STRONG growth in the fourth quarter of 2014 has set Bradford-based specialist lender Provident Financial on target to report profits before tax and exceptional costs of around £232 million – in line with market expectations.

The Vanquis Bank credit-card operation achieved strong growth and robust margins in the fourth quarter with customer numbers for the year rising by 17.7 per cent to nearly 1.3 million.

This, along with increased credit lines provided to borrowers pushed up annual receivables by around 31 per cent.

The consumer credit division achieved "very satisfactory" sales and collections through the seasonal peak, boosted by improved credit quality during the year together with the rebranding of the home-credit business under a single Provident brand and associated marketing .

In a trading update Provident said the home credit business is expected to report annual profits in line with 2013 after being transforming into a smaller, leaner, better-quality, modern business focused on returns.

A planned 29 per cent reduction in customer numbers and 20 per cent lower receivables was offset by cost reductions and significant strengthening in the risk-adjusted margin to around 69 per cent.

This had been boosted by ten per cent over 2013 through a sharp improvement in collections performance and an increase in the revenues.

Demand for Satsuma online loans was strong during the fourth quarter, boosted by more advertising and an increase in lead conversion rates. Customer numbers grew to 21,000 with an income of £5 million at the year-end.

Vehicle finance provider Moneybarn, which was acquired in August, significantly increased business volumes and was on plan.

Exceptional items for the year would include around £4 million of redundancy costs for 225 field administration staff in the consumer credit business and £3 million relating to the acquisition of Moneybarn.

Peter Crook, chief executive, said: I am pleased that the group is expected to report 2014 results in line with market expectations. "Vanquis Bank and the consumer credit division have both traded well through the final quarter of the year and Moneybarn has made a very good start under the group’s ownership. Our funding position remains strong.”

Meanwhile, Cineworld, which includes a cinema at Bradford’s Leisure Exchange, is eyeing a stronger year for blockbuster film releases after admissions fell 3.7 per cent at its UK and Ireland cinemas in 2014.

It highlighted new releases for 2015 including Avengers: The Age of Ultron, Star Wars: Episode VII and Jurassic World and expects to achieve high annual profits towards the top end of City forecasts this year.