Private & Commercial Finance Group (PCFG) made a pre-tax
profit of £121,474 (€135,600) in the six months ended September 30
2009, the Aim-listed SME lessor announced in its latest
results.
The lessor’s turnover was also slightly down year-on-year: £29.9
million as opposed to £31.9 million in 2008.
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Although pre-tax profit was 76 percent down, PCFG’s chief
executive Scott Maybury said the results were still in line with
expectations.
“Although this is below the level of profitability which we are
capable of achieving in a normal economic environment, I consider
that we have again shown our robustness in difficult financial
conditions, described by one of our peers as ‘the most challenging
in recent memory’,” he said.
With loan facilities totalling £126 million from four main
lenders – Barclays Bank, The Royal Bank of Scotland, Lloyds TSB and
Singers Corporate Asset Finance – PCFG continues to be well funded
and has the opportunity to step ahead of the competition, Maybury
said.
“There is currently a significant market opportunity for PCFG
due to many of our main competitors reducing their lending
activities and I believe with our strengthened financial position,
a first rate team of people and the high quality business we are
writing at good margins, we can look forward to 2010 with
confidence.”
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By GlobalDataJason T Hesse
