PCF Group PLC Update on Restatement of 2020 Preliminary Results (3386L)
10 Septiembre 2021 - 1:00AM
UK Regulatory
TIDMPCF
RNS Number : 3386L
PCF Group PLC
10 September 2021
PCF Group plc
("PCF", the "Bank" or the "Group")
Update on Restatement of 2020 Preliminary Results
Further to the announcement of 3 August, PCF is providing a
further update in relation to the ongoing review of its financial
controls and reporting processes.
During the course of this ongoing review PCF has identified
certain accounting matters that impact the previously announced
restatement of profit before impairment of goodwill and tax for the
year ended 30 September 2020 on 11 March 2021 that stated it was
anticipated that such net reduction of profit would not be more
than GBP750,000.
As a result of the matters identified the net reduction is now
anticipated to be greater than GBP750,000. It remains the case that
none of the new matters identified indicate to the Board that any
monies have inappropriately left the PCF Group. At this time PCF
cannot give further guidance as work is ongoing to establish the
actual extent of that further reduction.
PCF will provide a further update in due course.
PCF's shares remain suspended from trading.
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 Broker) Tel: +44 (0) 20
Andrew Buchanan / Rishi Shah / 7418 8900
Duncan Littlejohns / 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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