PCF Pcf Group Plc

TIDMPCF

RNS Number : 9855R

PCF Group PLC

11 March 2021

11 March 2021

PCF Group plc

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

Restatement of 2020 Preliminary Results

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR")

PCF Group plc announces that, subsequent to the Preliminary Results Announcement made on 9 December 2020, during the process of finalising the audit of its financial statements, for the year ended 30 September 2020, a number of adjustments will be made to the previously announced profit.

The adjustments are expected to constitute a net reduction of not more than GBP750,000 against a previously announced profit before impairment of goodwill and tax of GBP3.9m. The principle adjustments relate to the charging to the profit and loss previously capitalised costs for software projects, a reduction in an interest receivable balance from the Employee Benefit Trust and adjustments to accruals for interest due on stage 3 loans offset by lower staff incentive rewards.

The business remains profitable and cash generative, in spite of the unprecedented challenges that Covid-19 has created. The Group remains confident in its systems and controls and in the Group's business prospects.

The final version of the Annual Report and Financial Statements is expected to be signed and published in the next two weeks, at which time a trading update will be provided.

end

For further information, please visit https://pcf.bank/ or contact:

 
 PCF Group                                    Tel: +44 (0) 20 7222 
  Scott Maybury, Chief Executive Officer       2426 
  Robert Murray, Managing Director 
 Tavistock Communications                     Tel: +44 (0) 20 7920 
  Simon Hudson / Edward Lee / Tim Pearson      3150 
 Peel Hunt (Nominated Advisor and Broker)     Tel: +44 (0) 20 7418 
  Andrew Buchanan / James Britton / Rishi      8900 
  Shah / 
  Duncan Littlejohns 
 Shore Capital (Joint Broker)                 Tel: +44 (0) 20 7408 
  Henry Willcocks - Corporate Broking          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 has increased its lending portfolio from GBP140 million to over GBP430 million. 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 acquistion.

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.

The Group has a track record of profitability and sustainability through an efficient and scalable business model. Utilising its technologically advanced platform, PCF Bank provides both depositors and borrowers with a high level of service and a straightforward, simple range of products tailored to suit their needs.

Recently recorded video profiles of PCF's Property Bridging Finance, Azule Broadcast Equipment Finance, and Savings divisions are available at the Company's profile page on the London Stock Exchange website: https://profile.lsegissuerservices.com/PCFGroup/overview.

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March 11, 2021 07:40 ET (12:40 GMT)

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