4) | 77.4 | 250.9 | 30.8 |
Dilutive effect of share options and awards | — | 9.8 | 0.1 | — | 2.8 | (0.3) |
Diluted (loss)/earning per share | (6.0) | 262.8 | (2.3) | 77.4 | 253.7 | 30.5 |
2023 | 2022 | |||||
Weighted | Weighted | |||||
average | average | |||||
number of | Per share | number of | Per share | |||
Earnings | shares | amount | Earnings | shares | amount | |
Continuing operations | £m | m | pence | £m | m | pence |
Basic (loss)/earnings per share | (6.0) | 253.0 | (2.4) | 82.3 | 250.9 | 32.8 |
Amortisation of acquisition intangibles, net of tax | 6.1 | — | 2.4 | 6.1 | — | 2.4 |
Exceptional items, net of tax | 17.1 | — | 6.8 | 8.8 | — | 3.5 |
Adjusted basic earnings per share | 17.2 | 253.0 | 6.8 | 97.2 | 250.9 | 38.7 |
Diluted (loss)/earnings per share | (6.0) | 262.8 | (2.3) | 82.3 | 253.7 | 32.4 |
Amortisation of acquisition intangibles, net of tax | 6.1 | — | 2.4 | 6.1 | — | 2.4 |
Exceptional items, net of tax | 17.1 | — | 6.4 | 8.8 | — | 3.5 |
Adjusted diluted earnings per share | 17.2 | 262.8 | 6.5 | 97.2 | 253.7 | 38.3 |
2023 | 2022 | |||||
Weighted | Weighted | |||||
average | average | |||||
number of | Per share | number of | Per share | |||
Earnings | shares | amount | Earnings | shares | amount | |
Group | £m | m | pence | £m | m | pence |
Basic (loss)/earnings per share | (6.0) | 253.0 | (2.4) | 77.4 | 250.9 | 30.8 |
Amortisation of acquisition intangibles, net of tax | 6.1 | — | 2.4 | 6.1 | — | 2.4 |
Exceptional items, net of tax | 17.1 | — | 6.8 | 5.0 | — | 2.0 |
Adjusted basic earnings per share | 17.2 | 253.0 | 6.8 | 88.5 | 250.9 | 35.2 |
Diluted (loss)/earnings per share | (6.0) | 262.8 | (2.3) | 77.4 | 253.7 | 30.5 |
Amortisation of acquisition intangibles, net of tax | 6.1 | — | 2.4 | 6.1 | — | 2.4 |
Exceptional items, net of tax | 17.1 | — | 6.4 | 5.0 | — | 2.0 |
Adjusted diluted earnings per share | 17.2 | 262.8 | 6.5 | 88.5 | 253.7 | 34.9 |
Group | ||
2023 | 2022 | |
£m | £m | |
2022 interim – 5.0p per share | — | 12.7 |
2022 final – 10.3p per share | 25.7 | 30.1 |
2023 interim – 5.0p per share | 12.7 | — |
Dividends paid | 38.4 | 42.8 |
Group and Company | ||
2023 | 2022 | |
£m | £m | |
Salary and other benefits | 2.5 | 4.1 |
Share-based payment charge | 0.9 | 1.5 |
Total directors’ remuneration | 3.4 | 5.6 |
Credit | 2023 | 2022 | ||||||||
cards, | ||||||||||
personal | Credit | |||||||||
loans and | cards and | |||||||||
second charge | Vehicle | Corporate | personal | Vehicle | Corporate | |||||
mortgages | finance | Snoop | centre | Group | loans | finance | Snoop | centre | Group | |
Full time | 1,007 | 338 | 49 | 310 | 1,704 | 1,195 | 370 | — | 364 | 1,929 |
Part time | 139 | 34 | — | 31 | 204 | 176 | 49 | — | 53 | 278 |
Total | 1,146 | 372 | 49 | 341 | 1,908 | 1,371 | 419 | — | 417 | 2,207 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Aggregate gross wages and salaries paid to the Group’s employees | 107.1 | 120.8 | 18.8 | 25.8 |
Employer’s National Insurance contributions | 12.1 | 15.3 | 3.1 | 3.5 |
Pension charge | 6.8 | 8.4 | 1.9 | 1.4 |
Share-based payment charge (note 31) | 4.6 | 5.1 | 2.4 | 2.9 |
Total employment cost prior to exceptional costs | 130.6 | 149.6 | 26.2 | 33.6 |
Exceptional redundancy cost | 7.2 | 1.5 | 1.9 | 1.1 |
Total employment costs | 137.8 | 151.1 | 28.1 | 34.7 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Central bank reserves | 683.1 | 420.5 | — | — |
Cash at bank | 60.2 | 44.4 | 14.7 | 4.1 |
Total cash and cash equivalents | 743.3 | 464.9 | 14.7 | 4.1 |
2023 | 2022 (restated) | |||||
Due | Due in | Due | Due in | |||
within | more than | within | more than | |||
one year | one year | Total | one year | one year | Total | |
£m | £m | £m | £m | £m | £m | |
Credit cards | 1,277.7 | — | 1,277.7 | 1,181.6 | — | 1,181.6 |
Vehicle finance | 230.3 | 561.9 | 792.2 | 184.0 | 471.4 | 655.4 |
Personal loans | 15.0 | 87.4 | 102.4 | 34.1 | 42.2 | 76.3 |
Second charge mortgages | — | 2.8 | 2.8 | — | — | — |
Total | 1,523.0 | 652.1 | 2,175.1 | 1,399.7 | 513.6 | 1,913.3 |
Fair value adjustment for portfolio hedged risk | (2.3) | (0.9) | (3.2) | (4.7) | (3.2) | (7.9) |
Total reported amounts receivable from customers | 1,520.7 | 651.2 | 2,171.9 | 1,395.0 | 510.4 | 1,905.4 |
2023 | Second | 2022 (restated) | Second | |||||||
Credit | Vehicle | Personal | charge | Credit | Vehicle | Personal | charge | |||
cards | finance | loans | mortgages | Group | cards | finance | loans | mortgages | Group | |
Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Gross amounts receivable from customers | 1,476.4 | 1,144.2 | 117.5 | 2.8 | 2,740.9 | 1,452.0 | 972.3 | 85.5 | — | 2,509.8 |
Allowance account | (198.7) | (352.0) | (15.1) | — | (565.8) | (270.4) | (316.9) | (9.2) | — | (596.5) |
Reported amounts receivable | ||||||||||
from customers | 1,277.7 | 792.2 | 102.4 | 2.8 | 2,175.1 | 1,181.6 | 655.4 | 76.3 | — | 1,913.3 |
2023 | 2022 | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |
Credit cards | £m | £m | £m | £m | £m | £m | £m | £m |
Gross carrying amount | ||||||||
At 1 January | 1,116.6 | 148.7 | 186.7 | 1,452.0 | 883.8 | 340.9 | 192.5 | 1,417.2 |
Originations | 479.5 | — | — | 479.5 | 434.1 | — | — | 434.1 |
Drawdowns | 1,832.6 | 74.1 | 13.2 | 1,919.9 | 1,472.7 | 210.1 | 16.7 | 1,699.5 |
Net transfers and changes in credit risk: | ||||||||
– from stage 1 to stage 2 | (459.1) | 459.1 | — | — | (584.7) | 584.7 | — | — |
– from stage 1 to stage 3 | (52.3) | — | 52.3 | — | (20.2) | — | 20.2 | — |
– from stage 2 to stage 1 | 247.3 | (247.3) | — | — | 532.4 | (532.4) | — | — |
– from stage 2 to stage 3 | — | (151.8) | 151.8 | — | — | (180.1) | 180.1 | — |
– from stage 3 to stage 1 | 9.3 | — | (9.3) | — | 21.5 | — | (21.5) | — |
– from stage 3 to stage 2 | — | 2.0 | (2.0) | — | — | 15.3 | (15.3) | — |
Write offs (regular) | (13.3) | (9.6) | (31.5) | (54.4) | (9.8) | (12.6) | (111.0) | (133.4) |
Write offs (debt sale) | — | — | (217.3) | (217.3) | — | — | (54.0) | (54.0) |
Repayments | (2,312.7) | (147.7) | (40.0) | (2,500.4) | (1,884.4) | (378.2) | (56.9) | (2,319.5) |
Interest and fee income | 340.5 | 45.4 | 7.8 | 393.7 | 271.2 | 101.0 | 8.0 | 380.2 |
Other movements | 12.4 | (11.5) | 2.5 | 3.4 | — | — | 27.9 | 27.9 |
At 31 December | 1,200.8 | 161.4 | 114.2 | 1,476.4 | 1,116.6 | 148.7 | 186.7 | 1,452.0 |
Allowance account | ||||||||
At 1 January | (93.2) | (58.2) | (119.0) | (270.4) | (99.7) | (102.1) | (152.0) | (353.8) |
Movements through income statement: | ||||||||
Originations | (32.9) | — | — | (32.9) | (51.3) | — | — | (51.3) |
Drawdowns and net transfers and changes in credit risk: | ||||||||
– from stage 1 to stage 2 | 73.4 | (191.8) | — | (118.4) | 74.1 | (210.6) | — | (136.5) |
– from stage 1 to stage 3 | 8.0 | — | (28.4) | (20.4) | 4.6 | — | (17.4) | (12.8) |
– from stage 2 to stage 1 | (27.4) | 94.1 | — | 66.7 | (55.8) | 142.2 | — | 86.4 |
– from stage 2 to stage 3 | — | 109.2 | (126.0) | (16.8) | — | 99.8 | (118.5) | (18.7) |
– from stage 3 to stage 1 | (0.9) | — | 3.0 | 2.1 | (1.4) | — | 3.9 | 2.5 |
– from stage 3 to stage 2 | — | (0.9) | 0.9 | — | — | (3.0) | 3.0 | — |
- remeasuring with existing stage | (26.8) | (25.1) | 7.8 | (44.1) | (3.9) | (39.7) | 14.6 | (29.0) |
- post-model overlays | 8.8 | 7.1 | 11.1 | 27.0 | 33.7 | 48.2 | 10.6 | 92.5 |
- write offs | (9.2) | (3.5) | (6.0) | (18.7) | (7.4) | (5.6) | (22.4) | (35.4) |
- debt sales | — | — | 15.4 | 15.4 | — | — | 37.0 | 37.0 |
- derecognition of stage 3 interest | — | — | 5.1 | 5.1 | — | — | 8.4 | 8.4 |
