23 August 2017
Visit http://response.ncr.com

Egg expects to beat earnings estimates

16 December 2004  |  6580 views  |  0 Egg Call Centre

Internet bank Egg is forecasting full year profits for its UK business ahead of analyst expectations for £69 million.

In a trading update, Egg is reporting healthy growth in credit card accounts and cross sales of loan products as well as high insurance volumes for the final quarter.

The standalone bank has had a turbulent year, including an aborted sale of the business by parent company Prudential and a costly exit from its loss-making operations in France. The group is also booking a £3 million provision this quarter for the transfer of its funds supermarket to Fidelity FundsNetwork.

Paul Gratton, Chief Executive says: "It has been a challenging year for Egg with the uncertainty caused by the auction process and the strong competition in the early part of the year impacting our first half results. However recent trading confirms that the sales momentum seen in the third quarter is continuing and we look forward to 2005 with confidence."

Shares in Egg moved up five per cent to 99.25 pence, way off the year high of 194 pence achieved at the height of the auction process.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Egg sells French business to ING

Egg sells French business to ING

25 November 2004  |  5892 views  |  0 comments
Egg agrees £96 million French sale to Banque Accord

Egg agrees £96 million French sale to Banque Accord

22 October 2004  |  5783 views  |  0 comments
Egg offloads funds supermarket to Fidelity

Egg offloads funds supermarket to Fidelity

19 October 2004  |  8325 views  |  0 comments
Egg shares yo-yo on sale news

Egg shares yo-yo on sale news

01 October 2004  |  4142 views  |  0 comments
Egg shares plummet after Prudential abandons sale

Egg shares plummet after Prudential abandons sale

03 August 2004  |  5458 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.vasco.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12797 views comments | 27 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11410 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10589 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10526 views comments | 10 tweets | 8 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10469 views 0 | 6 tweets | 1 linkedin

Featured job

Competitive
London, UK (or flexible)

Find your next job