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Finance group raises AIM cash
Consumer and business lender Private & Commercial Finance Group (PCF) has raised £510,000 to fund growth.
Broker WH Ireland raised the money at 20p for the AIM-quoted concern, which says it will use it to expand the loan books of both its commercial and consumer credit divisions. Westminster-based PCF increased first-half pre-tax profits fourfold to £430,000 on turnover up 26 per cent to £23.4 million and recently signed a £20 million three-year finance facility. The company is bullish about expansion prospects, despite the current bleak credit environment.
In January, PCF said November had been a record month, with the fourth quarter of last year 86 per cent ahead of the same period in 2006. Chief executive Tony Nelson says the company’s in-house credit scoring technology stands it in good stead, though the banks have become tougher on margins.
Shares in PCF halved to13p during 2005 and have now edged up again to 19.5p, valuing the company at £5 million. They might outperform some others in a sector now out of favour.
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