- recoveries | — | — | 7.2 | 7.2 | — | — | 18.3 | 18.3 |
- revaluations | — | — | (0.8) | (0.8) | — | — | 16.8 | 16.8 |
– other movements | 1.7 | 1.9 | (5.0) | (1.4) | 4.1 | — | 0.9 | 5.0 |
Total movements through income | ||||||||
statement | (5.3) | (9.0) | (115.7) | (130.0) | (3.3) | 31.3 | (44.8) | (16.8) |
Movements through allowance | ||||||||
account: | ||||||||
– write offs (regular) | 13.3 | 9.6 | 31.5 | 54.4 | 9.8 | 12.6 | 111.0 | 133.4 |
– write offs (debt sale) | — | — | 217.3 | 217.3 | — | — | 54.0 | 54.0 |
– debt sale proceeds | — | — | (71.3) | (71.3) | — | — | (65.7) | (65.7) |
– derecognition of stage 3 interest | — | — | (5.1) | (5.1) | — | — | (8.4) | (8.4) |
– Other | — | — | 6.4 | 6.4 | — | — | (13.1) | (13.1) |
Allowance account at 31 December | (85.2) | (57.6) | (55.9) | (198.7) | (93.2) | (58.2) | (119.0) | (270.4) |
Reported amounts receivable from customers at 31 December | 1,115.6 | 103.8 | 58.3 | 1,277.7 | 1,023.4 | 90.5 | 67.7 | 1,181.6 |
Reported amounts receivable from customers at 1 January | 1,023.4 | 90.5 | 67.7 | 1,181.6 | 784.1 | 238.8 | 40.5 | 1,063.4 |
2023 | 2022 | |
£m | £m | |
Core Model | 209.4 | 254.1 |
New Model (under)/overlays (note (a)) | (12.7) | — |
Post-Model (under)/overlays | 2.0 | 16.3 |
Total allowance account | 198.7 | 270.4 |
2023 | 2022 | |
£m | £m | |
Post-model (under)/overlays: | ||
Affordability risk event (note (b)) | — | 0.3 |
Persistent debt (note (c)) | — | 2.8 |
Cost of living (note (d)) | — | 10.0 |
Recoveries (note (e)) | — | 2.5 |
Other (note (f)) | 2.0 | 0.7 |
Total post-model (under)/overlays | 2.0 | 16.3 |
Total (under)/overlays | (10.7) | 16.3 |
2023 | 2022 | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |
Credit cards | £m | £m | £m | £m | £m | £m | £m | £m |
Good | 991.7 | 114.4 | — | 1,106.1 | 975.9 | 90.6 | — | 1,066.5 |
Satisfactory | 209.1 | 47.0 | — | 256.1 | 140.7 | 58.1 | — | 198.8 |
Lower quality | — | — | 114.2 | 114.2 | — | — | 186.7 | 186.7 |
Total | 1,200.8 | 161.4 | 114.2 | 1,476.4 | 1,116.6 | 148.7 | 186.7 | 1,452.0 |
2023 | 2022 (restated) | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 1 | Total 1 | |
Vehicle finance | £m | £m | £m | £m | £m | £m | £m | £m |
Gross carrying amount | ||||||||
At 1 January | 351.0 | 169.3 | 452.0 | 972.3 | 350.2 | 112.9 | 378.6 | 841.7 |
Originations | 381.6 | — | — | 381.6 | 325.5 | — | — | 325.5 |
Transfers due to changes in credit risk: | ||||||||
– from stage 1 to stage 2 | (159.0) | 159.0 | — | — | (132.8) | 132.8 | — | — |
– from stage 1 to stage 3 | (129.5) | — | 129.5 | — | (126.6) | — | 126.6 | — |
– from stage 2 to stage 1 | 18.6 | (18.6) | — | — | 10.2 | (10.2) | — | — |
– from stage 2 to stage 3 | — | (59.4) | 59.4 | — | — | (48.5) | 48.5 | — |
– from stage 3 to stage 1 | 11.9 | — | (11.9) | — | 11.1 | — | (11.1) | — |
– from stage 3 to stage 2 | — | 18.8 | (18.8) | — | — | 12.1 | (12.1) | — |
Write offs | — | — | (9.7) | (9.7) | — | — | (3.1) | (3.1) |
Repayments | (160.7) | (78.7) | (131.6) | (371.0) | (160.5) | (56.7) | (143.8) | (361.0) |
Interest and fee income | 66.5 | 34.1 | 51.7 | 152.3 | 62.8 | 25.8 | 52.0 | 140.6 |
Other movements | 11.3 | 0.3 | 7.1 | 18.7 | 11.1 | 1.1 | 16.4 | 28.6 |
At 31 December | 391.7 | 224.8 | 527.7 | 1,144.2 | 351.0 | 169.3 | 452.0 | 972.3 |
Allowance account | ||||||||
At 1 January | (15.9) | (25.8) | (275.2) | (316.9) | (14.3) | (15.8) | (216.1) | (246.2) |
Movements through income statement: | ||||||||
– Originations | (64.4) | — | — | (64.4) | (54.3) | — | — | (54.3) |
Drawdowns and net transfers and changes in credit risk: | ||||||||
– from stage 1 to stage 2 | 21.2 | (23.1) | — | (1.9) | 19.8 | (21.2) | — | (1.4) |
– from stage 1 to stage 3 | 34.4 | — | (46.4) | (12.0) | 28.7 | — | (41.1) | (12.3) |
– from stage 2 to stage 1 | (0.9) | 3.2 | — | 2.3 | (0.3) | 1.3 | — | 1.0 |
– from stage 2 to stage 3 | — | 11.6 | (20.6) | (9.0) | — | 8.8 | (15.7) | (6.9) |
– from stage 3 to stage 1 | (0.3) | — | 2.1 | 1.8 | (0.2) | — | 2.0 | 1.8 |
– from stage 3 to stage 2 | — | (1.8) | 3.8 | 2.0 | — | (1.1) | 2.4 | 1.3 |
– remeasurements within existing stage | 5.6 | 5.3 | (18.2) | (7.3) | 5.1 | 3.4 | (4.0) | 4.5 |
– post-model overlays | 2.1 | 3.6 | 43.2 | 48.9 | — | 0.5 | — | 0.5 |
– write offs | — | — | (8.6) | (8.6) | — | — | (11.9) | (11.9) |
– debt sales | — | — | — | — | — | — | — | — |
– derecognition of stage 3 interest | — | — | 33.9 | 33.9 | — | — | 33.8 | 33.8 |
– recoveries | — | — | (1.7) | (1.7) | — | — | (1.8) | (1.8) |
– revaluations | — | — | 4.4 | 4.4 | — | — | 4.2 | 4.2 |
– other movements | — | — | (3.6) | (3.6) | (0.4) | (1.7) | 2.9 | 0.8 |
Total amount recorded in impairment charges | (2.3) | (1.2) | (11.7) | (15.2) | (1.6) | (10.0) | (29.2) | (40.8) |
Movements through allowance account: | ||||||||
– write offs | — | — | 9.7 | 9.7 | — | — | 3.1 | 3.1 |
– derecognition of stage 3 interest | — | — | (33.9) | (33.9) | — | — | (33.8) | (33.8) |
– other changes | — | — | 4.3 | 4.3 | — | — | (0.8) | (0.8) |
Allowance account at 31 December | (18.2) | (27.0) | (306.8) | (352.0) | (15.9) | (25.8) | (275.2) | (316.9) |
Reported amounts receivable from customers at 31 December | 373.5 | 197.8 | 220.9 | 792.2 | 335.1 | 143.5 | 176.8 | 655.4 |
Reported amounts receivable from customers at 1 January | 335.1 | 143.5 | 176.8 | 655.4 | 335.9 | 97.1 | 162.5 | 595.5 |
2022 | ||
2023 | (restated) | |
£m | £m | |
Core model | 403.4 | 319.4 |
New model (under)/overlays (note (a)) | (47.0) | — |
Post-model (under)/overlays | (4.4) | (2.5) |
Total allowance account | 352.0 | 316.9 |
2023 | 2022 | |
£m | £m | |
Post-model (under)/overlays | ||
Fraud (note (b)) | (5.2) | (3.0) |
Cost of living (note (c)) | — | 0.5 |
Borrowers in financial difficulty (note (d)) | 0.8 | — |
Total post-model (under)/overlays | (4.4) | (2.5) |
Total (under)/overlays | (51.4) | (2.5) |
2023 | 2022 | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |
Vehicle finance | £m | £m | £m | £m | £m | £m | £m | £m |
Good | 127.9 | 46.3 | — | 174.2 | 145.9 | 20.6 | — | 166.5 |
Satisfactory | 229.9 | 87.3 | — | 317.2 | 174.1 | 59.7 | — | 233.8 |
Lower quality | 32.5 | 29.5 | — | 62.0 | 30.1 | 38.6 | — | 68.7 |
Below standard | 1.4 | 61.7 | 527.7 | 590.8 | 0.9 | 50.4 | 452.0 | 503.3 |
Total | 391.7 | 224.8 | 527.7 | 1,144.2 | 351.0 | 169.3 | 452.0 | 972.3 |
2023 | 2022 | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |
Personal loans | £m | £m | £m | £m | £m | £m | £m | £m |
Gross carrying amount | ||||||||
At 1 January | 78.1 | 2.1 | 5.3 | 85.5 | 29.9 | 1.8 | 2.0 | 33.7 |
Originations | 109.4 | — | — | 109.4 | 90.0 | — | — | 90.0 |
Net transfers and changes in credit risk: | ||||||||
– from stage 1 to stage 2 | (22.1) | 22.1 | — | — | (3.1) | 3.1 | — | — |
– from stage 1 to stage 3 | (10.0) | — | 10.0 | — | (18.7) | — | 18.7 | — |
– from stage 2 to stage 1 | 5.8 | (5.8) | — | — | 0.4 | (0.4) | — | — |
– from stage 2 to stage 3 | — | (12.5) | 12.5 | — | — | (1.7) | 1.7 | — |
– from stage 3 to stage 1 | 0.2 | — | (0.2) | — | 0.1 | — | (0.1) | — |
– from stage 3 to stage 2 | — | 0.1 | (0.1) | — | — | — | — | — |
Write offs | — | — | (18.2) | (18.2) | — | — | (6.2) | (6.2) |
Repayments | (81.3) | (1.2) | (1.9) | (84.4) | (32.5) | (1.1) | (10.2) | (43.8) |
Interest and fee income | 24.0 | 0.7 | 1.2 | 25.9 | 12.0 | 0.4 | 0.7 | 13.1 |
Other movements | — | — | (0.7) | (0.7) | — | — | (1.3) | (1.3) |
