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Wonga Group full year results for the 12 months to December 31 2013

Wonga Group today publishes its 2013 Annual Results, which show that pre-tax profits are down by 53% to £39.7m.

The decline in profits was driven by remediation costs related to historic debt collection and systems issues, and continued investment in staff, infrastructure and Wonga’s international businesses.

With the Group investing to ensure it builds a sustainable business in the future, the expectation is that Wonga will be smaller and less profitable in the near term.

To conform to conventional financial reporting timelines, Wonga Group’s 2014 numbers will be reported by the end of April next year.

Wonga Financial Highlights 2013

Tim Weller, Wonga Group’s interim chief executive, commented: “Investment in people, processes and our international businesses were key factors in the decline in Wonga’s 2013 profits, and we will continue to invest to build a sustainable business.”

Response by Editor Published: Categories Wonga Group Annual report

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