24 October 2019 – trading statement

PCF Group,, the AIM-listed parent of specialist bank PCF Bank, has announced a trading update for the year to 30 September ahead of its final results’ announcement on 4 December.  Trading for the year was in line with expectations, with the group’s loan book reaching £335m after new business originations of £223m, a 51% increase on last year’s figure of £148m.  This takes the group’s lending portfolio close to its £350m target a year ahead of schedule.   Some 74% of new business is in prime credit grades.  The group’s acquisition of Azule last year has also performed well.  The group’s retail deposit base has also increased to £265m and this provides access to lower cost finance.  This is an encouraging statement and we re-iterate our recommendation of BUY.