At 31 December | 104.1 | 5.5 | 7.9 | 117.5 | 78.1 | 2.1 | 5.3 | 85.5 |
Allowance account | ||||||||
At 1 January | (5.0) | (0.7) | (3.5) | (9.2) | (3.5) | (0.8) | (1.3) | (5.6) |
Originations | (8.4) | — | — | (8.4) | (5.1) | — | — | (5.1) |
Movements through income statement: | ||||||||
Drawdowns and net transfers and changes in credit risk: | ||||||||
– from stage 1 to stage 2 | 5.2 | (8.7) | — | (3.5) | 0.6 | (0.7) | — | (0.1) |
– from stage 1 to stage 3 | 2.2 | — | (5.9) | (3.7) | 2.4 | — | (3.5) | (1.1) |
– from stage 2 to stage 1 | (0.9) | 1.9 | — | 1.0 | — | (0.1) | — | (0.1) |
– from stage 2 to stage 3 | — | 5.3 | (7.0) | (1.7) | — | (0.4) | 0.4 | — |
– from stage 3 to stage 1 | — | — | — | — | — | — | — | — |
– from stage 3 to stage 2 | — | — | — | — | — | — | — | — |
– remeasurement with existing stage | (0.4) | 0.6 | 0.2 | 0.6 | — | 0.1 | 0.7 | |
– post-model overlays | (0.3) | (0.3) | (0.8) | (1.4) | 0.8 | 0.2 | 0.1 | 1.1 |
– write offs | — | — | (7.9) | (7.9) | — | — | (4.2) | (4.2) |
– debt sales | — | — | 2.0 | 2.0 | — | — | — | — |
– derecognition of stage 3 interest | — | — | 1.1 | 1.1 | — | — | 0.1 | 0.1 |
– recoveries | — | — | 1.9 | 1.9 | — | — | 0.9 | 0.9 |
– revaluations | — | — | — | — | — | — | — | — |
– other movements | 1.3 | 0.1 | (1.9) | (0.5) | (0.8) | 1.1 | (1.0) | (0.7) |
Total movements through income | ||||||||
statement | (1.3) | (1.7) | (17.9) | (20.9) | (1.5) | 0.1 | (7.1) | (8.5) |
Movements through allowance account: | ||||||||
– write offs | — | — | 18.2 | 18.2 | — | — | 6.3 | 6.3 |
– debt sale proceeds | — | — | (2.0) | (2.0) | — | — | — | — |
– derecognition of stage 3 interest | — | — | (1.1) | (1.1) | — | — | (0.1) | (0.1) |
– other | — | — | (0.1) | (0.1) | — | — | (1.3) | (1.3) |
Allowance account at 31 December | (6.3) | (2.4) | (6.4) | (15.1) | (5.0) | (0.7) | (3.5) | (9.2) |
Reported amounts receivable from customers at 31 December | 97.8 | 3.1 | 1.5 | 102.4 | 73.1 | 1.4 | 1.8 | 76.3 |
Reported amounts receivable from customers at 1 January | 73.1 | 1.4 | 1.8 | 76.3 | 26.4 | 1.0 | 0.7 | 28.1 |
2023 | 2022 | |
£m | £m | |
Core model | 13.1 | 8.6 |
New model (under)/overlays (note (a)) | 2.0 | — |
Post-model (under)/overlays | — | 0.6 |
Total allowance account | 15.1 | 9.2 |
2023 | 2022 | |
£m | £m | |
Post-model (under)/overlays: | ||
Cost of living (note (b)) | — | 0.3 |
Other | — | 0.3 |
Total post-model (under)/overlays | — | 0.6 |
Total (under)/overlays | 2.0 | 0.6 |
2023 | 2022 | |||||||
Stage 1 | Stage 2 | Stage 3 | Total | Stage 1 | Stage 2 | Stage 3 | Total | |
Personal loans | £m | £m | £m | £m | £m | £m | £m | £m |
Good | 73.1 | 0.6 | — | 73.7 | 62.3 | 0.6 | — | 62.9 |
Satisfactory | 31.0 | 4.9 | — | 35.9 | 15.8 | 1.5 | — | 17.3 |
Lower quality | — | — | 7.9 | 7.9 | — | — | 5.3 | 5.3 |
Total | 104.1 | 5.5 | 7.9 | 117.5 | 78.1 | 2.1 | 5.3 | 85.5 |
2023 | Second | 2022 | Second | |||||||
Credit | Vehicle | Personal | charge | Credit | Vehicle | Personal | charge | |||
cards | finance | loans | mortgages | Group | cards | finance | loans | mortgages | Group | |
Group | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Brought forward | 30.3 | 44.3 | 1.3 | — | 75.9 | 29.4 | 32.4 | 0.2 | — | 62.0 |
Capitalised | 15.1 | 37.6 | 1.5 | 0.1 | 54.3 | 11.9 | 30.2 | 1.8 | — | 43.9 |
Amortised | (13.1) | (25.9) | (1.6) | — | (40.6) | (11.0) | (18.3) | (0.7) | — | (30.0) |
Carried forward | 32.3 | 56.0 | 1.2 | 0.1 | 89.6 | 30.3 | 44.3 | 1.3 | — | 75.9 |
Group | ||
2023 | 2022 | |
Impairment charge on amounts receivable from customers | £m | £m |
Credit cards | 130.0 | 16.8 |
Vehicle finance | 15.2 | 40.8 |
Personal loans | 20.9 | 8.5 |
Total impairment charge | 166.1 | 66.1 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Other receivables | 8.8 | 25.6 | 9.5 | 23.0 |
Stock | 1.8 | 1.6 | — | — |
Finance lease receivable (note (a)) | 6.3 | 6.2 | — | — |
Amounts placed on deposit by Group undertaking | — | — | 15.0 | 90.0 |
Amounts owed by Group undertakings | — | — | 887.0 | 1,083.0 |
Prepayments and accrued income | 39.0 | 17.2 | 3.4 | 1.9 |
Total trade and other receivables | 55.9 | 50.6 | 914.9 | 1,197.9 |
Group | ||
2023 | 2022 | |
£m | £m | |
Due within one year | — | — |
Due between one and five years | 3.9 | 2.9 |
Due in more than five years | 2.9 | 3.9 |
Total | 6.8 | 6.8 |
Unearned finance cost | (0.5) | (0.6) |
Total lease receivable | 6.3 | 6.2 |
2023 | 2022 | |
£m | £m | |
Recoverable after 12 months | 6.8 | 6.8 |
Recoverable within 12 months | — | — |
Total | 6.8 | 6.8 |
2023 | 2022 | |
£m | £m | |
Recoverable after 12 months | 6.4 | 6.3 |
Recoverable within 12 months | (0.1) | (0.1) |
Total | 6.3 | 6.2 |
Group | ||
2023 | 2022 | |
£m | £m | |
Visa shares | 5.4 | 10.7 |
Total investments | 5.4 | 10.7 |
Leasehold | Equipment | ||
land and | and | ||
buildings | vehicles | Total | |
£m | £m | £m | |
Cost | |||
At 1 January 2023 | 8.6 | 23.2 | 31.8 |
Additions | 1.6 | 1.7 | 3.3 |
Disposals | (1.9) | (3.0) | (4.9) |
At 31 December 2023 | 8.3 | 21.9 | 30.2 |
Accumulated depreciation and impairment | |||
At 1 January 2023 | 2.8 | 20.7 | 23.5 |
Charged to the income statement | 0.1 | 2.1 | 2.2 |
Disposals | (0.9) | (2.7) | (3.6) |
At 31 December 2023 | 2.0 | 20.1 | 22.1 |
Net book value at 31 December 2023 | 6.3 | 1.8 | 8.1 |
Net book value at 1 January 2023 | 5.8 | 2.5 | 8.3 |
Leasehold | Equipment | ||
land and | and | ||
buildings | vehicles | Total | |
£m | £m | £m | |
Cost | |||
At 1 January 2022 | 8.9 | 21.5 | 30.4 |
Additions | 1.6 | 2.0 | 3.6 |
Disposals | (1.9) | (0.3) | (2.2) |
At 31 December 2022 | 8.6 | 23.2 | 31.8 |
Accumulated depreciation and impairment | |||
At 1 January 2022 | 3.6 | 18.4 | 22.0 |
Charged to the income statement – continuing operations | 0.1 | 2.7 | 2.8 |
Disposals | (0.9) | (0.4) | (1.3) |
At 31 December 2022 | 2.8 | 20.7 | 23.5 |
Net book value at 31 December 2022 | 5.8 | 2.5 | 8.3 |
Net book value at 1 January 2022 | 5.3 | 3.1 | 8.4 |
Leasehold | Equipment | ||
land and | and | ||
buildings | vehicles | Total | |
£m | £m | £m | |
Cost | |||
At 1 January 2023 | 0.2 | 12.2 | 12.4 |
Additions | — | — | — |
Disposals | — | — | — |
At 31 December 2023 | 0.2 | 12.2 | 12.4 |
Accumulated depreciation | |||
At 1 January 2023 | 0.1 | 11.4 | 11.5 |
Charged to the income statement | — | 0.2 | 0.2 |
Disposals | — | — | — |
At 31 December 2023 | 0.1 | 11.6 | 11.7 |
Net book value at 31 December 2023 | 0.1 | 0.6 | 0.7 |
Net book value at 1 January 2023 | 0.1 | 0.8 | 0.9 |
Leasehold | Equipment | ||
land and | and | ||
buildings | vehicles | Total | |
£m | £m | £m | |
Cost | |||
At 1 January 2022 | 0.2 | 12.2 | 12.4 |
Additions | — | — | — |
Disposals | — | — | — |
At 31 December 2022 | 0.2 | 12.2 | 12.4 |
Accumulated depreciation | |||
At 1 January 2022 | 0.1 | 11.1 | 11.2 |
Charged to the income statement | — | 0.3 | 0.3 |
Disposals | — | — | — |
At 31 December 2022 | 0.1 | 11.4 | 11.5 |
Net book value at 31 December 2022 | 0.1 | 0.8 | 0.9 |
Net book value at 1 January 2022 | 0.1 | 1.1 | 1.2 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Group | £m | £m | £m | £m |
Cost | ||||
At 1 January | 71.0 | 80.0 | 23.0 | 23.0 |
Additions and revaluations | 1.8 | — | 0.9 | — |
Disposals | — | (9.0) | — | — |
At 31 December | 72.8 | 71.0 | 23.9 | 23.0 |
Accumulated depreciation and impairment | ||||
At 1 January | 38.6 | 32.1 | 10.3 | 7.7 |
Charged to the income statement – continuing operations | 6.9 | 9.3 | 2.7 | 2.6 |
Impairment | 4.1 | — | — | — |
