Trading in PCF Group PLC (AIM:PCF) shares recommenced today as the company released previously delayed interim results, for the six months ended March 2021.
The share was suspended in May after accounting errors were identified and an independent review of the group's accounting records was completed.
Previously, in December, the company published restated results for the year ended September 2020.
Garry Stran, interim chief executive, said a reduction in profit versus 2020 reflected higher business costs relating to remediation activities and investments to ensure the business can support automation and future growth. The period was also impacted by the pandemic.
New business origination and net loans were lower, Stran noted.
“I am confident we will return to our strategy of controlled and prudent growth, having learned the lessons from this period, as soon as possible,” he added.
Stran highlighted that necessary actions were taken to remediate the company’s core finance processes and further work will continue to enhance processes and develop foundations to support the future strategy.
PCF intends to be centred around an enhanced and more robust risk management framework, underpinned by higher levels of automation and self-service, he noted.
In the delayed financial results, net operating income rose 4% to £14.7mln though statutory profit after tax was reported at £1mln, down from £2mln in the prior year.
Net interest margin decreased slightly to 6.7%, versus 6.8% in the corresponding period in the prior year, whilst cost to income increased to 66.3% against 49.2% previously.
The company reported a credit impairment charge of £3.8mln.