Close Brothers reports another annual loss as motor-finance provision rises
Close Brothers ($CBG) reported a £60.3 million statutory operating loss before tax from continuing operations for the year to July, narrowing from £122.4 million. Adjusted operating profit nevertheless fell 17% to £120.3 million. The specialist lender added approximately £165 million to its motor-finance redress provision, taking the total to about £320 million, and will not pay a final dividend. Annualized cost savings reached approximately £36 million, ahead of the £25 million target, and mana
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