Disposals | — | (2.8) | — | — |
At 31 December | 49.6 | 38.6 | 13.0 | 10.3 |
Net book value at 31 December | 23.2 | 32.4 | 10.9 | 12.7 |
Net book value at 1 January | 32.4 | 47.9 | 12.7 | 15.3 |
Book | Recognised | ||
value on | Fair value | on | |
acquisition | adjustments | acquisition | |
£m | £m | £m | |
Intangible assets (note (a)) | — | 11.1 | 11.1 |
Deferred tax liabilities (note (b)) | — | (2.8) | (2.8) |
Cash and cash equivalents | 0.2 | — | 0.2 |
Trade and other receivables | 0.6 | — | 0.6 |
Trade and other payables | (1.6) | — | (1.6) |
Net identifiable (liabilities)/assets acquired | (0.8) | 8.3 | 7.5 |
Goodwill | 1.2 | ||
Consideration | 8.7 |
Group | ||
2023 | 2022 | |
£m | £m | |
Cost | ||
At 1 January | 73.3 | 73.3 |
Additions | 1.2 | — |
At 31 December | 74.5 | 73.3 |
Accumulated impairment | ||
At 1 January and 31 December | 2.1 | 2.1 |
Net book value at 31 December | 72.4 | 71.2 |
Net book value at 1 January | 71.2 | 71.2 |
2023 | 2022 | |||||
Acquisition | Computer | Acquisition | Computer | |||
intangibles | software | Total | intangibles | software | Total | |
Group | £m | £m | £m | £m | £m | £m |
Cost | ||||||
At 1 January | 75.0 | 68.5 | 143.5 | 75.0 | 43.5 | 118.5 |
Additions | 11.1 | 19.0 | 30.1 | — | 29.2 | 29.2 |
Disposals | — | (2.4) | (2.4) | — | (4.2) | (4.2) |
At 31 December | 86.1 | 85.1 | 171.2 | 75.0 | 68.5 | 143.5 |
Accumulated amortisation and impairment | ||||||
At 1 January | 62.5 | 17.7 | 80.2 | 55.0 | 11.2 | 66.2 |
Charged to the income statement – continuing operations | 7.9 | 10.6 | 18.5 | 7.5 | 8.5 | 16.0 |
Disposals | — | (1.9) | (1.9) | — | (2.0) | (2.0) |
At 31 December | 70.4 | 26.4 | 96.8 | 62.5 | 17.7 | 80.2 |
Net book value at 31 December | 15.7 | 58.7 | 74.4 | 12.5 | 50.8 | 63.3 |
Net book value at 1 January | 12.5 | 50.8 | 63.3 | 20.0 | 32.3 | 52.3 |
Company | ||
2023 | 2022 | |
£m | £m | |
Cost | ||
At 1 January | 230.7 | 291.0 |
Additions | 34.8 | 11.4 |
Disposals | (0.2) | (71.7) |
At 31 December | 265.3 | 230.7 |
Accumulated impairment losses | ||
At 1 January | 23.3 | 65.6 |
Charge to the income statement | 0.4 | 29.4 |
Disposals | — | (71.7) |
At 31 December | 23.7 | 23.3 |
Net book value at 31 December | 241.6 | 207.4 |
Net book value at 1 January | 207.4 | 225.4 |
Accumulated | |||
impairment | Carrying | ||
Cost | losses | value | |
£m | £m | £m | |
Provident Financial Holdings Limited | 231.1 | — | 231.1 |
Provident Financial Group Limited (previously Yes Car Credit (Holdings) Limited) | 29.9 | (22.6) | 7.3 |
Other | 4.3 | (1.1) | 3.2 |
Net book value at 31 December | 265.3 | (23.7) | 241.6 |
Country of | Class | % | |||
Company | Activity | incorporation | of capital | holding | |
Vanquis Bank | Vanquis Bank Limited | Financial services | England | Ordinary | 100 1 |
Moneybarn | Duncton Group Limited | Financial services | England | Ordinary | 100 1 |
Moneybarn Group Limited | Financial services | England | Ordinary | 100 1 | |
Moneybarn No. 1 Limited | Financial services | England | Ordinary | 100 1 | |
Central | Provident Financial Holdings Limited | Intermediate holding company | England | Ordinary | 100 |
Group and Company | ||||
2023 | 2022 | |||
£m | % | £m | % | |
Equities | 55.5 | 11 | 58.4 | 11 |
Corporate bonds | 191.0 | 37 | 216.4 | 42 |
Government bonds | 145.1 | 28 | 143.0 | 28 |
Index linked government bonds | 110.9 | 22 | 101.5 | 19 |
Other quoted securities | 9.5 | 2 | 0.3 | — |
Cash and money market funds | 0.9 | — | 1.1 | — |
Total fair value of scheme assets | 512.9 | 100 | 520.7 | 100 |
Present value of funded defined benefit obligation | (474.7) | (490.0) | ||
Net retirement benefit asset recognised in the balance sheet | 38.2 | 30.7 |
2023 | 2022 | |
£m | £m | |
Pension asset as at 1 January | 30.7 | 112.2 |
Cash contributions made by the Group | 0.8 | 2.2 |
Return on assets being held to meet pension obligations in excess of discount rate | (7.8) | (366.2) |
Change in demographic assumptions | 19.3 | 5.4 |
(Decrease)/increase in discount rate used to discount future liabilities | (7.4) | 279.1 |
Change in inflation rate used to forecast pensions | 1.1 | 4.1 |
Actuarial/membership experience | 1.2 | (6.6) |
Other | 0.3 | 0.5 |
Pension asset as at 31 December | 38.2 | 30.7 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Administration costs and taxes | (1.1) | (1.6) | (1.1) | (1.6) |
Interest on scheme liabilities | (23.0) | (14.4) | (23.0) | (14.4) |
Interest on scheme assets | 24.4 | 16.5 | 24.4 | 16.5 |
Net credit recognised in the income statement | 0.3 | 0.5 | 0.3 | 0.5 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Fair value of scheme assets at 1 January | 520.7 | 898.8 | 520.7 | 898.8 |
Interest on scheme assets | 24.4 | 16.5 | 24.4 | 16.5 |
Actuarial movement on scheme assets | (7.8) | (366.2) | (8.7) | (366.2) |
Contributions by the Group/Company | 0.8 | 2.2 | 0.8 | 2.2 |
Net benefits paid out | (25.2) | (30.6) | (25.2) | (30.6) |
Fair value of scheme assets at 31 December | 512.9 | 520.7 | 512.0 | 520.7 |
Group and Company | ||
2023 | 2022 | |
£m | £m | |
Present value of the defined benefit obligation at 1 January | (490.0) | (786.6) |
Administration costs and taxes | (1.1) | (1.6) |
Interest on scheme liabilities | (23.0) | (14.4) |
Actuarial movement – experience | 1.2 | (6.6) |
Actuarial movement – demographic assumptions | 19.3 | 5.4 |
Actuarial movement – financial assumptions | (6.3) | 283.2 |
Net benefits paid out | 25.2 | 30.6 |
Present value of the defined benefit obligation at 31 December | (474.7) | (490.0) |
Group and Company | ||
2023 | 2022 | |
% | % | |
Price inflation – RPI | 3.10 | 3.25 |
Price inflation – CPI | 2.60 | 2.75 |
Rate of increase to pensions in payment | 2.95 | 3.05 |
Inflationary increases to pensions in deferment | 2.60 | 2.75 |
Discount rate | 4.65 | 4.80 |
Male | Female | |||
2023 | 2022 | 2023 | 2022 | |
Group and Company | years | years | years | years |
Current pensioner aged 65 | 21.2 | 21.7 | 22.9 | 23.3 |
Current member aged 45 from age 65 | 21.1 | 21.6 | 23.8 | 24.3 |
Group and Company | ||
2023 | 2022 | |
£m | £m | |
Discount rate decreased by 0.5% (2022: 2%) | 30.5 | 160.0 |
Inflation increased by 0.1% | 2.7 | 3.0 |
Life expectancy increased by one year | 19.5 | 19.0 |
Group and Company | ||
2023 | 2022 | |
£m | £m | |
Interest on scheme assets | 24.4 | 16.5 |
Actuarial movement on scheme assets | (7.8) | (366.2) |
Actual return on scheme assets | 16.6 | (349.7) |
Group and Company | ||
2023 | 2022 | |
£m | £m | |
Actuarial movement on scheme assets | (7.8) | (366.2) |
Actuarial movement on scheme liabilities | 14.2 | 282.0 |
Total movement recognised in other comprehensive income in the year | 6.4 | (84.2) |
Cumulative movement recognised in other comprehensive income | (148.3) | (154.7) |
Group and Company | |||||
2023 | 2022 | 2021 | 2020 | 2019 | |
£m | £m | £m | £m | £m | |
Fair value of scheme assets | 512.9 | 520.7 | 898.8 | 933.0 | 842.6 |
Present value of funded defined benefit obligation | (474.7) | (490.0) | (786.6) | (853.3) | (764.6) |
Retirement benefit asset recognised in the balance sheet | 38.2 | 30.7 | 112.2 | 79.7 | 78.0 |
Experience (losses)/gains on scheme assets: | |||||
– amount (£m) | (7.8) | (366.2) | (20.2) | 102.8 | 67.4 |
– percentage of scheme assets (%) | (1.5) | (70.3) | (2.2) | 11.0 | 8.0 |
Experience (gains)/losses on scheme liabilities: | |||||
– amount (£m) | (1.2) | 6.6 | 10.3 | (4.3) | (0.1) |
