PCF.L Regulatory News (PCF)

11 Apr 2006 09:50

Private & Commercial Fin Group Plc11 April 2006 PRIVATE & COMMERCIAL FINANCE GROUP PLC ("PCFG" or "the Company") TRADING STATEMENT 11 April 2006 The Directors of PCFG are pleased to provide an update on the first quarter'strading: •New business in both the motor finance and commercial finance divisions remains strong, continuing the upward trend established in the second half of 2005 •In March, aggregate new advances totalled over £5.6 million - a new record for the Company, exceeding the previous record of £4.9 million set in February Tony Nelson, Chief Executive of PCFG said: "Both of our operating divisions areenjoying excellent growth and we have now achieved the critical mass we requirefor our portfolios of finance receivables, which totalled over £70 million (netof finance income allocated to future periods of £15 million) at 31st March2006. We announced in our results that new business volumes were over 60% aheadin January and February compared to the same period last year, so it gives megreat pleasure to report that this trend is continuing. "I am delighted to see that some of the personal loan providers whoseunrealistic lending rates have made life difficult for the sensible players inthe motor finance sector for some time are at last coming to their senses whenwriting new business. The market is competitive but I believe that by stickingto our core principles we can grow the business and build shareholder value." This information is provided by RNS The company news service from the London Stock Exchange