Private & Commercial Fin Group Plc AGM Trading Statement (0675Z)
March 10 2017 - 1:00AM
UK Regulatory
TIDMPCF TIDMTTM
RNS Number : 0675Z
Private & Commercial Fin Group Plc
10 March 2017
10 March 2017
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
AGM Trading Statement
Strong portfolio growth underpins Company's transition into
retail banking
PCFG, the AIM-listed specialist bank, will hold its Annual
General Meeting ("AGM") at 10.00am today at its offices at 105 -
108 Old Broad Street, London EC2N 1ER.
At the AGM, Chief Executive Scott Maybury will make the
following statement to shareholders:
"The Board is pleased to report that trading in the first five
months of the current financial year was in line with management
expectations. The interim results for the six months period ending
31 March 2017 will be released on 6 June 2017.
We report that new business originations in the five months to
28 February 2017 were 11.3% ahead of the comparative period last
year at GBP28.2m (2016: GBP25.3m), while portfolio quality and
performance have been maintained at the previous high levels. The
portfolio of receivables has grown to GBP127m (2016: GBP122m). Our
key profitability indicators of Return on Average Assets and Return
on Equity continue to meet our targets. These medium term targets
remain unchanged at 2.5% and 12.5% respectively as we build the
bank and fully leverage the infrastructure.
The Group's primary objective is to complete full mobilisation
of the bank and the project is on track for delivery this summer.
The key mobilisation tasks of governance arrangements, implementing
a risk, liquidity and capital management framework, key function
recruitment and recovery and resolution planning are well advanced.
Also, the banking technology and infrastructure workstreams have
recently moved into the testing phase. We are very happy with the
progress being made and we are working closely with the PRA and FCA
to achieve the lifting of restrictions ahead of taking retail
deposits.
It is a testament to the team that the mobilisation process has
not distracted from organic growth, and there are a number of new
business initiatives which we will update shareholders on in more
detail at the interim results. The banking licence will greatly
expand our addressable lending market and thereby provide a
significant increase in scale, with a target portfolio of GBP350m
in three years and GBP750m in five years, which together with our
continued focus on operational success and efficiencies will
ultimately deliver superior profitability."
- end -
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)
Atholl Tweedie / Adam James 20 7886 2500
- Corporate Finance
Charles Leigh-Pemberton - Corporate
Broking
Stockdale Securities Tel: +44 (0)
Robert Finlay / Richard Johnson 20 7601 6100
- Corporate Finance
Henry Willcocks - Corporate
Broking
About Private & Commercial Finance Group plc
(www.pcfg.co.uk)
Established in 1994, Private & Commercial Finance Group plc
is an AIM-quoted specialist bank 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
TSTUKSVRBWAORAR
(END) Dow Jones Newswires
March 10, 2017 02:00 ET (07:00 GMT)
Pcf (LSE:PCF)
Historical Stock Chart
From Apr 2024 to May 2024
Pcf (LSE:PCF)
Historical Stock Chart
From May 2023 to May 2024