8th Mar 2019 09:41
LONDON (Alliance News) - Specialist bank PCF Group PLC on Friday said performance so far in its financial year has been strong, with one target being beaten ahead of schedule.
Since PCF's last financial year ended in September, new business is up 78% year-on-year at GBP98 million, while PCF said the quality of this new business has also been maintained, with 76% in prime credit grades, up from 70% a year prior.
PCF's lending portfolio has risen to GBP255 million, up 48%, with retail deposits almost tripling to GBP202 million.
PCF has a GBP350 million lending target, and this will be met ahead of schedule, it said.
Recently, the AIM-listed bank raised GBP10 million in a share placing, and it said this cash will give it the financial strength to move onto a new stage of growth. Its long-term targets are for GBP750 million of receivables and a return on equity of 15% by September 2022.
Its new property bridging finance operations secured a first deal in January, and has a "strong" pipeline lined up.
Looking ahead, Chief Executive Scott Maybury, speaking at PCF's annual general meeting on Friday, said: "The UK economy faces political and economic uncertainties which have the potential to slow our progress. However, by maintaining a sound credit model and a robust operational platform we can mitigate these risks.
"We will remain alert to these challenges as we plan our growth strategy for 2020 and beyond; and we look forward to providing a further update on June 5 when we will announce our half-year accounts for the six-month period ending March 31."
Shares were 3.1% higher on Friday at a price of 33.00 pence each.
Related Shares:
PCF.L