Information  X 
Enter a valid email address

PCF Group PLC (PCF)

  Print   

Thursday 11 March, 2021

PCF Group PLC

Restatement of 2020 Preliminary Results

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 £750,000 against a previously announced profit before impairment of goodwill and tax of £3.9m. 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

Scott Maybury, Chief Executive Officer

Robert Murray, Managing Director

 

 

Tel: +44 (0) 20 7222 2426

Tavistock Communications

Simon Hudson / Edward Lee / Tim Pearson

 

 

Tel: +44 (0) 20 7920 3150

Peel Hunt (Nominated Advisor and Broker)

Andrew Buchanan / James Britton / Rishi Shah /

Duncan Littlejohns

 

Tel: +44 (0) 20 7418 8900

Shore Capital (Joint Broker)

Henry Willcocks - Corporate Broking

 

Tel: +44 (0) 20 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 has increased its lending portfolio from £140 million to over £430 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCDKDBNBBKDFND

a d v e r t i s e m e n t