When we initiated coverage in Dec 20, comparing PCF to peers was difficult as most lenders have a 31 Dec year-end. It turns out that PCF is in an elite group that were able to maintain growth during FY20 and stay profitable. Moreover, its recent trading update, five months into the financial year, has shown a continuing improvement in the loan repayment environment, although originations have been slowed by the introduction of a third lockdown and underwriting caution.
08 Apr 2021
Cautious lending, steady progress
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Cautious lending, steady progress
PCF Group plc (RLW:FRA) | 0 0 0.0% | Mkt Cap: 55.1m
- Published:
08 Apr 2021 -
Author:
Hannah Crowe | Paul Bryant -
Pages:
12
When we initiated coverage in Dec 20, comparing PCF to peers was difficult as most lenders have a 31 Dec year-end. It turns out that PCF is in an elite group that were able to maintain growth during FY20 and stay profitable. Moreover, its recent trading update, five months into the financial year, has shown a continuing improvement in the loan repayment environment, although originations have been slowed by the introduction of a third lockdown and underwriting caution.