Studio Retail has provided an update on PPI redress following a surge in compensation requests in August in the run up to the FCA deadline, which is consistent with what has been witnessed in the broader market. An additional c£6-10m redress provision is being anticipated as a result, which washes straight through to higher net debt. We now forecast £60m underlying net bank debt adjusting for debtor securitisation which equates to 1.0x adj ND/EBITDA, and £249.5m total group net debt. The impact, ....
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PPI claims surge knocks £6-10m off forecast cashflow
- Published:
25 Sep 2019 -
Author:
Matthew McEachran -
Pages:
3
Studio Retail has provided an update on PPI redress following a surge in compensation requests in August in the run up to the FCA deadline, which is consistent with what has been witnessed in the broader market. An additional c£6-10m redress provision is being anticipated as a result, which washes straight through to higher net debt. We now forecast £60m underlying net bank debt adjusting for debtor securitisation which equates to 1.0x adj ND/EBITDA, and £249.5m total group net debt. The impact, ....