New business volumes at subprime lender Moneybarn increased 7% in Q4 2016, parent company Provident Financial Group has revealed in a trading update.

It also revealed that customer numbers and receivables ended the year at 41,000 and £297m, showing year-on-year growth of 32% and 35%, respectively.

Returns generated remained unchanged in the period, Provident said.

Commenting on the results, Provident chief executive Peter Crook said: “I am pleased to report that each of our businesses continued to trade well through the final quarter of the year and the group is expected to report 2016 results in line with market expectations.”

At the end of 2016, Moneybarn went through a senior leadership reshuffle, with Shamus Hodgson named its new managing director.

Provident said it expects to release its full preliminary results at the end of February.

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