Wonga on course for profit this year after major changes | City & Business | Finance

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The company, which has been overhauled under new management after being accused of targeting the vulnerable and being forced to compensate nearly 200,000 borrowers who overpaid owing to “system errors”, cut its annual pre-tax loss from £80.2million to £64.9million.

Revenue grew by 18 per cent to £76.7million as more products boosted customer numbers by 6 per cent.

Costs have been reduced by a move to a new London headquarters and ending a sponsorship deal with Newcastle United football club.

Tara Kneafsey, Wonga CEO, said that since 2014, the business “had been transformed as we have expanded our product offering, strengthened our governance, rationalised our operations and reduced our cost base.

“We feel that the hard yards of what has been a three-year transformation process are now behind us.”

The highest-paid director according to the 2016 annual report was paid £467,000 and this is thought to be Miss Kneafsey.

About 60 per cent of the company’s income is generated in the UK, with the rest made in Poland, South Africa and Spain. 

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