Private & Commercial Finance Group (PCFG) has reported a
pre-tax profit of £262,978 (€308,995) in the year ending March 31
2009. In its final results, released yesterday (Tuesday), the
AIM-listed lessor also announced that turnover grew by 22 percent
to reach £62.9 million last year.
“To have survived the turmoil in the financial sector, which has
seen more than half our direct competitors cease trading or exit
the market, is an achievement in itself. To be able to report a
profit for the 12 month period during which the UK entered a severe
recession is even more commendable,” commented Michael Cumming,
chairman of PCFG.
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PCFG’s business finance division, which provides finance for
equipment, plant and vehicles for SMEs, wrote £36.7 million of new
business during the year; and had a portfolio of receivables worth
£70.6 million spread over 7,256 customers.
However, PCFG also noted a rise in arrears during the last two
quarters of the year.
The ‘Sales Aid leasing’ component of the business finance
portfolio, which represents 12.5 percent of the group’s total
portfolio, showed the most marked deterioration; so a decision was
taken to cease underwriting it in February, said the group.
Looking forward, Cumming said that he was confident the business
would prosper in the long-term.
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By GlobalData“The improved competitive environment, coupled with the more
prudent lending terms now being offered by our remaining
competitors is highly advantageous to us. The business we are
currently writing is of exceptional quality which augurs well for
the future,” he said.
Jason T Hesse
