Update: Woodford backs Provident Financial to 'get back on track' despite being 'hugely disappointed'

The company said it expects to make losses of £80m-£120m as debt collection rates have dropped to 57% compared to a 90% figure last year. As a result, shares had fallen by 67% to trade at 590p on 22 August, and Provident Financial's chief executive, Peter Crook, has resigned from his role. The lender is a favourite UK equity income stock, featuring in the top ten holdings of Neil Woodford's (pictured) £9.5bn Woodford Equity Income portfolio at 4.1%, the fourth largest name in the fund. The manager also holds it in his recently launched £720m Woodford Income Focus fund, where it is ...