TIDMPCF

RNS Number : 7513S

PCF Group PLC

18 November 2021

18 November 2021

PCF Group plc

("PCF", the "Bank" or the "Group")

Market Update

Introduction

PCF is providing this update in relation to the work it has undertaken to improve its financial reporting and control environment and the timetable it is working to in respect of the publication of its annual report and accounts for the financial year ended 30 September 2020 as well as its interim results for the period ended 31 March 2021.

The Board apologises on behalf of the Group to all stakeholders and shareholders both for the delay in the publication of the Group's 2020 annual report and accounts and for the continuing suspension of trading in the Group's shares on AIM.

Update on Remediation plan

As announced on the 28 June 2021, the Board had instigated several initiatives to analyse and then improve PCF Group's financial reporting and control environment. Developments of note since then are:

   --    The independent review of the Group's accounting records has now been completed. 

-- The assessment of the Group's financial control framework, reporting processes, governance structures and its suitability to be a listed company (the "Assessment") is nearing completion.

-- With expert external assistance, the Group has initiated a programme of cultural change focussing on the identification and management of risk, active listening and speaking up.

Trading Suspension and Annual Report and Accounts

The Group's shares remain suspended pending completion of the Assessment as well as the publication of the Group's 2020 annual report and accounts and its interim results to 31 March 2021. The anticipated timetable for completion of these matters is as follows:

-- The finalisation of the Assessment will be shortly after publication of 2020 annual report and accounts.

-- The publication of the 2020 annual report and accounts is expected to be late December / early January.

-- The publication of the interim results to 31 March 2021 is expected to be as soon as possible following the filing of the 2020 annual report and accounts. A further announcement regarding these results will be made in due course.

Trading update and outlook

Despite the extent of improvements that the Group is implementing to its financial control framework, its core competencies within its customer-facing business remain strong and it continues to maintain its long-established relationships with customers and intermediaries.

The Group continues to receive levels of inflows in respect of its deposit taking activity in line with its business and liquidity plan and continues to manage its loan originations at a reduced year on year level, as well as manage its capital and liquidity position in a conservative and prudent manner taking account of the position of the Group and the wider macro-economic situation in the UK.

End

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 / Jasmine Kanish 
 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 provides 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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(END) Dow Jones Newswires

November 18, 2021 02:00 ET (07:00 GMT)

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