Proactive Investors - Run By Investors For Investors

PCF Group growth story continues

"Following continued strong organic growth, in addition to the previously announced strategic diversifications, our previous lending portfolio target of £350m will be delivered ahead of schedule," Scott Maybury, the group's CEO, will tell shareholders at today's AGM
Scott Maybury, the CEO of Maybury
"We will continue to invest for the future through additional resources and technology enhancements," Maybury said

PCF Group PLC (LON:PCF) saw its shares rise on Friday after the specialist lender said trading in the first five months of its current fiscal year has been strong.

Ahead of today’s annual general meeting, the company released a statement in which Scott Maybury revealed trading had been in line with management’s expectations.

READ: PCF Group raises £10mln from share placing to support next phase of growth

New business origination in the five-month period to 28 February 2019 was 78% ahead of the comparative period last year at £98mln (2018: £55m).

Maybury said the quality of originations has been maintained with more than 76% of originations being in PCF’s prime credit grades, up from 70% at the same point a year earlier.

The lending portfolio has grown to more than £255mln from £172mln at the end of February 2018, supported by retail deposits of £202mln, up from £72mln.

“The lending portfolio is reported net of approximately £48m of deferred income which provides a degree of visibility on future earnings, as typically 50% of this income is expected to accrue in the upcoming 12 months,” Maybury’s statement said.

"The UK economy faces political and economic uncertainties which have the potential to slow our progress; however, by maintaining a sound credit model and a robust operational platform we can mitigate these risks. We will remain alert to these challenges as we plan our growth strategy for 2020 and beyond," Maybury said.

In afternoon trading, shares in PCF Group were 3.8% higher at 33.20p.

 -- Adds share price --

View full PCF profile View Profile

PCF Group Plc Timeline

March 08 2019

Related Articles

CSE head office in Toronto
January 01 2019
Capital raised on the CSE set to increase over 500% by the end of 2018
December 05 2018
“I think we’re a different generation of bank that is a lot quicker on our feet, a lot quicker at reacting to what customers want and are a lot more attractive to the savings market,” PCF boss Scott Maybury said
March 12 2019
"Over the past 25 years, S&U has consistently demonstrated its ability to adapt to the kinds of economic and political uncertainty we all currently face," said chief executive Anthony Coombs.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use