The business, which name seems on Newcastle United tops, submitted a loss in GBP37.3m, following a significant reduction in British consumer lending while it tries to clean up its tarnished image.
Sales decreased to GBP217.2m in the interval.
In line with its forecast in July it could be smaller and less lucrative on the near term, Wonga reported that giving volumes fell by 36 percent to GBP732m this past year, from GBP1.1bn in 2013.
It produced 2.5 thousand payday loans in the united kingdom this past year against 3.7 million in 2013, as well as the number of clients dropped from around one-million to 575,000 in the United Kingdom.
Andy Haste, executive chairman, stated: “We understand it’ll take time to fix our reputation and gain an acknowledged place in the financial services industry, but we’re determined to deliver on our plans and serve our customers in the right way.”
It is a further slide in gains for the lending company after proceeds for 2013 halved to GBP39.7m as it racked up costs pertaining to a scandal over imitation lawful letters.
Nevertheless, its default rate improved from 6.9 per cent to 6.6 %.
Last June, Wonga, which sponsors Newcastle, and has a handle Blackpool FC that finishes this period, was ordered to pay compensation of GBP2.6m by the Financial Conduct Authority after sending threatening legal letters from bogus attorneys to 45,000 clients.
Its business is shrinking as it tries to clean-up its damaged reputation in an industry whose practices have drawn criticism from political leaders along with the Arch-Bishop of Canterbury.
In October it said it had written off a total of GBP220m of debt belonging to 330,000 clients after confessing making loans to people who couldn’t manage to repay them.
Like its competitors, Wonga also faces the possibility of a fresh levy if Labour wins the General Election, using the move offering in the manifesto of the Party.
Mr Excitement, named last summer, has promised to clean up the business and admitted it had made “severe mistakes”.
He said the company, that has been strongly criticised by MPs over rates of interest of more than 5,000 %, must review prices, fees and charges and not be seen as targeting the young and the vulnerable.
“As everyone knows, a strong commercial program is crucial to this goal and I’m pleased to welcome Wonga to the collapse as our guide commercial associate, alongside Puma and Sports Direct.”
Earlier this year, Wonga declared plans to cut 325 occupations under a fresh strategy which will see it become smaller and less profitable, under adjustments to ensure that it gives sensibly and pretty.
After composing the offer Derek Llambias, then managing director of Newcastle United, said: “we have been building a club that will often contend for top prizes at the highest amount.
This week’s amounts aren’t expected to include the cost of the work reductions.
The impact of a cap on payday loan charges in-force since the beginning of this year is also not expected to be an aspect in the 2014 figures.
Along with sponsoring the group top from the start of the 2013/14 period, Wonga agreed to commit at least GBP1.5m to to guide the club’s academy and Basis Business Plan which helps 1-5 to 16 year olds find work.
Mr Hurry mentioned at that time of the announcement in Feb: “Wonga may no longer keep up its high cost base which should be dramatically reduced to reflect our growing business and marketplace.”
In Oct 2012, Newcastle United agreed a four-year deal with Wonga to get to be the direct patron that was industrial of the club’s.
Last Nov, Wonga pronounced it’d be eliminating its name from children’s reproduction kit sold by Newcastle Usa but maybe not until the 2016/17 time.
