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Tuesday, September 30, 2014

Wonga Profts Fall 53%

Wonga has posted pre-tax profits of £39.7M for 2013, a fall of 53% from the previous year's profits of £84.5M.

The figures contain £19M of "remediation" costs, relating to systems issues and growing its overseas business. The results are chronologically before Wonga's £2.6M fine for sending thousands of letters to customers in arrears from fictional law companies.

Andy Haste, chairman, is quoted by the Telegraph:
"Wonga has the ability to be great once again.

We need to repair the reputation, regain trust and get an accepted seat at the table of financial services."
This will be an uphill struggle, as the FCA has proposed a.o. capping the fees and rates charged on payday loans at 0.8% a day.

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