25 May 2012

MCB Finance in upbeat mood

28/12/2011 Miles Nolan

Fast growing consumer finance provider MCB Finance (MCRB) has issued a positive trading update, in which its boasts results will be slightly ahead of market expectations.

Its been an eventful year for the AIM listed small loans provider. Despite solid trading figures it attempted to quit AIM due to low trading volumes in its shares and the annual costs of £125,000 for remaining listed. It failed, so has continued its expansion in Finland, Estonia, Latvia and Lithuania.

MCB has boosted lending volumes by a chunky 65 per cent over the second half of last year, buoyed by increased marketing efforts which has led to higher numbers of website enquiries. It has enjoyed attractive conversion rates, and has managed its credit well, thereby minimising bad debts. The overall results of this is that both revenues and net income in the year to December 2011 will be better than expected.

All its markets are growing, with GDP growth well above the EU average and reductions in employment spurring the respective economies.  MCB plans to expand its range of products and services, moreover it expects to launch in a new country in the first half of 2012 - the target territory is as yet un-named.

The shares are up 3.5p to 42.5p today, and remain attractively valued. As we suggested in October, there remains a credibility issue to address following its failed attempt to leave AIM, but there is no doubt MCB is highly scaleable, and trades in an attractive segment - just look at the stellar growth of rival Wonga.

Tags: Ahead of forecast, AIM market, Eastern Europe, Failed plan to delist

Sector: Financial Services

Companies: MCB Finance

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