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.

Statement contains the words asset diversification which I assume to mean that in due course they will diversify away from car finance. Great news as this is the first time I've seen this.


"The Board is pleased to report that trading in the first five months of the current financial year has been strong, in line with management's expectations.

"We can report that new business originations in the five-month period to 28 February 2018 were 93% ahead of the comparative period last year at £54.5m (2017: £28.2m). We are also pleased to report that the quality of originations has been maintained. The lending portfolio has grown to approximately £172m compared to £127m at this time last year. Our medium-term targets for the Group remain unchanged at 12.5% return on equity and a lending portfolio of £350m by September 2020, while asset diversification remains a goal and will follow in due course.

"The successes in new business origination in the short time since the July launch of our banking operations reinforces the Board's strategy to utilise retail deposits, with their lower interest cost, to fund growth in our existing markets. The launch of new prime terms for our existing products has been enthusiastically received by our brokers and customers alike. We have also delivered significant IT enhancements in consumer motor finance to restore origination growth to this division and support our reputation for excellent customer service.

"Following our success in achieving the Savings Champion Award for 2018 Best New Provider, we have seen retail deposits increase to £81m at 28 February 2018. The Group has made good progress in its treasury strategy by replacing a proportion of its more expensive wholesale debt with retail deposits and by gaining membership to the Term Funding Scheme at the Bank of England.

Apparently was well received at Mello which is not surprising as the share price is ridiculous. Long term hold for me.

Trying to get through resistance today.

Breakout. Going like a train today