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December 15, 2009updated 12 Apr 2017 4:29pm

PCFG: “we can look forward to 2010 with confidence”

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.

By Verdict Staff

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.

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.”

Jason T Hesse

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