21 Mar 2016 07:00
21 March 2016
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
Change of Accounting Reference Date
PCFG announces that it has changed its Accounting Reference Date from 31 March to 30 September.
As outlined in PCFG's Interim Results announcement on 1 December 2015, the Group is developing closer ties with Bermuda Commercial Bank ("BCB"), its largest shareholder with 74.96% of issued shares. The alignment of PCFG and BCB's Accounting Reference Dates is one of the steps that are expected to provide the opportunity for synergies on costs, funding, infrastructure and expertise.
As a result of this change, PCFG's reporting calendar for the rest of the year will be as follows:
· interim results for the twelve month period ended 31 March 2016 (unaudited but inclusive of auditor's independent review report), to be announced by the end of June 2016; and
· final and audited results for the eighteen month period ended 30 September 2016, to be announced by the end of December 2016.
Thereafter, interim and annual reports will be published each year for the six months to 31 March and twelve months to 30 September, respectively, in accordance with the AIM Rules.
The Board does not foresee any material financial implications on the Group as a result of the change in Accounting Reference Date. The Company will release a trading update on 14 April 2016.
For further information please contact:
Private & Commercial Finance Group Scott Maybury, Chief Executive Officer Robert Murray, Managing Director David Bull, Finance Director
| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Niall Walsh / Jos Simson
| Tel: +44 (0) 20 7920 3150 |
Panmure Gordon (UK) Limited Fred Walsh / Peter Steel / Atholl Tweedie
| Tel: +44 (0) 20 7886 2500 |
Stockdale Securities Henry Willcocks
| Tel: +44 (0) 20 7601 6100 |
About Private & Commercial Finance Group plc (www.pcfg.co.uk)
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.