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PCF - PCF News Story

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PCF Group PLC - Market Update

Thu 18th November, 2021 7:00am
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RNS Number : 7513S  PCF Group PLC  18 November 2021

18 November 2021

PCF Group plc

("PCF", the "Bank" or the "Group")

Market Update

Introduction

PCF is providing this update in relation to the work it has undertaken to
improve its financial reporting and control environment and the timetable it
is working to in respect of the publication of its annual report and accounts
for the financial year ended 30 September 2020 as well as its interim results
for the period ended 31 March 2021.

The Board apologises on behalf of the Group to all stakeholders and
shareholders both for the delay in the publication of the Group's 2020 annual
report and accounts and for the continuing suspension of trading in the
Group's shares on AIM.

Update on Remediation plan

As announced on the 28 June 2021, the Board had instigated
several initiatives to analyse and then improve PCF Group's financial
reporting and control environment. Developments of note since then are:

·    The independent review of the Group's accounting records has now been
completed.

·    The assessment of the Group's financial control framework, reporting
processes, governance structures and its suitability to be a listed company
(the "Assessment") is nearing completion.

·    With expert external assistance, the Group has initiated a programme
of cultural change focussing on the identification and management of risk,
active listening and speaking up.

Trading Suspension and Annual Report and Accounts

The Group's shares remain suspended pending completion of the Assessment as
well as the publication of the Group's 2020 annual report and accounts and its
interim results to 31 March 2021. The anticipated timetable for completion of
these matters is as follows:

·    The finalisation of the Assessment will be shortly after publication
of 2020 annual report and accounts.

·    The publication of the 2020 annual report and accounts is expected to
be late December / early January.

·    The publication of the interim results to 31 March 2021 is expected
to be as soon as possible following the filing of the 2020 annual report and
accounts. A further announcement regarding these results will be made in due
course.

Trading update and outlook

Despite the extent of improvements that the Group is implementing to its
financial control framework, its core competencies within its customer-facing
business remain strong and it continues to maintain its long-established
relationships with customers and intermediaries.

The Group continues to receive levels of inflows in respect of its deposit
taking activity in line with its business and liquidity plan and continues to
manage its loan originations at a reduced year on year level, as well as
manage its capital and liquidity position in a conservative and prudent manner
taking account of the position of the Group and the wider macro-economic
situation in the UK.

End

For further information, please visit https://pcf.bank/ (https://pcf.bank/)
 or contact:

 

 PCF Group (via Tavistock Communications)            Tel: +44 (0) 20 7920 3150

 Garry Stran, Interim Chief Executive Officer

 Caroline Richardson, Chief Financial Officer
 Tavistock Communications                            Tel: +44 (0) 20 7920 3150

 Simon Hudson / Tim Pearson
 Peel Hunt (Nominated Advisor and Joint Broker)      Tel: +44 (0) 20 7418 8900

 Andrew Buchanan / Rishi Shah /

 Sam Milford / Jasmine Kanish
 Shore Capital (Joint Broker)                        Tel: +44 (0) 20 7408 4080

 Henry Willcocks / Guy Wiehahn

 

 

About PCF Group plc (www.pcf.bank (http://www.pcf.bank/) )

Established in 1994, PCF Group plc is the AIM-quoted parent of the
specialist bank, PCF Bank Limited. Since commencing operations as a bank in
2017. The Group continues to focus on portfolio quality and lending to the
prime segments of its existing markets. The Group will continue to identify
opportunities to diversify its lending products and asset classes by setting
up new organic operations or through acquisition.

PCF Bank currently offers retail savings products for individuals and then
deploys those funds through its four lending divisions:

·    •     Business asset finance which provides finance for
vehicles, plant and equipment to SMEs;

·    •     Consumer motor finance which provides finance for motor
vehicles to consumers;

·    •     Azule which provides finance to the broadcast and media
industry; and

·    •     Property bridging finance which provides loans to
companies and sole traders investing in residential and commercial property.

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