– percentage of scheme liabilities (%) | 0.3 | 1.3 | 1.3 | (0.5) | — |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Fair value of derivatives | £m | £m | £m | £m |
Securitisation balance guarantee swap | 1.3 | 11.3 | — | — |
Group balance guarantee swap | (1.8) | (11.9) | (1.8) | (11.9) |
Tier 2 swap | — | (3.4) | — | (3.4) |
Internal retail deposit swaps | — | — | (0.2) | — |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Notional value of derivatives | £m | £m | £m | £m |
Securitisation balance guarantee swap | 304.7 | 353.8 | — | — |
Group balance guarantee swap | 304.7 | 353.8 | 304.7 | 353.8 |
Tier 2 swap | 200.0 | 200.0 | 200.0 | 200.0 |
Internal retail deposit swaps | — | — | 380.0 | — |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Fair value adjustment for hedged risk | £m | £m | £m | £m |
Securitisation balance guarantee swap (hedge accounting terminated in 2022) | (3.2) | (7.9) | — | — |
Tier 2 swap | 1.0 | 4.6 | 1.0 | 4.6 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Hedge ineffectiveness | £m | £m | £m | £m |
Securitisation balance guarantee swap (hedge accounting terminated in 2022) | — | (1.7) | — | — |
Tier 2 swap | 0.1 | 0.1 | 0.1 | 0.1 |
Total | 0.1 | (1.6) | 0.1 | 0.1 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
Asset/(liability) | £m | £m | £m | £m |
At 1 January | 14.5 | 6.9 | (5.3) | (22.6) |
Charge to the income statement | (2.3) | (10.2) | (0.9) | (3.6) |
Acquisition of Snoop | (2.8) | — | — | — |
(Charge)/credit on other comprehensive income prior to impact of change | ||||
in UK tax rate | (1.5) | 16.0 | (1.5) | 16.0 |
Impact of change in UK tax rate: | ||||
– (charge)/credit to the income statement | (1.3) | (3.2) | — | (0.1) |
– (charge)/credit to other comprehensive income | (0.1) | 5.0 | (0.1) | 5.0 |
At 31 December | 6.5 | 14.5 | (7.8) | (5.3) |
2023 | |||||||
Accelerated | Retirement | Other | |||||
capital | Visa | Tax | benefit | temporary | |||
allowances | shares | losses | IFRS 9 | obligations | differences | Total | |
Group – asset/(liability) | £m | £m | £m | £m | £m | £m | £m |
At 1 January | 1.6 | (3.0) | 0.6 | 26.3 | (7.7) | (3.3) | 14.5 |
(Charge)/credit to the income statement | (0.1) | 1.2 | (0.6) | (4.6) | (0.3) | 2.1 | (2.3) |
Acquisition of Snoop | — | — | — | — | — | (2.8) | (2.8) |
Credit/(charge) on other comprehensive income | |||||||
prior to change in UK tax rate | — | — | — | — | (1.5) | — | (1.5) |
Impact of change in UK tax rate: | |||||||
– (charge)/credit to the income statement | (0.1) | 0.4 | — | (2.1) | — | 0.5 | (1.3) |
– credit/(charge) to other comprehensive income | — | — | — | — | (0.1) | — | (0.1) |
At 31 December | 1.4 | (1.4) | — | 19.6 | (9.6) | (3.5) | 6.5 |
2022 | |||||||
Continuing operations | |||||||
Accelerated | Retirement | Other | |||||
capital | Visa | Tax | benefit | temporary | |||
allowances | shares | losses | IFRS 9 | obligations | differences | Total | |
Group – asset/(liability) | £m | £m | £m | £m | £m | £m | £m |
At 1 January | 1.9 | (3.0) | 3.7 | 35.0 | (28.0) | (2.7) | 6.9 |
Charge to the income statement | (0.1) | (0.4) | (3.1) | (4.9) | (0.5) | (1.2) | (10.2) |
Credit on other comprehensive income prior to change in UK tax rate | — | — | — | — | 16.0 | — | 16.0 |
Impact of change in UK tax rate: | |||||||
– (charge)/credit to the income statement | (0.2) | 0.4 | — | (3.8) | (0.2) | 0.6 | (3.2) |
– credit to other comprehensive income | — | — | — | — | 5.0 | — | 5.0 |
At 31 December | 1.6 | (3.0) | 0.6 | 26.3 | (7.7) | (3.3) | 14.5 |
2023 | 2022 | |||||||||
Accelerated | Other | Retirement | Accelerated | Other | Retirement | |||||
capital | Tax | temporary | benefit | capital | Tax | temporary | benefit | |||
allowances | losses | differences | obligations | Total | allowances | losses | differences | obligations | Total | |
Company – asset/(liability) | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
At 1 January | 0.4 | 0.5 | 1.5 | (7.7) | (5.3) | 0.4 | 3.6 | 1.4 | (28.0) | (22.6) |
(Charge)/credit to the income statement | (0.1) | (0.5) | — | (0.3) | (0.9) | — | (3.1) | — | (0.5) | (3.6) |
Credit/(charge) on other comprehensive income | ||||||||||
prior to impact of change | ||||||||||
in UK tax rate | — | — | — | (1.5) | (1.5) | — | — | — | 16.0 | 16.0 |
Impact of change in UK | ||||||||||
tax rate: | ||||||||||
– credit/(charge) to the income statement | — | — | — | — | — | — | — | 0.1 | (0.2) | (0.1) |
– Credit/(charge) to other comprehensive income | — | — | — | (0.1) | (0.1) | — | — | — | 5.0 | 5.0 |
At 31 December | 0.3 | — | 1.5 | (9.6) | (7.8) | 0.4 | 0.5 | 1.5 | (7.7) | (5.3) |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Trade payables | 7.5 | 6.0 | — | — |
Amounts owed to Group undertakings | — | — | 228.7 | 287.6 |
Other payables including taxation and social security | 5.0 | 4.6 | 1.2 | 1.4 |
Accruals | 31.6 | 52.2 | 5.5 | 15.3 |
Total trade and other payables | 44.1 | 62.8 | 235.4 | 304.3 |
Group | ||||||||||
2023 | 2022 | |||||||||
Customer | Customer | |||||||||
Scheme | ROP | compliance | Others | Total | Scheme | Others | compliance | Others | Total | |
Provisions | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m |
At 1 January | 1.2 | 2.0 | 1.4 | 0.6 | 5.2 | 53.5 | 2.1 | 3.4 | 13.1 | 72.1 |
Created in the year | — | — | 10.7 | 0.3 | 11.0 | 2.6 | — | 1.1 | — | 3.7 |
Reclassified in the year | — | — | — | 0.6 | 0.6 | — | — | 1.6 | — | 1.6 |
Utilised in the year | (0.2) | — | (8.4) | (0.2) | (8.8) | (54.9) | (0.1) | (1.5) | (7.5) | (64.0) |
Released in the year | — | (2.0) | (0.2) | — | (2.2) | — | — | (3.2) | (5.0) | (8.2) |
At 31 December | 1.0 | — | 3.5 | 1.3 | 5.8 | 1.2 | 2.0 | 1.4 | 0.6 | 5.2 |
Company | ||||
2023 | 2022 | |||
Scheme | Total | Scheme | Total | |
Provisions | £m | £m | £m | £m |
At 1 January | 0.1 | 0.1 | 3.5 | 3.5 |
Created in the year | — | — | 2.6 | 2.6 |
Reclassified in the year | — | — | — | — |
Utilised in the year | (0.1) | (0.1) | (6.0) | (6.0) |
Released in the year | — | — | — | — |
At 31 December | — | — | 0.1 | 0.1 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Due within one year | 10.7 | 11.1 | 3.7 | 4.4 |
Due between one and five years | 21.2 | 28.7 | 5.3 | 8.7 |
Due in more than five years | 12.7 | 14.2 | 6.4 | 5.7 |
Total | 44.6 | 54.0 | 15.4 | 18.8 |
Unearned finance cost | (3.7) | (4.7) | (1.8) | (2.1) |
Total lease liabilities | 40.9 | 49.3 | 13.6 | 16.7 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Retail deposits | 1,950.5 | 1,100.6 | — | — |
Bank and other borrowings | 583.5 | 820.0 | 206.7 | 370.4 |
Total | 2,534.0 | 1,920.6 | 206.7 | 370.4 |
Fair value adjustment for hedged risk | (1.0) | (4.6) | (1.0) | (4.6) |
Total reported borrowings | 2,533.0 | 1,916.0 | 205.7 | 365.8 |
Group | ||
2023 | 2022 | |
£m | £m | |
Retail deposits: | 1,924.9 | 1,092.2 |
– accrued interest | 25.6 | 8.4 |
Total retail deposits (note (b)) | 1,950.5 | 1,100.6 |
Bank and other borrowings: | ||
– senior bonds (note (e)) | — | 103.5 |
– vehicle finance securitisation (note (f)) | 200.0 | 275.0 |
– retail bonds (note (g)) | — | 60.0 |
– Tier 2 (note (h)) | 200.0 | 200.0 |
– TFSME (note (i)) | 174.0 | 174.0 |
– bank overdrafts | 1.5 | 1.0 |
– accrued interest | 10.8 | 10.8 |
– arrangement fees | (2.8) | (4.3) |
Total bank and other borrowings | 583.5 | 820.0 |
Total borrowings | 2,534.0 | 1,920.6 |
2023 | 2022 | |
£m | £m | |
At 1 January | 1,100.6 | 1,018.5 |
New funds received | 1,100.0 | 330.0 |
Maturities | (529.6) | (400.5) |
