PCF Group 'operationally and financially resilient' amid pandcemic

Commercial bank PCF Group said on Thursday that it had proved itself "operationally and financially resilient" throughout the Covid-19 pandemic.

In the second half of its trading year, PCF said it had continued to finance consumers and SME customers across all lending divisions, with its lending portfolio growing despite a backdrop of lower demand, cautious underwriting and a "challenging operational environment".

The AIM-listed company said it had "a small but increasing market share" and expects its portfolio to show growth of 30% for the full-year and approximately 9% in the six months ended 30 September.

New business volumes were expected to come to £260.0m across the group, down from the £276.0m reported a year earlier, while PCF anticipates its portfolio exceeding £435.0m - a marked improvement on the £335.0m recorded in 2019.

Chief executive Scott Maybury said: "Our trading performance in the period exhibits an encouraging combination of operational resilience, cautious lending and continuing profitability.

"The near-term outlook for the economy may remain uncertain, however, we have shown we have the resources and experience to steer a balanced course through the current downturn. I have confidence that this downturn will only slow our progress and we can emerge strongly to expedite growth and returns."

As of 0910 BST, PCF shares were up 1.35% at 18.75p.