PCF Group Reports Flat Annual Profit, Lifts Dividend 90%

LONDON (Alliance News) - PCF Group PLC on Tuesday reported flat profit for the 2017 financial ...

Alliance News 5 December, 2017 | 10:25AM
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LONDON (Alliance News) - PCF Group PLC on Tuesday reported flat profit for the 2017 financial year, but a 25% rise on an adjusted basis, and said it remains confident in delivering a profitable and sustainable growth in the future.

The financial services company also said that it will raise its final dividend payment for the year by 90% to 0.19 pence per share from 0.10p paid a year ago.

The company, which provides savings products for retail customers and finance products for businesses, recorded pretax profit of GBP3.6 million for the year ended September 30, broadly unchanged from the year before, on a net interest income of GBP11.1 million and and GBP10.24 million, respectively.

Profit before tax and GBP1.4 million exceptional costs relating to a banking application, grew 25% to GBP5.0 million from GBP4.0 million. The company's common equity tier 1 ratio stood at 26.3% at the end of the period.

"These strong results are underpinned by excellent organic portfolio growth and a record low impairment rate. The quality of our portfolio and the operational platform we have built provides the ideal foundation to deliver on a strategy of accelerated growth through expansion within our existing lending markets and asset diversification through acquisition," said Chairman Tim Franklin.

"While the outlook for the wider UK economy remains uncertain as the government negotiates Britain's exit from the European Union, we at PCF remain confident of further progress in the coming year, as we deliver on our strategy of profitable and sustainable growth," Franklin added.

Shares in PCF Group were trading 7.9% lower at 28.10p on Tuesday.

By Tapan Panchal; tapanpanchal@alliancenews.com

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
PCF Group PLC 36.50 GBX 0.00 -
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