Retentions | 313.4 | 155.5 |
Cancellations | (68.6) | (13.4) |
Interest | 34.7 | 10.5 |
At 31 December | 1,950.5 | 1,100.6 |
2023 | 2022 | |||
Borrowing | Borrowing | |||
facilities | facilities | |||
available | Borrowings | available | Borrowings | |
Group | £m | £m | £m | £m |
Repayable: | ||||
On demand (uncommitted) | 1.5 | 1.5 | 1.0 | 1.0 |
In less than one year | 1,115.4 | 1,115.4 | 966.6 | 916.6 |
Between one and two years | 803.8 | 803.8 | 307.0 | 307.0 |
Between two and five years | 379.7 | 379.7 | 481.1 | 481.1 |
In more than five years | 200.0 | 200.0 | 200.0 | 200.0 |
Accrued interest | — | 36.4 | — | 19.2 |
Arrangement fees | — | (2.8) | — | (4.3) |
Total Group | 2,500.4 | 2,534.0 | 1,955.7 | 1,920.6 |
2023 | 2022 | |||
Borrowing | Borrowing | |||
facilities | facilities | |||
available | Borrowings | available | Borrowings | |
Company | £m | £m | £m | £m |
Repayable: | ||||
On demand (uncommitted) | — | — | — | — |
In less than one year | — | — | 163.5 | 163.5 |
Between one and two years | — | — | — | — |
Between two and five years | — | — | — | — |
In more than five years | 200.0 | 200.0 | 200.0 | 200.0 |
Accrued interest | — | 8.2 | — | 9.3 |
Arrangement fees | — | (1.5) | — | (2.4) |
Total Company | 200.0 | 206.7 | 363.5 | 370.4 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Fixed | 2,157.2 | 1,471.0 | 206.7 | 370.4 |
Floating | 376.8 | 449.6 | — | — |
Total | 2,534.0 | 1,920.6 | 206.7 | 370.4 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
Expiring within one year | — | 50.0 | — | — |
Expiring within one to two years | — | — | — | — |
Expiring in more than two years | — | — | — | — |
Total undrawn committed borrowing facilities | — | 50.0 | — | — |
Group | Company | |||||||
2023 | 2022 | 2023 | 2022 | |||||
Weighted | Weighted | Weighted | Weighted | Weighted | Weighted | Weighted | Weighted | |
average | average | average | average | average | average | average | average | |
interest | period to | interest | period to | interest | period to | interest | period to | |
rate | maturity | rate | maturity | rate | maturity | rate | maturity | |
% | years | % | years | % | years | % | years | |
Sterling | 5.0 | 1.8 | 4.1 | 2.3 | 8.9 | 8.0 | 8.1 | 5.2 |
Group 2023 | Company 2023 | |||
Book value | Fair value | Book value | Fair value | |
£m | £m | £m | £m | |
Retail deposits | 1,950.5 | 1.916.2 | — | — |
Bank loans and overdrafts | 1.5 | 1.5 | — | — |
Securitisation | 200.2 | 200.8 | — | — |
Tier 2 | 205.7 | 184.1 | 205.7 | 184.1 |
TFSME | 175.1 | 175.1 | — | — |
Total | 2,533.0 | 2,477.7 | 205.7 | 184.1 |
Group 2022 | Company 2022 | |||
Book value | Fair value | Book value | Fair value | |
£m | £m | £m | £m | |
Retail deposits | 1,100.6 | 1,068.7 | — | — |
Bank loans and overdrafts | 1.0 | 1.0 | — | — |
Senior public bonds | 104.0 | 104.6 | 104.0 | 104.6 |
Retail bonds | 60.6 | 60.0 | 60.6 | 60.0 |
Securitisation | 274.9 | 286.6 | — | — |
Tier 2 | 201.2 | 187.5 | 201.2 | 187.5 |
TFSME | 173.7 | 173.7 | — | — |
Total | 1,916.0 | 1,882.1 | 365.8 | 352.1 |
2023 | ||||
Items | Amortised | Non-financial | ||
held at FVTPL | cost | assets/liabilities | Total | |
Group | £m | £m | £m | £m |
Assets | ||||
Cash and cash equivalents | — | 743.3 | — | 743.3 |
Amounts receivable from customers | — | 2,171.9 | — | 2,171.9 |
Trade and other receivables | — | 15.1 | 40.8 | 55.9 |
Investments held at fair value through profit and loss | 5.4 | — | — | 5.4 |
Current tax asset | — | — | 8.1 | 8.1 |
Property, plant and equipment | — | — | 8.1 | 8.1 |
Right of use assets | — | — | 23.2 | 23.2 |
Goodwill | — | — | 72.4 | 72.4 |
Other intangible assets | — | — | 74.4 | 74.4 |
Retirement benefit asset | — | — | 38.2 | 38.2 |
Derivative financial instruments | 1.3 | — | — | 1.3 |
Deferred tax assets | — | — | 6.5 | 6.5 |
Total assets | 6.7 | 2,930.3 | 271.7 | 3,208.7 |
Liabilities | ||||
Trade and other payables | — | 44.1 | — | 44.1 |
Provisions | — | — | 5.8 | 5.8 |
Lease liabilities | — | 40.9 | — | 40.9 |
Retail deposits | — | 1,950.5 | — | 1,950.5 |
Bank and other borrowings | — | 582.5 | — | 582.5 |
Derivative financial instruments | 1.8 | — | — | 1.8 |
Total liabilities | 1.8 | 2,618.0 | 5.8 | 2,625.6 |
2022 | ||||
Items | Amortised | Non-financial | ||
held at FVTPL | cost | assets/liabilities | Total | |
Group | £m | £m | £m | £m |
Assets | ||||
Cash and cash equivalents | — | 464.9 | — | 464.9 |
Amounts receivable from customers | — | 1,905.4 | — | 1,905.4 |
Trade and other receivables | — | 29.2 | 21.4 | 50.6 |
Investments held at fair value through profit and loss | 10.7 | — | — | 10.7 |
Current tax asset | — | — | — | — |
Property, plant and equipment | — | — | 8.3 | 8.3 |
Right of use assets | — | — | 32.4 | 32.4 |
Goodwill | — | — | 71.2 | 71.2 |
Other intangible assets | — | — | 63.3 | 63.3 |
Retirement benefit asset | — | — | 30.7 | 30.7 |
Derivative financial instruments | 11.3 | — | — | 11.3 |
Deferred tax assets | — | — | 14.5 | 14.5 |
Total assets | 22.0 | 2,399.5 | 241.8 | 2,663.3 |
Liabilities | ||||
Trade and other payables | — | 62.8 | — | 62.8 |
Provisions | — | — | 5.2 | 5.2 |
Lease liabilities | — | 49.3 | — | 49.3 |
Retail deposits | — | 1,100.6 | — | 1,100.6 |
Bank and other borrowings | — | 815.4 | — | 815.4 |
Derivative financial instruments | 15.3 | — | — | 15.3 |
Total liabilities | 15.3 | 2,028.1 | 5.2 | 2,048.6 |
2023 | ||||
Non- | ||||
Items | financial | |||
held at | Amortised | assets/ | ||
FVTPL | cost | liabilities | Total | |
Company | £m | £m | £m | £m |
Assets | ||||
Cash and cash equivalents | — | 14.7 | — | 14.7 |
Trade and other receivables | — | 911.5 | 3.4 | 914.9 |
Property, plant and equipment | — | — | 0.7 | 0.7 |
Right of use assets | — | — | 10.9 | 10.9 |
Other intangible assets | — | — | 1.7 | 1.7 |
Investment in subsidiaries | — | — | 241.6 | 241.6 |
Retirement benefit asset | — | — | 38.2 | 38.2 |
Derivative financial instruments | 1.0 | — | — | 1.0 |
Total assets | 1.0 | 926.2 | 296.5 | 1,223.7 |
Liabilities | ||||
Trade and other payables | — | 235.4 | — | 235.4 |
Provisions | — | — | — | — |
Lease liabilities | — | 13.6 | — | 13.6 |
Bank and other borrowings | — | 205.7 | — | 205.7 |
Derivative financial instruments | 3.0 | — | — | 3.0 |
Current tax liabilities | — | — | 3.1 | 3.1 |
Deferred tax liabilities | — | — | 7.8 | 7.8 |
Total liabilities | 3.0 | 454.7 | 10.9 | 468.6 |
2022 | ||||
Non- | ||||
Items | financial | |||
held at | Amortised | assets/ | ||
FVTPL | cost | liabilities | Total | |
Company | £m | £m | £m | £m |
Assets | ||||
Cash and cash equivalents | — | 4.1 | — | 4.1 |
Trade and other receivables | — | 1,196.0 | 1.9 | 1,197.9 |
Property, plant and equipment | — | — | 0.9 | 0.9 |
Right of use assets | — | — | 12.7 | 12.7 |
Other intangible assets | — | — | 2.3 | 2.3 |
Investment in subsidiaries | — | — | 207.4 | 207.4 |
Retirement benefit asset | — | — | 30.7 | 30.7 |
Total assets | — | 1,200.1 | 255.9 | 1,456.0 |
Liabilities | ||||
Trade and other payables | — | 304.3 | — | 304.3 |
Provisions | — | — | 0.1 | 0.1 |
Lease liabilities | — | 16.7 | — | 16.7 |
Bank and other borrowings | — | 365.8 | — | 365.8 |
Derivative financial instruments | 15.3 | — | — | 15.3 |
Deferred tax liabilities | — | — | 5.3 | 5.3 |
Total liabilities | 15.3 | 686.8 | 5.4 | 707.5 |
Group | Company | |||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
£m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
Investments held at fair value through P&L: | ||||||||||||
