http://www.pcfg.co.uk

Trading at a significant discount to current NAV. Recently put 4M in the bank. Two brokers notes out from August for BUY and ACCUMULATE.

Company also pays a dividend.

Seems to have been forgotten so maybe now is the time to BUY.

A BLUE DAY !

Results tomorrow. ;-)

Keep your eye's on this one tomorrow.

Overview:

* Resumption of strong organic growth with over 20% rise in sales in the third
quarter
* New Karma Cars site open
* Loss for the first half, as previously advised
* Interim dividend of 0.25p per share

Chief Executive Tony Nelson said: "It's great to be back on our customary growth
track. Both our new businesses are up and running and our established divisions
grew sales strongly in the third quarter.

Visitors to our first Karma Cars superstore which opens in Watford today
(30 September), will see a superb site in an excellent location.

The business model, which combines the sale of the car with the provision of the
finance, is compelling for a number of reasons not least of which is the extra
depth of the customer relationship and vastly increased potential for recurring
business."

A couple of quotes from today's results:


During the 18 months of the NIG case it was necessary for us, as a matter of
prudence, in case the decision went against us, to conserve cash by reining back new business growth and allowing our portfolio of finance receivables to decline.

Does this seem reasonable when they previously reported significantly increasing their loan facility?
Indeed, they refer to this in today's results:

Our larger banking facility has provided us with the capacity
to take on more business and has put us in a position to continue this growth.



The Group is moving progressively back towards profit although we still expect the second half to produce a loss.

The above statement doesn't fit well with their previous outlook suggesting that they hoped to near breakeven for the year.....

There's a lot of positive spin in these results but IMO, we need to see FY results before we can be sure that these guys are delivering.

Rgds
dell

dell what should be looked at is the 20% growth in core divisions and the opening of Karma which will now have a, hopefully, positive impact on year end figures. AS they said they can now concentrate of the way ahead after NIG I will tuck these away for a while. Divi of .25 as an interim covers the cost's of holding these presently.

Looking back this is the first interim dividend that the company is paying. A sign of what the future may bring I hope.

I think what will be interesting,given time, is how the car supermarket performs. As stated today this is now open and hopefully money shall start to roll in which will give a much better figure in months to come in terms of turnover and profit. This will be a model for further markets throughout the UK if this model works.

It was good to see that now the management can concentrate on the business in hand that it has grown 20%. Forward looking in these area's, which can be deemed PCFG's core area, are also growing and again will help them move back to profitability.

All good for the future and interim divi too. This shows faith to the shareholders and is also available in scrip form. It will be good to see any revised broker notes following the interims. If we hold longer term then final is alot nicer ;-)

Nice to see a blue start. Spread much better.Let's hope that it is the start of the turnaround.

Evryone going to sit on the side and watch this go to 50p in the autumn rally then ?

Looks like it even though the divi will be paid to holders on the 8th which would cover your dealing costs ;-)

Nice to see another move up today. Chart wise looks good with indicators positive .

She's on the road to recovery !

Seems like the 12K buy moved this 2.6% today ! No stock around !

what happened to aql?

Sitting and waiting ateeq

Private & Commercial Finance Group's new division, Karma Vehicle Contracts has been launched.

The division complements the group's existing finance activities specialising in contract hire and contract purchase facilities to small and medium-sized businesses.

The typical customer is expected to be a small business that is not considered attractive by mainstream funders. To differentiate itself from other contract hire providers, KVC will finance new and used vehicles. A nationwide network of carefully selected brokers will market Karma's product range.

Robert Murray, managing director of the group's business finance division, said "we believe that now is the right time to expand our portfolio of products to include contract hire and that our ten years' experience of successful underwriting in the SME sector will enable us to write business for customers that other finance companies might choose to decline."

Karma has recruited a team with considerable industry experience, headed by general manager Jon Gilbert, who has worked in the leasing industry for fifteen years.

At the heart of the business is the IDSFleetware system, which allows brokers to generate instant contract hire quotes over the internet and manage proposals through to documentation.

