PCFG has delivered adj. PBT of £3.5m in the 12 months to end March 2016, in line with our upgraded forecast following the trading update. With the change of year-end and the banking licence application submitted last month, we have moved the basis of our forecasts to pro forma 12 month periods to September 2016 and are no longer treating banking costs as exceptional. We have also moved the basis of our target price to a ratio of 0.6x our forecast FY2016 loans portfolio equal to 42p per
