14 Oct 2008 07:30
PCF.L / Index: AIM / Sector: Speciality & other finance
14th October 2008
Private & Commercial Finance Group Plc ('PCFG' or 'the Group')
Trading Update
The Directors of PCFG, the AIM quoted finance house, are pleased to provide an update on trading in advance of the publication of the Interim Results for the six months to 30th September 2008:
Both consumer and business finance divisions performed well - in line with our expectations despite the turmoil in financial markets
The Group's portfolio of finance receivables increased 5% to over £170 million, including finance charges to be recognised in future periods of £30 million, in the 6 months ended 30th September 2008
The Group's Interim Results for 6 months ended 30th September 2008 are expected to show an increase in profit before tax of approximately 15% over the corresponding period last year
The Interim Results will be released on 16th December 2008
CEO Tony Nelson said, "Last year we prudently decided to rein back our new business volumes because of the outlook for the wider economy. This has greatly benefited the Group because, with demand for our services significantly exceeding supply, we have been able progressively to tighten our lending criteria and further increase margins.
"We are fortunate that our principal funding arrangements are with major UK retail banks which, while understandably keen to increase their margins in the current climate, have the ability and resources to continue to support their established customers. We do not believe that the situation of Kaupthing Singer & Friedlander who provided us with a 3 year facility of £20 million, which we drew down earlier this year, will have any material effect on our plans. We have been successful in obtaining further funding from new sources which gives us the flexibility to continue to grow our portfolio as planned."
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For further information visit www.pcfg.co.uk or contact:
| Private & Commercial Finance Group plc | Tel: 020 7222 2426 |
| Tony Nelson | |
| St Brides Media & Finance Ltd | Tel: 020 7242 4477 |
| Felicity Edwards |
Notes to Editors:
Private & Commercial Finance Group plc, which is authorised and regulated by the Financial Services Authority, is an independent AIM-listed finance house. Through its operating subsidiaries the Company provides a carefully selected range of high quality equipment finance products tailored for both business and personal customers. The range extends from financing cars for consumers to leasing a wide range of equipment to businesses.