1 May 2012 07:00
PCF.L / Index: AIM / Sector: Speciality & other finance
1 May 2012
Private & Commercial Finance Group Plc ('PCFG' or 'the Group')
Trading Update
The Directors of PCFG, the AIM quoted finance house, are pleased to announce a trading update prior to its preliminary results for the year ended 31 March 2012 which will be released on 26 June 2012.
·; The results are expected, subject to audit, to be in line with our expectations
·; £15m of new funding facilities secured in the financial year
·; Successfully completed a sale of receivables at a premium to book value. Proceeds were used to repay senior debt, reduce equity gearing and further strengthen the Company's balance sheet
·; The Group's portfolio of receivables, which is well spread over 14,800 customers, continues to perform well and has maintained an improving trend throughout the year
PCFG's Chief Executive, Scott Maybury said, "It is extremely pleasing to be attracting new funding facilities and these can now be utilised to grow the portfolio. In the second half of the year, we have seen increased competition amongst finance companies as challenging economic conditions has lead to fewer consumers purchasing vehicles and SME's postponing investment decisions. We will, however, remain selective in our underwriting and focus on credit quality to ensure that our portfolio of finance receivables is well spread and at sensible and sustainable yields."
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For further information visit www.pcfg.co.ukor contact:
Private & Commercial Finance Group plc | Tel: 020 7222 2426 |
Scott Maybury, CEO | |
St Brides Media & Finance Limited | Tel: 020 7236 1177 |
Felicity Edwards | |
Westhouse Securities Limited (Nomad) | Tel: 020 7601 6100 |
Dermot McKechnie Petre Norton | |
Daniel Stewart & Company (Broker) Noelle Greenaway Martin Lampshire
|
Tel: 020 7776 6550 |
Notes to Editors:
Private & Commercial Finance Group plc, which is authorised and regulated by the FSA, is an AIM-quoted finance house.
PCFG has two main operating divisions: Consumer Finance - which provides a range of specially tailored motor finance products for consumers and Business Finance - which finances vehicles, plant and equipment for SME's. The Group has a highly efficient and scalable business model, utilising its specially developed internet-based proposal system to service national networks of brokers. This allows it to handle a large volume of proposals extremely quickly with proportionately low costs.