PCF Group PLC Update on Restatement of 2020 Preliminary Results (3386L)

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RNS Number : 3386L

PCF Group PLC

10 September 2021

PCF Group plc

("PCF", the "Bank" or the "Group")

Update on Restatement of 2020 Preliminary Results

Further to the announcement of 3 August, PCF is providing a further update in relation to the ongoing review of its financial controls and reporting processes.

During the course of this ongoing review PCF has identified certain accounting matters that impact the previously announced restatement of profit before impairment of goodwill and tax for the year ended 30 September 2020 on 11 March 2021 that stated it was anticipated that such net reduction of profit would not be more than GBP750,000.

As a result of the matters identified the net reduction is now anticipated to be greater than GBP750,000. It remains the case that none of the new matters identified indicate to the Board that any monies have inappropriately left the PCF Group. At this time PCF cannot give further guidance as work is ongoing to establish the actual extent of that further reduction.

PCF will provide a further update in due course.

PCF's shares remain suspended from trading.

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For further information, please visit https://pcf.bank/ or contact:

 
 PCF Group (via Tavistock Communications)     Tel: +44 (0) 20 
  Garry Stran, Interim Chief Executive         7920 3150 
  Officer 
  Caroline Richardson, Chief Financial 
  Officer 
 Tavistock Communications                     Tel: +44 (0) 20 
  Simon Hudson / Tim Pearson                   7920 3150 
 Peel Hunt (Nominated Advisor and Broker)     Tel: +44 (0) 20 
  Andrew Buchanan / Rishi Shah /               7418 8900 
  Duncan Littlejohns / Jasmine Kanish 
 Shore Capital (Joint Broker)                 Tel: +44 (0) 20 
  Henry Willcocks / Guy Wiehahn                7408 4080 
 

About PCF Group plc ( www.pcf.bank )

Established in 1994, PCF Group plc is the AIM-quoted parent of the specialist bank, PCF Bank Limited. Since commencing operations as a bank in 2017. The Group continues to focus on portfolio quality and lending to the prime segments of its existing markets. The Group will continue to identify opportunities to diversify its lending products and asset classes by setting up new organic operations or through acquisition.

PCF Bank currently offers retail savings products for individuals and then deploys those funds through its four lending divisions:

   --     Business asset finance which provides finance for vehicles, plant and equipment to SMEs; 
   --     Consumer motor finance which provides finance for motor vehicles to consumers; 
   --     Azule which provides finance to the broadcast and media industry; and 

-- Property bridging finance which provides loans to companies and sole traders investing in residential and commercial property.

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September 10, 2021 02:00 ET (06:00 GMT)