AIM-quoted finance house Private & Commercial
Finance Group (PCFG) has released its results for the year ending
31 March 2010.
The group saw its pre-tax profit more than double to
£528,361 (€649,669) and also strengthened its balance sheet with
£1.4 million of new share capital and the repayment of £2.3 million
of loan stock.
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Its profit increased despite a reduction in its
portfolio of receivables, dropping 9.4% to £121.9 million.
It has also launched a new IT platform and its
business finance division, under which its leasing activities fall,
advanced £27 million of new business during the year.
PCFG offers a range of financial services for
consumer and business clients, including finance and operating
leases.
CEO Scott Maybury said: “These results highlight the
resilience of a sound business model and a well-spread
portfolio.
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By GlobalData“We have again demonstrated our quality and
durability and while a doubling of profits is very commendable in
the light of the economic backdrop, the profit level is below our
potential.
“There are some excellent opportunities available in
our sector resulting from reduced competition and we intend to do
all we can to take advantage of them.”
Claire Hack
