Shares in finance house Private & Commercial (PCF) surged by 1.25p to 9.75p after announcing a 48% rise in pre-tax profits to 0.5 million pounds for the six months to September. The numbers were driven by new business growth and loan loss provisions falling by 14%. To further boost growth the company is looking at applying for a deposit-taking licence. House broker Daniel Stewart has an 18p target price on the shares.
Red Hot Penny Share have tipped PCF.They put the kiss of death on every share they mention.eg=NEW down 94%=BIOM down 80%=STGR down 65%=WHE down 62%=FOGL down 78%=TOM down 42%=PAL down 65%=SGO down 98%=PHE down 97%=SEV down 48%=CDC down 94%=FDI down 94%=R4E down 83%=PPIX down 85%=WET down 90%=OXA down 74%=WAS down 60%=CGH down 84% and the list goes on.Don't say you weren't warned.Hopefully they might get one right this time.
Several small buys today and the SP is well up. No news release today, but I see from the 25 June 2013 research reports on the PCF website that Daniel Stewart have increased their target price from 12p to 18p, and Westhouse have a new 7 page note and have reiterated 14p. Perhaps these broker updates have stirred some interest.
Westhouse Securities have forecast £1.6m pretax for the year to March 2014 compared to 829K in 2013. Looking at the Westhouse note of 5 December 2012, this is based on 15% revenue growth and the same % gross margin as 2013. In the 2013 accounts, the chairman stated that "the last quarter of the year [Jan to Mar 2013] saw a 27% increase in new business volumes over the equivalent period in 2012. This has been followed by a strong start to the new financial year with sustained, better than budgeted new business volumes".
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