Pcf Share Discussion Threads

[grlz] 01/7/2010 00:56

..same old PCF, results always fail to deliver and the share price drops

[knowing] 30/6/2010 20:57

Blah blah blah .....same old GRLZ

[grlz] 30/6/2010 19:36

no bounce today, not surprising as dead dogs don't bounce - hardly any stock traded...

From DS

"...lack of access to additional funding has inhibited the Company's ability to increase its loan portfolio and benefit from associated operational gearing uplift.
Moreover, it has obligated us to reduce our expectations for 2011. The headline PBT downgrade is -51% to £522k. Whilst disappointing, it still reflects good progression from the current year's result.
The substantial caveat to this downgrade centres on PCF's ability to secure further, significant, debt financing."

... a dose of reality from the house broker who is paid to say "buy"

[knowing] 30/6/2010 16:08

Another Broker note



Simon are you still holding and if so what is your concensus on the results?

TIA

[grlz] 30/6/2010 00:52

weak business model which the latest results fully highlight the flaws - no wonder the shareprice dropped away.

PCF again fails to attract any new banking support over renewals of existing facilities, which only got extended last year because PCF agreed to a significant margin increase demanded by the banks!

The reality is banks are just not interested in supporting or extending credit to this business model anymore - all the major providers are now moving to fund customers direct.

PCF is obsolete - the lack of volume and 'dead man walking' share performance the last 5 years say it all!

DYOR/aimho

[skyracer] 29/6/2010 13:09

Last man standing

Interesting possibilities. PCF seem to have managed to steer a lean steady course through the recession which is to their credit. An outright geared punt on the economy recovering, IF they can access more finance (placings arent going to do it). Suspect IC will tip them again, so present 8.65p offer seems good.

[knowing] 29/6/2010 11:58

Most of the buys going through on PLUS. I attach a link to the research page on the PCF website where any Broker notes will be posted

[knowing] 29/6/2010 08:31

Just had a quick flick through and this part really stands out

I would like to comment on "operational gearing" because it is important to
understand this concept in order to appreciate fully the potential for enhanced
returns on shareholders' equity which we are capable of achieving. During the
turmoil in the financial markets over the past two years we strengthened our
balance sheet and took the opportunity to improve our lending terms, while
reining back new business. Our banks have been supportive, but new or increased
lending has not been available and, as a consequence, our full potential has
been restrained. Our Group has a certain level of fixed costs and we have been
able to contain bad debts and maintain a portfolio of receivables which has
generated the income to enable us to remain profitable, and indeed to increase
profits, despite a smaller portfolio. We have an excellent platform for growth
with a sound and profitable portfolio, high quality and experienced staff and
proven and reliable IT systems. If the requisite funds were to be available, we
are capable of processing substantially increased levels of new business and
maintaining a much larger loan book with very little increase in overheads.
Therefore, the vast majority of every GBP1 of additional income generated over
and above present levels would go directly to the profit line.

Not only is the present environment for day to day business favourable, but
opportunities currently exist for portfolio acquisitions on attractive terms for
those who can organise the requisite funding. Therefore, while we are confident
that we can continue to improve the profitability of our portfolio at current
levels, we are also actively seeking new sources of funding to enable us to
achieve the far greater returns which we are capable of achieving from increased
operational gearing. New funding is not easy to obtain in the current
environment, but we believe that we have the ideal platform for growth and will
keep searching. If and when we can achieve the right funding on the right terms,
while the current opportunities remain, the rewards will be substantial.

[knowing] 29/6/2010 08:18

Yes now to see what upgrades we get from the brokers. Certainly looking good for the future.

[czar] 29/6/2010 08:02

Great set of numbers very strong statement, should smash £1m this year and still trading at sub 50% of net assets BEFORE accounting for the £25m unrealised surplus in the loan book!

[knowing] 27/6/2010 22:16

LOL hopefully something more positive to report after the results then.

[knowing] 25/6/2010 16:42

Nice rise. Hopefully the start of a decent recovery.

[knowing] 23/6/2010 21:41

6 days to results now. GL to those holding.

[knowing] 18/6/2010 15:46

Results around the corner and a nice 350K buy

[knowing] 17/6/2010 00:50

Going to be interesting following the TS to see if we get a rally in PCF prior to the release of results.

[knowing] 28/5/2010 16:29

Nice to see someone so positive.

[argy2] 28/5/2010 16:28

Weekend tip..mark up Tuesday morning...profit taking by 'insiders' in the afternoon...back to square one by Friday?

[knowing] 28/5/2010 14:46

What is with all the 100K buys today? Could get very interesting.

[knowing] 14/5/2010 14:14

Next leg up starting I hope.