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PCF Group reveals strong current trading, in line with management expectations

PCF's chief executive, Scott Maybury, said that “new business originations in the five-month period to 28 February 2018 were 93% ahead of the comparative period last year at £54.5mln"

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He added: “The lending portfolio has grown to approximately £172mln compared to £127mln at this time last year”

PCF Group Plc (LON:PCF) has said trading in the first five months of the current financial year has been strong, in line with the AIM-listed specialist bank's management expectations.

In a trading statement to be delivered at the group's annual general meeting today, PCF's chief executive Scott Maybury said that “new business originations in the five-month period to 28 February 2018 were 93% ahead of the comparative period last year at £54.5mln (2017: £28.2mln).”

WATCH: PCF Group Results Ahead of Expectations

He added: “The lending portfolio has grown to approximately £172mln compared to £127mln at this time last year.”

Maybury said: "Following our success in achieving the Savings Champion Award for 2018 Best New Provider, we have seen retail deposits increase to £81mln at 28 February 2018.”

In terms of outlook, he said: “Our medium-term targets for the Group remain unchanged at 12.5% return on equity and a lending portfolio of £350mln by September 2020, while asset diversification remains a goal and will follow in due course.”

The chief executive added: "Our first full year as a bank has commenced well. We have made encouraging progress against ambitious targets and our focus on expanding our addressable lending market with a proven product range will underpin our continued operational success and deliver increasing profitability."

He concluded: "We look forward to providing a further update on 23 May 2018 when we will release our interim accounts for the six-month period ending 31 March 2018."

Quick facts: PCF Group Plc

Price: 34.5 GBX

AIM:PCF
Market: AIM
Market Cap: £86.32 m
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