14 Apr 2014 07:00
14 April 2014
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
Pre-close Statement
PCFG, the AIM quoted finance house, is pleased to advise that the Group's preliminary results for the year ended 31 March 2014 are, subject to audit, expected to be in line with market expectations.
The Group also advises that it has recently increased its funding by £5 million through the successful negotiation of additional headroom on one of its existing facilities. This takes the current total committed facility headroom to £14 million.
The preliminary results will be announced on 10 June 2014.
Scott Maybury, CEO, commented: "The increased facility provides the Group with adequate headroom and is one of several increases we are negotiating to support the growth of our portfolio. In this regard, the portfolio continues to grow, new business credit quality has been excellent, and our return on average assets continues to increase. We look forward to reporting further on 10 June 2014, including progress with our banking licence application."
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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 John West / Niall Walsh
| 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 Richard Baty / 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.