LONDON (Alliance News) - PCF Group PLC on Wednesday reported a substantial improvement in its earnings in the first half of its current financial year, boosted by double-digit growth in customer numbers.
The AIM-listed bank said its pretax profit increased by 57% to GBP3.3 million in the six months to the end of March from GBP2.1 million reported a year earlier, as strong portfolio growth delivered operational gearing and increased profitability, PCF explained.
The lending portfolio stood at GBP276 million at the half-year-end, up from GBP179 million the year prior, an increase of 54%, and the operating income generated from the portfolio was up 51% to GBP10.1 million. PCF said its customer base is now over 19,000, up 27% compared to 15,000 a year ago.
Looking ahead, PCF said it remains on track to meet market expectations in its financial 2019.
"This has been another highly successful period for the group," said Chief Executive Scott Maybury. "We look forward to reporting continued success as the year progresses."
PCF shares were trading 2.2% lower on Wednesday at 32.26 pence each.
