Private & Commercial Fin Group Plc Trading and Pre-close Statement (0002N)
October 20 2016 - 1:00AM
UK Regulatory
TIDMPCF TIDMTTM
RNS Number : 0002N
Private & Commercial Fin Group Plc
20 October 2016
20 October 2016
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
Trading and Pre-close Statement
New business growth and strong portfolio performance lay
foundations for banking licence application
PCFG, the AIM quoted finance house, advises that portfolio
performance and profitability in the period has continued to meet
management objectives. As a result, the Group's Final Results for
the 18 month period ended 30 September 2016 are expected to be
slightly ahead of market expectations.
The Final Results will be announced on 8 December 2016.
Trading and operational highlights include:
-- Total new business originations in the 18 month period
amounted to GBP100.4m. Of this, GBP37.2m (37%) was written in the
six months to 30 September 2016, an increase of 20% on the previous
period (6 months to 31 March 2016: GBP31.1m).
-- The portfolio of finance receivables grew in the six months
to 30 September 2016 by 9% to GBP122m (31 March 2016: GBP112m).
-- The loan loss provisioning charge has continued to reduce,
despite already being below target levels.
-- Key performance indicators such as Return on Average Assets continue to outperform.
-- The banking licence application is progressing well and in
accordance with the year-end timetable outlined in our June Interim
Statement.
-- The Group currently has GBP65m of committed facility
headroom, enabling it to fund its projected growth up to the
commencement of deposit taking activities. This increased headroom
is due to the new facility from Bermuda Commercial Bank announced
in July 2016.
Scott Maybury, CEO, commented: "I am pleased to announce another
strong pre-close trading update from PCFG. Our excellent levels of
new business origination and performance of our portfolio are such
that we expect the Group's Final Results to be slightly ahead of
market expectations, as upgraded during the course of this
financial period."
"The result of the EU Referendum in June has not affected
trading and our organic growth remains strong. This growth has not
been at the expense of portfolio quality, as we have achieved a
reduction in our loan loss provisioning charge and our portfolio is
more efficient than ever. The diversity of our portfolio, our
proven performance over an entire economic cycle and ability to
increase our relatively small share of core markets should provide
reassurance insofar as the current political and economic climate
is concerned. We will continue to apply prudent underwriting
standards appropriate to the economic environment and ensure that
growth is managed responsibly and sustainably."
"It is also important to recognise that the granting of a
banking licence will be transformational for the growth potential
and aspirations of the Group, and we look forward to updating
shareholders when we announce our Final Results on 8 December
2016."
- end -
For further information, please contact:
Private & Commercial Finance Tel: +44 (0)
Group 20 7222 2426
Scott Maybury, Chief Executive
Officer
Robert Murray, Managing Director
David Bull, Finance Director
Tavistock Communications Tel: +44 (0)
Jos Simson / Niall Walsh 20 7920 3150
Panmure Gordon (UK) Limited Tel: +44 (0)
Adam James / Peter Steel / Atholl 20 7886 2500
Tweedie - Corporate Finance
Charles Leigh-Pemberton - Corporate
Broking
Stockdale Securities Tel: +44 (0)
Henry Willcocks 20 7601 6100
About Private & Commercial Finance Group plc
(www.pcfg.co.uk)
Established in 1994, Private & Commercial Finance Group plc
is an AIM-quoted finance house which has two main operating
divisions:
-- Consumer Finance which provides finance for motor vehicles to consumers; and
-- Business Finance which provides finance for vehicles, plant and equipment to SMEs.
The Group has a highly efficient and scalable business model,
utilising its specially developed internet-based proposal system to
service national networks of brokers and suppliers.
Certain information contained in this announcement would have
constituted inside information (as defined by Article 7 of
Regulation (EU) Number 596/2014) prior to its release as part of
this announcement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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