15/01/2008
Consumer and business lender Private & Commercial Finance Group says fourth quarter new business was up 86 per cent.
The AIM-quoted company, which lends to individuals and companies, comments that both divisions have been putting in a 'continuing strong performance'. Chief executive officer Tony Nelson says Westminster-based Private & Commercial has signed a £20 million three-year annually renewable facility with an unnamed 'new lender' to finance further growth.
The company, which has sorted out past problems and is not exposed to the sub-prime market, made £430,000 pre-tax in the six months to September, against £389,000 in the 15 months to last March and a £36,000 loss in the half year to June 2007. Its shares, which fell from 31.5p at the beginning of 2005 to 13p at the end of that year, now trade at 22.5p, up 3.5p this morning, valuing the company at £5.8 million.
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