25 May 2012

Profits warning rocks MCB

22/05/2009 Robert Tyerman

Baltic-focused consumer lender MCB Finance Group says 2009’s results will be ‘substantially below market expectations’.

Based in Talin, Estonia, the company, which provides consumer finance over the internet under its ‘Credit 24’ brand name, warns that its collection performance in Baltic markets has fallen short of expectations. Chief executive Rami Ryhanen points to ‘possible further deterioration of economic conditions’ in MCB’s markets and says impairment charges are likely to ‘rise materially’ this year.

The company, which floated on AIM in 2007 as Mobile Credit Baltic, turned losses of £3.8 million into pre-tax profits of £193,000 last year, but is distinctly less sanguine about current prospects. Ryhanen says MCB is taking ‘necessary steps to adjust the business' to today’s difficult economic conditions and suggests the company should be ‘well placed to benefit from improved conditions when they occur’.

MCB shares, which peaked at 186.5p two years ago, plunged 55p to 80p this morning. That values the company at £13.9 million.

Tags: Credit crunch, Downgrade, Profit warning

Sector: General Financial

Companies: MCB Finance

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