Wonga loses £65m but insists it is on track to be profitable again

Payday lender cites end of sponsorship of Newcastle United in 2016 annual report as one factor behind expected improvementWonga made a loss of nearly £65m last year, but has insisted that it is on track to return to profitability in 2017, in part due to its Newcastle United sponsorship ending.The UK’s biggest payday lender was forced to tear up its business model in 2014 after running into regulatory problems and because of the cap on loan rates introduced by the Financial Conduct Au