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AIM-listed specialist banking company PCF Group (LON:PCF) saw its shares rise by 3.13% to 33p (as of 09:50 GMT) after it gave details on recent new business origination ahead of its AGM. The firm said that new business during the five months to 28th February was 78% ahead of the same period of last year and that quality levels had also been maintained.
CEO Scott Maybury said: “Following continued strong organic growth, in addition to the previously announced strategic diversifications, our previous lending portfolio target of £350m will be delivered ahead of schedule. Completing the proposed Placing and Open Offer will provide capital headroom to support the next stage of growth as the Group moves towards its medium-term targets of a portfolio of receivables of £750 million and a return on equity of 15% by September 2022. We are pleased with the performance and on-going integration of our acquisition, Azule Limited. The nascent property bridging finance division completed its first deal in January and has a strong pipeline of additional business.
“We will continue to invest for the future through additional resources and technology enhancements to build and maintain an infrastructure that supports our ambitions and meets the needs of our customers.
“The UK economy faces political and economic uncertainties which have the potential to slow our progress. However, by maintaining a sound credit model and a robust operational platform we can mitigate these risks. We will remain alert to these challenges as we plan our growth strategy for 2020 and beyond; and we look forward to providing a further update on 5 June 2019 when we will announce our half-year accounts for the six-month period ending 31 March 2019“.