PCF Group PLC - Strong trading and new initiatives support growth
("PCF", the "Company" or the "Group")
Strong trading and new initiatives support growth
PCF, the AIM-listed specialist bank, will hold its Annual General Meeting ("AGM") at
At the AGM, Chief Executive,
"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.
"New business origination in the five-month period to
"A key initiative for FY2020, which forms part of our strategy to further improve the credit risk profile of our business, was the launch of our automated prime proposition for consumer motor finance. After a trial with a small number of broker relationships in late 2019 the product and enhanced functionality were launched on
"In our first full month of the new product's operation we can report that year on year, the comparative volumes for February show an increase in consumer motor lending of 80%. This has raised the prime credit quality statistics of this division in the month to 93%. This prime business attracts a lower net interest margin than our near prime originations but is expected to deliver both lower loan loss impairment charge and administrative expense. This is an exciting start for this product and proves our model to build portfolio scale and strong operational gearing in the medium-term.
"Our other business lines continue to grow. Business Finance volumes in the five-month period to
"In the period we have continued to invest in our operating platform, infrastructure and human resources to prepare the Group for our medium-term target of a
"The world economy faces increased economic concerns over Covid-19 and there remains uncertainty over the
"We have confidence in the short-term as we build on our market share in diversified markets and can take comfort from the
"Finally, I would like to bring to shareholders attention the latest corporate presentation which is available on our website or in hard copy for those attending the AGM in person today."
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For further information, please contact:
Tel: +44 (0) 20 7222 2426
Tel: +44 (0) 20 7920 3150
Tel: +44 (0) 20 7886 2500
Shore Capital (Joint Broker)
Tel: +44 (0) 20 7408 4080
Established in 1994,
• Business Finance which provides finance for vehicles, plant and equipment to SMEs;
• Consumer Finance which provides finance for motor vehicles to consumers;
• 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 technologically advanced 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 [email protected]
Recently recorded video profiles of PCF's Bridging Finance, Azule Broadcast Equipment Finance, and Savings divisions are available at the Company's profile page on the
This information is provided by RNS, the news service of the
Quick facts: PCF Group Plc
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