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PCF Group growth story continues

"Following continued strong organic growth, in addition to the previously announced strategic diversifications, our previous lending portfolio target of £350m will be delivered ahead of schedule," Scott Maybury, the group's CEO, will tell shareholders at today's AGM

Scott Maybury, the CEO of Maybury
"We will continue to invest for the future through additional resources and technology enhancements," Maybury said

PCF Group PLC (LON:PCF) saw its shares rise on Friday after the specialist lender said trading in the first five months of its current fiscal year has been strong.

Ahead of today’s annual general meeting, the company released a statement in which Scott Maybury revealed trading had been in line with management’s expectations.

READ: PCF Group raises £10mln from share placing to support next phase of growth

New business origination in the five-month period to 28 February 2019 was 78% ahead of the comparative period last year at £98mln (2018: £55m).

Maybury said the quality of originations has been maintained with more than 76% of originations being in PCF’s prime credit grades, up from 70% at the same point a year earlier.

The lending portfolio has grown to more than £255mln from £172mln at the end of February 2018, supported by retail deposits of £202mln, up from £72mln.

“The lending portfolio is reported net of approximately £48m 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,” Maybury’s statement said.

"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," Maybury said.

In afternoon trading, shares in PCF Group were 3.8% higher at 33.20p.

 -- Adds share price --

Quick facts: PCF Group Plc

Price: 36 GBX

AIM:PCF
Market: AIM
Market Cap: £90.07 m
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