– Visa Inc shares | — | — | 5.4 | 6.1 | — | 4.6 | — | — | — | — | — | — |
Derivative held at fair value through P&L: | ||||||||||||
– securitisation balance guarantee | ||||||||||||
swap | — | — | 1.3 | — | — | 11.3 | — | — | — | — | — | — |
– Group balance guarantee swap | — | — | (1.8) | — | — | (11.9) | — | — | (1.8) | — | — | (11.9) |
– Tier 2 swap | — | — | — | — | (3.4) | — | — | — | — | — | (3.4) | — |
– Internal retail deposit swaps | — | — | — | — | — | — | — | (0.2) | — | — | — | — |
Total | — | — | 4.9 | 6.1 | (3.4) | 4.0 | — | (0.2) | (1.8) | — | (3.4) | (11.9) |
Group | ||
2023 | 2022 | |
£m | £m | |
At 1 January | 10.7 | 9.1 |
Gain recognised in income statement | 0.9 | 1.6 |
Disposal of investment | (6.2) | — |
At 31 December | 5.4 | 10.7 |
Group | ||
2023 | 2022 | |
£m | £m | |
Illiquidity +/-1% | 0.1 | 0.1 |
Future litigation costs +/-1% | 0.1 | 0.1 |
Group | Company | |||
2023 | 2022 | 2023 | 2022 | |
£m | £m | £m | £m | |
At 1 January | (4.0) | 3.1 | (15.3) | — |
Additions at historical rates | — | (11.8) | — | (11.8) |
Fair value gain/(loss) recognised in income statement | 3.5 | 4.7 | 13.3 | (3.5) |
At 31 December | (0.5) | (4.0) | (2.0) | (15.3) |
2023 | 2022 | |||
Fair value | Book value | Fair value | Book value | |
Group | £m | £m | £m | £m |
Assets | ||||
Cash and cash equivalents | 743.3 | 743.3 | 464.9 | 464.9 |
Amounts receivable from customers | 2,780.5 | 2,171.9 | 2,485.8 | 1,905.4 |
Trade and other receivables | 55.9 | 55.9 | 50.6 | 50.6 |
Total assets | 3,579.7 | 2,971.1 | 3,001.3 | 2,420.9 |
Liabilities | ||||
Retail deposits | 1,916.2 | 1,950.5 | 1,068.7 | 1,100.6 |
Bank and other borrowings | 561.5 | 582.5 | 813.4 | 815.4 |
Trade and other payables | 44.1 | 44.1 | 62.8 | 62.8 |
Lease liabilities | 40.9 | 40.9 | 49.3 | 49.3 |
Total liabilities | 2,562.7 | 2,618.0 | 1,994.2 | 2,028.1 |
2023 | 2022 | |||
Fair value | Book value | Fair value | Book value | |
Company | £m | £m | £m | £m |
Assets | ||||
Cash and cash equivalents | 14.7 | 14.7 | 4.1 | 4.1 |
Trade and other receivables | 914.9 | 914.9 | 1,197.9 | 1,197.9 |
Total assets | 929.6 | 929.6 | 1,202.0 | 1,202.0 |
Liabilities | ||||
Bank and other borrowings | 184.1 | 205.7 | 352.1 | 365.8 |
Trade and other payables | 235.4 | 235.4 | 304.3 | 304.3 |
Lease liabilities | 13.6 | 13.6 | 16.7 | 16.7 |
Total liabilities | 433.1 | 454.8 | 673.1 | 686.8 |
2023 | 2022 | ||
Issued and | Issued and | ||
fully paid | fully paid | ||
Ordinary shares of 20 8⁄11p each | – £m | 53.2 | 52.6 |
– number (m) | 256.5 | 253.8 |
2023 | 2022 | |
m | m | |
At 1 January | 253.8 | 253.7 |
Shares issued pursuant to the exercise/vesting of options and awards | 0.1 | 0.1 |
Shares issued on acquisition of Snoop | 2.6 | — |
At 31 December | 256.5 | 253.8 |
2023 | 2022 | ||||||
Group | RSP/CSOP | DBP/PSP | LTIS | SAYE | RSP/CSOP | DBP/PSP | SAYE |
8 Sep 2023 & | |||||||
Grant date | 11 Apr 2023 | 11 Apr 2023 | 8 Sep 2023 | 3 Oct 2023 | 7 Apr 2022 | 7 Apr 2022 | 5 Oct 2022 |
Share price at grant date (£) | 1.17 & 2.31 | 2.31 | 1.17 | 1.19 | 2.89 | 2.89 | 1.75 |
Exercise price (£) | — | — | — | 0.87 | — | — | 1.43 |
Vesting period (years) | 3 | 3 | 4 | 3 and 5 | 3 | 3 | 3 and 5 |
Expected volatility | — | — | — | 52.0%–56.7% | — | — | 60.7%–61.9% |
Award/option life (years) | 3 | 3 | 4 | Up to 5 | 3 | 3 | Up to 5 |
Expected life (years) | 3 | 3 | 4 | Up to 5 | 3 | 3 | Up to 5 |
Risk-free rate | — | — | — | 4.7%–4.9% | — | — | 4.1%–4.2% |
Expected dividends expressed as a dividend yield | — | — | — | 3.4%–6.9% | — | — | 8.6%–10.9% |
Fair value per award/option (£) | 0.75 & 1.84 | 1.84 | 0.75 | 0.25–0.26 | 2.59 | 2.59 | 0.43–0.51 |
RSP/CSOP | DBP | LTIS | SAYE | |||||
Weighted | Weighted | Weighted | Weighted | |||||
average | average | average | average | |||||
exercise | exercise | exercise | exercise | |||||
price | price | price | price | |||||
Group | Number | £ | Number | £ | Number | £ | Number | £ |
Outstanding at 1 January 2023 | 5,106,736 | — | 586,104 | — | 8,407 | — | 2,980,151 | 1.77 |
Awarded/granted | 4,593,575 | — | 315,661 | — | 2,821,336 | — | 4,739,225 | 0.87 |
Lapsed | (2,055,397) | — | — | — | (8,407) | — | (1,869,066) | 1.73 |
Vested | (313,610) | — | (237,193) | — | — | — | — | — |
Exercised | (851,703) | — | — | — | — | — | (54,638) | 1.82 |
Outstanding at 31 December 2023 | 6,479,601 | — | 664,572 | — | 2,821,336 | — | 5,795,672 | 1.04 |
Exercisable at 31 December 2023 | 12,870 | — | — | — | — | — | 38,292 | 1.65 |
RSP/CSOP | DBP/PSP | LTIS | SAYE | |||||
Weighted | Weighted | Weighted | Weighted | |||||
average | average | average | average | |||||
exercise | exercise | exercise | exercise | |||||
price | price | price | price | |||||
Group | Number | £ | Number | £ | Number | £ | Number | £ |
Outstanding at 1 January 2022 | 3,588,001 | — | 322,991 | — | 840,192 | — | 2,935,310 | 2.15 |
Awarded/granted | 2,376,546 | — | 348,911 | — | — | — | 1,447,968 | 1.43 |
Lapsed | (857,811) | — | — | — | (831,785) | — | (1,303,236) | 2.24 |
Vested | — | — | (85,798) | — | — | — | — | — |
Exercised | — | — | — | — | — | — | (99,891) | 1.83 |
Outstanding at 31 December 2022 | 5,106,736 | — | 586,104 | — | 8,407 | — | 2,980,151 | 1.77 |
Exercisable at 31 December 2022 | — | — | — | — | — | — | 20,427 | 2.04 |
RSP/CSOP | DBP/PSP | LTIS | SAYE | |||||
Weighted | Weighted | Weighted | Weighted | |||||
average | average | average | average | |||||
exercise | exercise | exercise | exercise | |||||
price | price | price | price | |||||
Company | Number | £ | Number | £ | Number | £ | Number | £ |
Outstanding at 1 January 2023 | 3,110,201 | — | 429,067 | — | — | — | 510,019 | 1.74 |
Awarded/granted | 3,099,161 | — | 315,661 | — | — | — | 888,996 | 0.87 |
Lapsed | (1,360,464) | — | — | — | — | — | (362,957) | 1.67 |
Vested | (117,589) | — | (172,863) | — | — | — | — | — |
Exercised | (445,254) | — | — | — | — | — | (17,032) | 1.82 |
Outstanding at 31 December 2023 | 4,286,055 | — | 571,865 | — | — | — | 1,019,026 | 1.10 |
Exercisable at 31 December 2023 | — | — | — | — | — | — | — | — |
RSP/CSOP | DBP/PSP | LTIS | SAYE | |||||
Weighted | Weighted | Weighted | Weighted | |||||
average | average | average | average | |||||
exercise | exercise | exercise | exercise | |||||
price | price | price | price | |||||
Company | Number | £ | Number | £ | Number | £ | Number | £ |
Outstanding at 1 January 2022 | 1,851,182 | — | 242,170 | — | 533,449 | — | 331,032 | 2.05 |
Awarded/granted | 1,545,768 | — | 256,204 | — | — | — | 338,746 | 1.43 |
Lapsed | (299,197) | — | — | — | (533,449) | — | (159,759) | 2.00 |
Vested | — | — | (69,307) | — | — | — | — | — |
Transferred | 12,448 | — | — | — | — | — | — | — |
Exercised | — | — | — | — | — | — | — | — |
Outstanding at 31 December 2022 | 3,110,201 | — | 429,067 | — | — | — | 510,019 | 1.74 |
Exercisable at 31 December 2022 | — | — | — | — | — | — | — | — |
Share- | ||||
Profit | Capital | based | Total | |
retained by | redemption | payment | other | |
subsidiary | reserve | reserve | reserves | |
£m | £m | £m | £m | |
At 1 January 2022 | 0.8 | 3.6 | 5.4 | 9.8 |
Share-based payment charge (note 31) | — | — | 5.1 | 5.1 |
Transfer of share-based payment reserve on vesting of share awards | — | — | (2.5) | (2.5) |
At 31 December 2022 | 0.8 | 3.6 | 8.0 | 12.4 |
At 1 January 2023 | 0.8 | 3.6 | 8.0 | 12.4 |
Share-based payment charge (note 31) | — | — | 4.6 | 4.6 |
Transfer of share-based payment reserve on vesting of share awards | — | — | (4.9) | (4.9) |
