PCF Group: Strong trading update
At the AGM being held today for AIM-listed PCF Group, CEO Scott Maybury will announce that trading in the first five months of the financial year has been strong, with new business 30% ahead of the comparative period last year at £127m. The quality of originations has been maintained with over 79% (2019: 76%) of originations being in prime credit grades. The lending portfolio grew by 55% to over £395m, supported by retail deposits of £346m.
The Group all announced the launch of its automated prime proposition for consumer motor finance which, following a trial with a small sample of broker relationships was launched on 27 January 2020. In the first full month since launch, volumes for February show an increase in consumer motor lending of 80% copared to February 2019. This has raised the prime credit quality statistics of this division in the month to 93%.
The other divisions also performed strongly with Business Finance volumes up 5% compared to the same period in 2019. The bridging property finance portfolio as at 29 February 2020 was £21m, having only commenced business this time last year.
The Group continued to invest in its operating platform, infrastructure and human resources to prepare the Group for its medium-term goal of a £750m portfolio by September 2022.
For the full statement, please click here
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