PCF.L Regulatory News (PCF)

5 Dec 2006 07:03

Private & Commercial Fin Group Plc05 December 2006 Private and Commercial Finance Group Plc Ticker: PCF / Index: AIM / Sector: Speciality & other finance Private and Commercial Finance Group Plc ('PCFG' or 'the Group') Trading update 5th December 2006 Private and Commercial Finance Group Plc, the AIM-quoted finance house, ispleased to provide an update on current trading. •Sales in the period 1st July to 30th November 15% ahead compared to the same period last year •Virtual car showroom, www.pcfshowroom.co.uk, successfully launched •Business Finance Division gearing up for higher growth - now offering a wider range of finance achievable as a result of the strong growth of its portfolio Tony Nelson, Chief Executive of PCFG said: "It is pleasing that, despite areduction in overall consumer lending, sales in the traditionally slower secondhalf are well ahead of last year. "We continue to look at new ways to broaden our business focus and in line withthis, in October 2006 we launched a new online virtual car showroom,www.pcfshowroom.co.uk, which allows customers to look for cars and apply formotor finance online. PCFG provides the finance, whilst a joint venture partner,supplies the cars, thus we have no exposure to inventory risk. We were delightedto achieve our first sale on the first day and initial response has been verypromising. "The Business Finance Division is performing particularly well and offersgreater scope for growth and higher margins than the Motor Finance Division. Dueto the rapid growth of its portfolio, we have been able to increase the size andrange of finance we can offer, whilst keeping the amount of credit extended toany one customer within prudent limits. We plan to allocate additional resourcesto this division. "The Group has made positive steps towards a return to profitability, and I ampleased that our continuing progress enables us to introduce new initiatives,which will increase our forward momentum." **ENDS** For further information please visit www.pcfg.co.uk or contact: Tony Nelson PCFG plc Tel: 020 7222 2426 Isabel Crossley St Brides Media and Finance ltd Tel: 020 7242 4477 Felicity Edwards Notes to Editors Private & Commercial Finance Group plc, which is authorised and regulated by theFSA, is a fast growing AIM-quoted finance house. PCFG has two main operating divisions: Consumer Finance (finances cars forconsumers) and Business Finance (finances vehicles, plant and equipment forSMEs). The Group has a highly efficient business model, utilising its speciallydeveloped internet-based proposal system to service a national network ofbrokers. This allows it to handle a large volume of proposals extremely quicklywith low scaleable costs. Additionally through a joint venture with a supplierPCFG offers a range of attractively-priced cars on finance through an in-housewebsite, www.pcfshowroom.co.uk, launched in October 2006. This information is provided by RNS The company news service from the London Stock Exchange