Shares in Provident Financial have soared 15% in morning trading, after the firm announced its plans for a turnaround following a number of profit warnings.
Shares in the financial stock were up 15.5% by 10.15am to trade at 911p, after the firm outlined its recovery plans. This is welcome news after the shares suffered a shock fall of 70% in August, when the firm issued a second profit warning in just three months, announced it was under regulatory investigation, and saw the departure of its CEO Peter Cook. As a result, the firm, which is held by fund manager Neil Woodford, was kicked out of the FTSE 100 index and now sits in the FTSE 250. At the time, Woodford said he would continue to hold the stock, believing the business could "ge...
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