15 Apr 2015 07:00
15 April 2015
Private & Commercial Finance Group plc
("PCFG", the "Company" or the "Group")
Pre-close Statement
Portfolio Performance Beats Market Expectations
PCFG, the AIM quoted finance house, advises that the Group's results for the year ended 31 March 2015 are expected, subject to audit, to be ahead of market expectations.
Portfolio growth, portfolio quality and profitability all outperformed management objectives during the period and of particular note are the following highlights:
· New business originations for the year were up by 10% to £56.0m (2014: £50.8m).
· The loan loss provisioning charge has continued to reduce.
· The Group has achieved its target of a 2% Return on Average Assets.
· Progress continues on the banking licence application and the Group intends to present its business plan to the relevant authorities in the coming month.
· The Group has negotiated increased bank facilities and currently has £33m of committed facility headroom, which is sufficient for current year growth plans. This headroom includes the recent award of a £10m facility from the British Business Bank, the commercial division of the UK Government's economic development bank.
The Group's Preliminary Results will be announced on 9 June 2015.
Scott Maybury, CEO, commented: "The growth and performance of our receivables has delivered the initial target we set ourselves for Return on Assets, and our results have exceeded market expectations. In addition, throughout the year we have been successful in increasing debt facility headroom which provides the Group with a stronger funding position moving forward than we have seen in previous years. We anticipate further progress in the current financial year."
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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 Chris Munden / Niall Walsh / Lucia Caprani
| 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 Henry Willcocks
| Tel: +44 (0) 20 7601 6100 |
About Private & Commercial Finance Group plc (www.pcfg.co.uk)
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.