PCF Group PLC Trading Statement (2448S)
March 08 2019 - 2:00AM
UK Regulatory
TIDMPCF
RNS Number : 2448S
PCF Group PLC
08 March 2019
8 March 2019
PCF Group plc
("PCF", the "Company" or the "Group")
Strong new business origination and foundations for future
growth
PCF, the AIM-listed specialist bank, will hold its Annual
General Meeting ("AGM") at 10.00am today at 1 Cornhill, London,
EC3V 3ND.
At the AGM, Chief Executive, Scott Maybury will make the
following statement to shareholders:
"Our Chairman provided a trading update in the recent Circular
to shareholders regarding the Placing and Open Offer. Further to
that statement, I am pleased to report that trading in the first
five months of the current financial year has been strong and in
line with management's expectations.
"I am pleased to report that new business origination in the
five-month period to 28 February 2019 was 78% ahead of the
comparative period last year at GBP98m (2018: GBP55m). We are also
pleased to report that the quality of originations has been
maintained with over 76% of originations being in our prime credit
grades (2018: 70%). The lending portfolio has grown to over GBP255m
(2018: GBP172m) and this is supported by retail deposits of GBP202m
(2018: GBP72m). The lending portfolio is reported net of
approximately GBP48m of deferred income which provides a degree of
visibility on future earnings, as typically 50% of this income is
expected to accrue in the upcoming 12 months.
"Following continued strong organic growth, in addition to the
previously announced strategic diversifications, our previous
lending portfolio target of GBP350m will be delivered ahead of
schedule. Completing the proposed Placing and Open Offer will
provide capital headroom to support the next stage of growth as the
Group moves towards its medium-term targets of a portfolio of
receivables of GBP750 million and a return on equity of 15% by
September 2022. We are pleased with the performance and on-going
integration of our acquisition, Azule Limited. The nascent property
bridging finance division completed its first deal in January and
has a strong pipeline of additional business.
"We will continue to invest for the future through additional
resources and technology enhancements to build and maintain an
infrastructure that supports our ambitions and meets the needs of
our customers.
"The UK economy faces political and economic uncertainties which
have the potential to slow our progress. However, by maintaining a
sound credit model and a robust operational platform we can
mitigate these risks. We will remain alert to these challenges as
we plan our growth strategy for 2020 and beyond; and we look
forward to providing a further update on 5 June 2019 when we will
announce our half-year accounts for the six-month period ending 31
March 2019."
- end -
For further information, please contact:
PCF Group plc Tel: +44 (0) 20 7222 2426
Scott Maybury, Chief Executive Officer
Robert Murray, Managing Director
David Bull, Finance Director
Tavistock Communications Tel: +44 (0) 20 7920 3150
Jos Simson / Simon Hudson / Edward
Lee
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
Atholl Tweedie - Corporate Finance
Charles Leigh-Pemberton - Corporate
Broking
Stockdale Securities Tel: +44 (0) 20 7601 6100
Robert Finlay / Richard Johnson -
Corporate Finance
Henry Willcocks - Corporate Broking
About PCF Group plc (www.pcf.bank)
Established in 1994, PCF Group plc is the AIM-listed parent of
specialist bank, PCF Bank Limited. Since becoming a bank in 2016,
the Group has the capability to increase its lending portfolio
significantly, with an initial portfolio target of GBP350 million,
growing to GBP750 million by September 2022. The Group will retain
its focus on portfolio quality, lending increasingly to the prime
segment of its existing finance markets. The Group has also
recently diversified its lending products and asset classes through
acquisition and by setting up new organic operations.
PCF Bank currently offers retail savings products for
individuals and then deploys those funds through its four lending
divisions:
-- Business Finance which provides finance for vehicles, plant and equipment to SMEs;
-- Consumer Finance which provides finance for motor vehicles to consumers;
-- Azule Limited which provides finance to the broadcast and media industry; and
-- Bridging Property Finance which provides loans to companies
and sole traders investing in residential property
The Group has a track record of strong financial performance and
an efficient and scalable business model, with significant room to
grow. Utilising its technology platform, the Bank provides both
depositors and borrowers with a high level of service and a
straightforward, simple range of products tailored to suit their
needs.
For media enquiries please contact media@pcf.bank
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END
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