14th Apr 2016 07:21
LONDON (Alliance News) - Private & Commercial Finance Group PLC on Thursday said its portfolio performance beat market expectations in the half to the end of March.
The company, which provides vehicle finance to small and medium-sized companies, said portfolio performance and profitability continued to beat its expectations in the half to March 31, leaving its results for the period set to slightly beat market expectations.
New business originations in the half were up 13% year-on-year to GBP63.0 million, while its portfolio of finance receivables grew 12% to GBP112.0 million.
The group said its loan loss provisioning charge also continued to fall in the half and said its application for a banking licence has progressed well.
Private & Commercial Finance will publish interim results on June 9.
"The growth and excellent performance of our portfolio has delivered results slightly ahead of market expectations when compared to the upgraded analysts expectations released in December and the banking licence application is progressing steadily, and is in line with our expected project timing," said Chief Executive Scott Maybury.
"The group's prudent underwriting standards continue to deliver positive results and are increasingly appropriate to an environment with some economic uncertainty," he added.
Private & Commercial Finance shares were up 12% to 24.98 pence early Thursday, one of the best performers in the AIM All-Share.
By Sam Unsted; [email protected]; @SamUAtAlliance
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