19 Sep 2014 07:00
19 September 2014
Private & Commercial Finance Group plc
("PCFG", the "Company" 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:
"The Board is pleased to report that, following a strong set of results in the financial year ended 31 March 2014, portfolio growth, portfolio quality and the Group's profitability have all continued to improve. Ahead of the Company's half year to 30 September 2014, the Board is pleased to report that trading is in line with market expectations.
Of particular note are the following highlights:
• | New business originations for the five months to August 2014 are £23.5m (5 months to August 2013: £22.5m), consistent with our internal targets |
• | New business growth is most robust in our consumer finance division, reflecting the current strength of the UK car market |
• | The loan loss provisioning charge has continued to reduce and currently stands at 2.0% (31 March 2014: 2.4%). |
• | The total portfolio has grown 5% to £93.2m (31 March 2014: £88.7m), and is performing in line with management's expectations in terms of achieving our 2% Return on Assets target by the end of the current financial year. |
• | Progress continues on our banking licence application and we intend to present our business plan to the relevant authorities in the near future. |
• | The Group has negotiated increased bank facilities in the period and currently has £13m of committed facility headroom, which is sufficient for our current year growth plans |
Our performance in the financial 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 26 November 2014."
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For further information please contact:
Private & Commercial Finance Group Scott Maybury, Chief Executive Robert Murray, Managing Director Zane Kerse, Finance Director
| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Chris Munden / Niall Walsh / Lucia Caprani
| Tel: +44 (0) 20 7920 3150 |
Panmure Gordon (UK) Limited Fred Walsh / Peter Steel / Atholl Tweedie
| Tel: +44 (0) 20 7886 2500 |
Westhouse Securities Limited Nick Ellis / Darren Vickers / Henry Willcocks
| Tel: +44 (0) 20 7601 6100 |
About Private & Commercial Finance Group plc
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.