First Financial provides financial services, primarily
to our home shopping customer database. Operating
profit was £2.4m, down from £2.7m the previous year.
This was due to a reduction in second half income
arising from changes implemented in the home
shopping business which affected warranty income
and the level of unsecured loans made. We still believe
that there is strong growth potential in financial services,
and we are reviewing opportunities to launch a credit
card and expand into secured lending.
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