Gilbert explained the rationale for choosing the Fleetware system. "It gives us an amazing amount of functionality but above all, its web-based Quotes Browser is perfect for our market. It gives our brokers the ability to produce a quote for any vehicle on any of our products quickly and efficiently and process a deal with minimum fuss."

The Karma-branded Fleetware system is currently being rolled out to KVC's brokers who have been extremely positive about its speed and ease of use. When Private & Commercial's first car supermarket opens later this year, KVC will be able to offer contract hire and contract purchase on stock vehicles, while benefiting from a strong retail sales channel for remarketing ex-lease cars.

Blue again. Continuing with the recovery. Anyone joing in ?

T1ps.com - 4th October 2004, PCF interims/ webcast alert


Private & Commercial Finance* (PCF) reported its interim numbers on Thursday. I am aware that my colleague Bill Johnston on WatsHot.com advised his readers to sell. Though I read and like Bill's analysis I shall not be following his advice on this occasion. In fact I shall be taking up the scrip alternative to the dividend within my SIPP to add to my holding. So too will CEO Tony Nelson with who I had a very enjoyable chat this afternoon. At 38.5p my stance remains "buy."

The figures, as had already been flagged, were not very good with a loss at the pre-tax level. However, now that the case with NIG is settled in Private and Commercial's favour - the company was awarded 4 million - P&C seems to be back growing the business. And in that regard there are some positive features. Turnover was down 6.6% to 15 million; gross profit down 7.6% to 4.8 million and operating profit down 64% to 0.8 million. So at the operational level there company was still in profit. There was a pre-tax profit loss of .731,000 and an attributable net loss of 482,000 after a tax credit of 249,000.

For fear of losing the action with NIG the company management went in to a defensive cost control mode. No doubt for that reason, the balance sheet looks reassuring. There were current assets of 53.7 million (including 2.0 million cash) to cover short term liabilities of 43.9 million. Shareholder funds stood at 7.0 million.

Business has now returned to strong organic growth with Q3 sales up 20%. An early priority has been to rebuild the Consumer Finance Division with the help of an excellent internet proposal system. The Karma car sale finance business is now operating from a site on the M1and should start to make a significant contribution to profits from next April while a second car showroom will open in January 2006. The Business Finance unit saw a 20% increase in sales volume in Q3 over Q1.The company now looks to be on the mend but says that it will have a loss in the second half. So calendar 2004 numbers won't impress. I would however expect a final dividend of 0.25p.

But in 2005 there is no reason why earnings per share could not hit 4p as the growth in the loan book seen since June starts to impact the bottom line and as the car supermarkets business starts to kick in. That sort of recovery would imply a significantly higher payout in 2005 while in 2006 I would be disappointed if earnings did not head back to c5p.

At this stage the company is not offering the sort of guidance which lends itself to exact forecasts. That should come next week when PCF takes a select group of analysts to its Watford showroom. Tony Nelson has invited me on the trip but though a trip to the outskirts of Watford is the sort of glamorous adventure that first attracted me to this business more than a decade ago I fear that I have a prior engagement. However I have arranged to meet up on Wednesday 20th to record a webcast with Tony so if you have any questions for PCF email them to tom@tisl.co.uk by midnight on 19th of October.

At 38.54p the rating is hardly demanding - a 2005 PE of just over 10 falling to less than 8. This is an industry where consolidation is the dynamic and I do not expect PCF to be independent in five years and it won't go out for less than three figures. If it stays independent a re-rating will take time but the growth prospects will drive a re-rating none the less. Still a "buy."

28500 share bought for over a 7% increase. This moves very rapidly and i mean very. It will have alerted some technical traders now and the recent tip should underpin the SP for further rises.

Still time to get in tomorrow for the divi.

Would have hoped a few of you guys would have sniffed money here after yesterdays rise.

44.5 online to buy so seems as the stock shortage continues. Should tick up with a couple more buys.

Must be a stock shortage.

Everyone going to sit and watch it go up again then ?

10K stock pushing this up 4%+.

What happens when the serious buying starts. If IC give it a buy rating tomorrow then yippee !