- Specialist lender PCF has reported new business volumes of £104 million in the first five months of the financial year in line with management expectations and grew its total loan book to £440 million at 28 February 2021.

The group said it continued to be 'cautious' in its underwriting while the economic outlook remains uncertain and that, as a result, its lending portfolio increased 'slightly' from £434 million at 30 September 2020 to £440 million.

This included £19 million of business placed by its broadcast and media finance subsidiary Azule with other lending institutions.

PCF said: 'Our short-term objective is to maintain the portfolio around this level until we judge that resuming stronger portfolio growth is prudent, whilst continually improving its quality as we manage risk through the credit cycle.'

The number of customers in forbearance continued to reduce and PCF said their obligations currently stand at £20 million, representing less than 5% of its portfolio.

Chief executive Scott Maybury said: 'We will continue to prioritise our customers and staff while maintaining a cautious approach to loan origination.

'While the outlook remains volatile and the exit route from the pandemic remains uncertain, it is essential that we focus on loan book performance and protecting the strong franchises we have in our markets.'

At 8:48am: [LON:PCF] PCF Group PLC share price was 0p at 24p

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