At 31 December 2023 | 0.8 | 3.6 | 7.7 | 12.1 |
Share- | |||
Capital | based | Total | |
redemption | payment | other | |
reserve | reserve | reserves | |
£m | £m | £m | |
At 1 January 2022 | 3.6 | 5.4 | 9.0 |
Share-based payment charge (note 31) | — | 2.9 | 2.9 |
Transfer of share-based payment reserve on vesting of share awards | — | (1.4) | (1.4) |
Share-based payment movement in investment in subsidiaries | — | 1.1 | 1.1 |
At 31 December 2022 | 3.6 | 8.0 | 11.6 |
At 1 January 2023 | 3.6 | 8.0 | 11.6 |
Share-based payment charge (note 31) | — | 2.5 | 2.5 |
Transfer of share-based payment reserve on vesting of share awards | — | (2.6) | (2.6) |
Share-based payment movement in investment in subsidiaries | — | (0.2) | (0.2) |
At 31 December 2023 | 3.6 | 7.7 | 11.3 |
2023 | 2022 | |||||
Management | Interest | Outstanding | Management | Interest | Outstanding | |
recharge | credit | balance | recharge | credit | balance | |
Company | £m | £m | £m | £m | £m | £m |
Vanquis Bank | 34.1 | (2.6) | 37.4 | 19.9 | 1.0 | 114.2 |
Moneybarn | 14.4 | — | — | 8.5 | — | — |
CCD | — | — | — | — | — | 25.2 |
Provident Financial Holdings | — | (55.6) | 651.7 | — | (56.6) | 778.0 |
Other central companies | (15.5) | 0.2 | 62.4 | (12.6) | 0.3 | 72.6 |
Total related party transactions | 33.0 | (58.0) | 751.5 | 15.8 | (55.3) | 990.0 |
Group | Company | ||||
2023 | 2022 | 2023 | 2022 | ||
Note | £m | £m | £m | £m | |
(Loss)/profit after taxation | (6.0) | 77.4 | 34.5 | 64.1 | |
Adjusted for: | |||||
– tax charge/(credit) | 7 | 1.6 | 22.0 | 3.7 | (4.0) |
– finance costs | 4 | 113.4 | 65.0 | 57.3 | 35.7 |
– finance income | (30.3) | (7.5) | (90.6) | (57.2) | |
– dividends received | 33 | — | — | (0.4) | (115.3) |
– share-based payment charge | 31 | 4.6 | 5.1 | 2.5 | 2.9 |
– retirement benefit (credit)/charge | 22 | (0.3) | (0.5) | (0.3) | (0.5) |
– amortisation of intangible assets | 20 | 18.5 | 16.0 | 0.4 | — |
- exceptional impairment of ROU asset | 4.1 | — | — | — | |
– provisions created in the year | 26 | 11.0 | 3.7 | — | 2.6 |
– provisions released in the year | 26 | (0.2) | — | — | — |
– exceptional release of provisions | 26 | (2.0) | (8.2) | — | — |
– provisions utilised in the year | 26 | (8.8) | (64.0) | (0.1) | (6.0) |
– depreciation of property, plant and equipment and right of use assets | 16 | 9.1 | 12.1 | 2.9 | 2.9 |
– loss on disposal of property, plant and equipment | 16 | 1.3 | 0.9 | — | — |
– loss on disposal of intangible assets | 20 | 0.5 | 2.2 | 0.5 | — |
– provision for investment impairment | — | — | 0.4 | 29.4 | |
– provision for intercompany impairment | — | — | (26.3) | (1.8) | |
– hedge ineffectiveness | 23 | — | — | — | (1.1) |
– proceeds from derivatives | — | 11.8 | — | 11.8 | |
– fair value movements on Visa shares | 15 | (1.1) | (1.6) | — | — |
– contributions into the retirement benefit scheme | 22 | (0.8) | (2.2) | (0.8) | (2.2) |
Changes in operating assets and liabilities: | |||||
– amounts receivable from customers | (261.8) | (226.3) | — | — | |
– trade and other receivables | (5.8) | (22.8) | 344.7 | (55.5) | |
– trade and other payables | (22.0) | (31.2) | (80.4) | (12.4) | |
Cash (used in)/generated from operations | (175.0) | (148.1) | 248.0 | (106.6) |
2023 | 2022 | |
£m | £m | |
Cash movement in amounts receivable from customers | (231.1) | (217.2) |
Non-cash provision movement – allowance account | (30.7) | (9.1) |
Net movement in amounts receivable from customers | (261.8) | (226.3) |
2023 | |||||||||
Cash changes | Non-cash changes | ||||||||
Lease | |||||||||
Included | additions | ||||||||
1 January | Financing | Lease | Amortised | Interest | within | and | 31 December | ||
2023 | cash flows | payments | fees | paid | overdrafts | Derivatives | disposals | 2023 | |
Group | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Total borrowings (note 28) | (1,916.0) | (576.7) | — | (1.5) | (34.7) | (0.5) | (3.6) | — | (2,533.0) |
Lease liabilities (note 27) | (49.3) | — | 11.2 | — | (1.0) | — | — | (1.8) | (40.9) |
Total | (1,965.3) | (576.7) | 11.2 | (1.5) | (35.7) | (0.5) | (3.6) | (1.8) | (2,573.9) |
2022 | |||||||||
Cash changes | Non-cash changes | ||||||||
Lease | |||||||||
Included | additions | ||||||||
1 January | Financing | Lease | Amortised | Interest | within | and | 31 December | ||
2022 | cash flows | payments | fees | paid | overdrafts | Derivatives | disposals | 2022 | |
Group | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Total borrowings (note 28) | (1,863.7) | (41.6) | — | (7.4) | (10.5) | 2.6 | 4.6 | — | (1,916.0) |
Lease liabilities (note 27) | (58.9) | — | 10.8 | — | (1.2) | — | — | — | (49.3) |
Total | (1,922.6) | (47.4) | 10.8 | (7.4) | (4.3) | 2.6 | 4.6 | — | (1,963.7) |
2023 | |||||||||
Cash changes | Non-cash changes | Lease | |||||||
Included | additions | ||||||||
1 January | Financing | Lease | Amortised | Interest | within | and | 31 December | ||
2023 | cash flows | payments | fees | paid | Derivatives | overdrafts | disposals | 2023 | |
Company | £m | £m | £m | £m | £m | £m | £m | £m | £m |
Total borrowings (note 28) | (365.8) | 163.5 | — | (0.8) | 1.0 | (3.6) | — | — | (205.7) |
Lease liabilities (note 27) | (16.7) | — | 4.4 | — | (0.4) | — | — | (0.9) | (13.6) |
Total | (382.5) | 163.5 | 4.4 | (0.8) | 0.6 | (3.6) | — | (0.9) | (219.3) |
2022 | ||||||||
Cash changes | Non-cash changes | |||||||
Included | ||||||||
1 January | Financing | Lease | Amortised | Interest | within | 31 December | ||
2022 | cash flows | payments | fees | paid | Derivatives | overdrafts | 2022 | |
Company | £m | £m | £m | £m | £m | £m | £m | £m |
Total borrowings (note 28) | (395.3) | 30.0 | — | (1.5) | (3.6) | 4.6 | — | (365.8) |
Lease liabilities (note 27) | (18.9) | — | 2.6 | — | (0.4) | — | — | (16.7) |
Total | (414.2) | 30.0 | 2.6 | (1.5) | (4.0) | 4.6 | — | (382.5) |
Company | |
Company name | number |
Registered at No. 1 Godwin Street, Bradford BD1 2SU: | |
Provident Financial Holdings Limited | 13061852 |
Provident SPV Limited | 12988335 |
Vanquis Bank Limited | 2558509 |
N&N Simple Financial Solution Limited | 3803565 |
Cheque Exchange Limited | 2927947 |
Provident Investments Limited | 4541509 |
PFG Corporate Services Limited | 13423666 |
Provfin Limited | 1879771 |
Provident Yes Car Credit Limited | 4253314 |
Provident Financial Group Limited | 194214 |
Yes Car Credit Limited | 3459042 |
Aquis Cards Limited | 7036307 |
Provident Financial Trustees (Performance Share | |
Plan) Limited | 4625062 |
Provident Personal Credit Limited | 00146091 |
Provident Financial Management Services Limited | 00328933 |
Greenwood Personal Credit Limited | 00125150 |
HT Greenwood Limited | 00954387 |
Company | |
Company name | number |
Registered at Athena House, Bedford Road, Petersfield, Hampshire GU32 3LJ: | |
Moneybarn No. 1 Limited | 4496573 |
Duncton Group Limited | 6308608 |
Moneybarn Group Limited | 4525773 |
Moneybarn Limited | 2766324 |
Registered at 10 Norwich Street, London EC4A 1BD: | |
Usnoop Limited | 11797870 |
Registered at 1 Bridgewater Place, Water Lane, Leeds, West Yorkshire, LS11 5QR: | |
Provident Limited | 00575965 |
Provident Print Limited | 02211204 |
Provident Family Finance Limited | 00912244 |
Provfin Investments Limited | 00953919 |
Provfin No.1 Limited | 00642504 |
Moneybarn No.4 Limited | 08582214 |
Registered at C/O Dwf LLP, 2 Semple Street, Edinburgh EH3 8BL: | |
Lawson Fisher Limited | SC004758 |