20th Oct 2016 07:47
LONDON (Alliance News) - Private & Commercial Finance Group PLC on Thursday said it expects its results for the 18 months to the end of September will be slightly ahead of market expectations.
The firm, which provides vehicle finance to small and medium-sized businesses and which changed its financial year to the end of September, said total new business originations in the period hit GBP100.4 million. Of this, GBP37.2 million was written in the six months to the end of September, up 20% on the six months to the end of March.
The company's portfolio of finance receivables grew 9.0% in the six months to the end of September to GBP122.0 million and its loan loss provisioning charge has continued to reduce.
Chief Executive Scott Maybury said the UK's vote to leave the European Union in June has not impacted its trading and organic growth in the business remains strong.
The company will publish its annual results on December 8.
Shares in the company were up 5.6% to 28.51 pence on Thursday morning.
By Sam Unsted; [email protected]; @SamUAtAlliance
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