PCF Group PLC Update on 2021 Accounts and Trading update (6573B)
15 Febrero 2022 - 1:00AM
UK Regulatory
TIDMPCF
RNS Number : 6573B
PCF Group PLC
15 February 2022
15 February 2022
PCF Group plc
("PCF", the "Company" or the "Group")
Update on publishing of 2021 Accounts, Interims and Trading
update
Update on publishing of 2021 Accounts / Interims for the period
31 March 2022
The production of the financial statements and audit process for
the year ended 30 September 2021 is in progress with the Group's
new auditors and is receiving priority focus. The Company
anticipates the publication of its 2021 audited results during the
last week of May 2022.
As 31 March 2022 is the last day permitted for publication of
those audited results under the AIM Rules for Companies, the
Company's shares will be temporarily suspended with effect from
7.30am on 1 April 2022 until the publication of the 2021 audited
results. For logistical reasons it is not possible to complete the
financial accounts and the required audit processes prior to 31
March 2022.
The Company also expects to publish its interim results for the
six months ended 31 March 2022 prior to the end of June 2022 to
facilitate a return to a normal cycle of reporting results in line
with AIM Regulations.
Trading update
Over the course of the 2021 full financial year, new business
origination totalled GBP155 million, a 43% reduction compared with
2020 (GBP272 million). Origination was lower across all segments of
the portfolio as the Group managed new business volumes in a
conservative and prudent manner taking account of the position of
the Group but was notably lower in its Business Finance Division
(BFD) and Azule, both of which continued to see demand
significantly impacted by the pandemic and the supply of finance
under various government pandemic support schemes.
As a result, the Group's gross loan book reduced from GBP446
million as at 31 March 2021 to approximately GBP379 million as at
30 September 2021. Whilst the loan book as at 30 September 2021 was
lower, the average loan book over the 2021 financial year was
broadly stable relative to 2020.
In the interim financial statements for the period to 31 March
2021, PCF indicated that as a result of its ongoing remediation and
enhancement activities profitability would be negatively impacted
in the near-term. Consequentially, the Group expects it will
generate a loss before tax for the 2021 full financial year.
Notably this includes the elevated expenses arising from the
investigative and remediation activities previously announced.
The Group has started its drive back to normalised origination
levels to mitigate this reduction in receivables and start to
rebuild the overall size of its loan book. Loan origination for the
first quarter of the current 2022 financial year to 31 December
2021 was GBP19 million (2020: GBP49million). In the second quarter
to 31 March 2022, the Group is experiencing strong approval levels
and expects to double the first quarter origination level.
The Board also remains focused on preparing the business to
execute against its growth strategy which will be underpinned by a
data-driven and digitalised approach to lending and loan
origination. Details of the future plans will be outlined in the
Annual Report & Financial Statements 2021.
ENDS
For further information, please visit https://pcf.bank/ or
contact:
PCF Group (via Tavistock Communications) Tel: +44 (0) 20
Garry Stran, Interim Chief Executive 7920 3150
Officer
Caroline Richardson, Chief Financial
Officer
Tavistock Communications Tel: +44 (0) 20
Simon Hudson / Tim Pearson 7920 3150
Peel Hunt (Nominated Advisor and Joint Tel: +44 (0) 20
Broker) 7418 8900
Andrew Buchanan / Rishi Shah /
Sam Milford
Shore Capital (Joint Broker) Tel: +44 (0) 20
Henry Willcocks / Guy Wiehahn 7408 4080
About PCF Group plc ( www.pcf.bank )
Established in 1994, PCF Group plc is the AIM-quoted parent of
the specialist bank, PCF Bank Limited. Since commencing operations
as a bank in 2017. The Group continues to focus on portfolio
quality and lending to the prime segments of its existing markets.
The Group will continue to identify opportunities to diversify its
lending products and asset classes by setting up new organic
operations or through acquisition.
PCF Bank currently offers retail savings products for
individuals and then deploys those funds through its four lending
divisions:
-- Business asset finance which provides finance for vehicles, plant and equipment to SMEs;
-- Consumer motor finance which provides finance for motor vehicles to consumers;
-- Azule which brokers finance to the broadcast and media industry; and
-- Property bridging finance which provides loans to companies
and sole traders investing in residential and commercial
property.
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END
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