Operator
Good afternoon, and welcome to the Vanquis Banking Group plc Half Year Results Investor Presentation. [Operator Instructions] Before we begin, I would like to submit the following poll.
And I would now like to hand you over to CEO, Ian McLaughlin. Good afternoon to you, sir.
Ian Michael McLaughlin
CEO & Executive Director
Good Afternoon, Alex, and welcome, everybody. If we just go to our sort of intro slides, Look, I really appreciate you joining this afternoon. It’s a bit of a frustrating update from Vanquis. I’m sure it is for you, if you’re investors it certainly is for us as a management team. We are making really strong underlying progress. I’ll go through a little bit of that in a second because I think it’s important to talk about how we’re doing with what we committed to do.
But then probably the meat of today’s presentation is what has happened towards the end of the first half that has caused us to change our guidance, so I’ll take you through that. I’ll then hand over to Dave Watts, our CFO. You can see on the screen, I’ve got James Cranstoun, our Head of Investor Relations with me and Dave as well. And then we’ll go to your questions, which are always a bit where we get great value from, so look forward to that. Please do post your questions as we go.
So look, as I said, a bit of a frustrating first half for us, really good underlying progress, particularly on transformation, but two headwinds and one particular tailwind, and that’s what I want to unpack. So if we just
