11 Mar 2021 12:40
11 March 2021
PCF Group plc
("PCF", the "Bank" or the "Group")
Restatement of 2020 Preliminary Results
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR")
PCF Group plc announces that, subsequent to the Preliminary Results Announcement made on 9 December 2020, during the process of finalising the audit of its financial statements, for the year ended 30 September 2020, a number of adjustments will be made to the previously announced profit.
The adjustments are expected to constitute a net reduction of not more than £750,000 against a previously announced profit before impairment of goodwill and tax of £3.9m. The principle adjustments relate to the charging to the profit and loss previously capitalised costs for software projects, a reduction in an interest receivable balance from the Employee Benefit Trust and adjustments to accruals for interest due on stage 3 loans offset by lower staff incentive rewards.
The business remains profitable and cash generative, in spite of the unprecedented challenges that Covid-19 has created. The Group remains confident in its systems and controls and in the Group's business prospects.
The final version of the Annual Report and Financial Statements is expected to be signed and published in the next two weeks, at which time a trading update will be provided.
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For further information, please visit https://pcf.bank/ or contact:
PCF Group Scott Maybury, Chief Executive Officer Robert Murray, Managing Director
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| Tel: +44 (0) 20 7222 2426 |
Tavistock Communications Simon Hudson / Edward Lee / Tim Pearson
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| Tel: +44 (0) 20 7920 3150 |
Peel Hunt (Nominated Advisor and Broker) Andrew Buchanan / James Britton / Rishi Shah / Duncan Littlejohns |
| Tel: +44 (0) 20 7418 8900 |
Shore Capital (Joint Broker) Henry Willcocks - Corporate Broking |
| Tel: +44 (0) 20 7408 4080 |
About PCF Group plc (www.pcf.bank)
Established in 1994, PCF Group plc is the AIM-quoted parent of the specialist bank, PCF Bank Limited. Since commencing operations as a bank in 2017, the Group has increased its lending portfolio from £140 million to over £430 million. The Group continues to focus on portfolio quality and lending to the prime segments of its existing markets. The Group will continue to identify opportunities to diversify its lending products and asset classes by setting up new organic operations or through acquistion.
PCF Bank currently offers retail savings products for individuals and then deploys those funds through its four lending divisions:
• Business asset finance which provides finance for vehicles, plant and equipment to SMEs;
• Consumer motor finance which provides finance for motor vehicles to consumers;
• Azule which provides finance to the broadcast and media industry; and
• Property bridging finance which provides loans to companies and sole traders investing in residential and commercial property.
The Group has a track record of profitability and sustainability through an efficient and scalable business model. Utilising its technologically advanced platform, PCF Bank provides both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.
Recently recorded video profiles of PCF's Property Bridging Finance, Azule Broadcast Equipment Finance, and Savings divisions are available at the Company's profile page on the London Stock Exchange website: https://profile.lsegissuerservices.com/PCFGroup/overview.