Private & Commercial Finance Group (PCFG) has reported a
pre-tax profit of £262,978 (€308,995) in the year ending March 31
2009. In its final results, released yesterday (Tuesday), the
AIM-listed lessor also announced that turnover grew by 22 percent
to reach £62.9 million last year.

“To have survived the turmoil in the financial sector, which has
seen more than half our direct competitors cease trading or exit
the market, is an achievement in itself. To be able to report a
profit for the 12 month period during which the UK entered a severe
recession is even more commendable,” commented Michael Cumming,
chairman of PCFG.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

PCFG’s business finance division, which provides finance for
equipment, plant and vehicles for SMEs, wrote £36.7 million of new
business during the year; and had a portfolio of receivables worth
£70.6 million spread over 7,256 customers.

However, PCFG also noted a rise in arrears during the last two
quarters of the year.

The ‘Sales Aid leasing’ component of the business finance
portfolio, which represents 12.5 percent of the group’s total
portfolio, showed the most marked deterioration; so a decision was
taken to cease underwriting it in February, said the group.

Looking forward, Cumming said that he was confident the business
would prosper in the long-term.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“The improved competitive environment, coupled with the more
prudent lending terms now being offered by our remaining
competitors is highly advantageous to us. The business we are
currently writing is of exceptional quality which augurs well for
the future,” he said.

Jason T Hesse