20 Sep 2013 07:00
PCF / Index: AIM / Sector: Speciality & other finance
20 September 2013
Private & Commercial Finance Group plc
("PCFG" or "the Group")
AGM Trading Update
PCFG, the AIM-listed finance house, will hold its Annual General Meeting at 10.30am today at the offices of Tavistock Communications, 131 Finsbury Pavement, London EC2A 1NT.
At the AGM, Chief Executive Scott Maybury will make the following statement to shareholders:
"I am pleased to report that, following a strong finish to the financial year ended 31 March 2013, our positive momentum has continued. Ahead of the Company's half year to 30 September we are confident that trading is in line with expectations. Of particular note are the following highlights:
· New business originations for the five months to August 2013 are £22.6m (5 months to August 2012: £14.8m), an increase of 53%.
· New business growth is particularly strong in our consumer finance division, reflecting an upturn in consumer confidence.
· The total portfolio has grown to £85m (31 March 2013: £80m), the first sustained period of growth for five years.
· The Group has commenced discussions with the Prudential Regulation Authority and is in the 'pre-application' phase for a deposit-taking licence.
· PCFG issued a Supplementary Prospectus on 2 September to extend the life of the Prospectus issued on 16 October 2012. The put option with Bermuda Commercial Bank for £3m of 2016 Loan Notes has been exercised and the proceeds will fund the redemption of the 2013 Loan Notes maturing this month.
· The Group has £15m of committed bank facility headroom, which is sufficient for our current year growth plans.
"Our performance year to date and the growth in our portfolio of receivables means we can view the remainder of the current financial year with confidence. I look forward to reporting our Interim Results on 3 December 2013."
**ENDS**
For further information, please visit www.pcfg.co.uk or contact:
Private & Commercial Finance Group plc Tel: +44 (0) 20 7222 2426
Scott Maybury, Chief Executive Officer
Robert Murray, Managing Director
Zane Kerse, Finance Director
Tavistock Communications Tel: +44 (0) 20 7920 3150
John West / Niall Walsh
Westhouse Securities (Nominated Advisor) Tel: +44 (0) 20 7601 6100
Richard Baty
Daniel Stewart & Co (Nominated Broker) Tel: +44 (0) 20 7776 6550
Martin Lampshire
About Private & Commercial Finance Group plc
Private & Commercial Finance Group plc is an AIM-quoted finance house with a 20 year track record which has two main operating divisions:
· Consumer Finance provides a range of specially tailored finance products for consumers
· Business Finance finances vehicles, plant and equipment for 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.