Investor Presentation
December 2019
Disclaimer
THIS PRESENTATION MAY NOT BE COPIED OR REPRODUCED IN ANY FORM, FURTHER DISTRIBUTED OR PASSED ON, DIRECTLY OR INDIRECTLY, TO ANY OTHER PERSON, OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. IN PARTICULAR, THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, SOUTH AFRICA OR JAPAN OR ANY JURISDICTION WHERE SUCH DISTRIBUTION IS UNLAWFUL. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF APPLICABLE SECURITIES LAWS.
This presentation does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company, nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract commitment or investment decision in relation thereto.
The information contained in this presentation has been prepared by PCF Group plc ("PCFG" or the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. This presentation has not been approved by an authorised person in accordance with Section 21 of the Financial Services and Markets Act 2000 ("FSMA") and therefore it is being delivered for information purposes only. Any person who receives this presentation should not rely or act upon it. This presentation is not to be disclosed to any other person or used for any other purpose.
Panmure Gordon (UK) Limited ("Panmure Gordon") and Shore Capital Limited ("Shore") are acting in the provision of corporate finance business to the Company, within the meaning of the Financial Conduct Authority's Conduct of Business Sourcebook ("COBS"), and no-one else in connection with the proposals contained in this Presentation. Accordingly, recipients should note that Panmure Gordon and Shore are neither advising nor treating as a client any other person and will not be responsible to anyone other than the Company for providing the protections afforded to clients of Panmure Gordon and Shore under the COBS nor for providing advice in relation to the proposals contained in this presentation.
While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers give, have given or have authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this presentation, or any revision thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers take any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this presentation. In particular, unless expressly stated otherwise, the financial information contained in this presentation relates to the Company and its subsidiary undertakings. To the extent available, the industry and market data contained in this presentation has come from official or third party sources. Third party industry publications, studies and surveys generally state the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data contained in this presentation come from the Company's internal research and estimates based on the knowledge and experience of the Company's management in the market in which the Company operates. While the Company believes that such research and estimates are reasonable and reliable, their underlying methodology and assumptions, have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation.
Neither the issue of this presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this presentation or to correct any inaccuracies in, or omissions from, this presentation which may become apparent.
This presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. In particular, this presentation does not constitute an offer or invitation to subscribe for or purchase any securities and neither this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Each party to whom this presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.
This presentation and the information contained herein are not an offer of securities for sale and are not for publication and or distribution in the United States or to any US person (within the meaning of Regulation S under the United States Securities Act of 1933, as amended (the "Securities Act")) or in Canada, Australia, South Africa or Japan or any jurisdiction where such offer or distribution is unlawful. Any failure to comply with this restriction may constitute a violation of United States securities laws.
The securities of the Company have not been registered under the Securities Act and may not be offered or sold in the United States or to any US person unless the securities are registered under the Securities Act or an exemption therefrom is available.
Certain statements in this presentation may constitute "forward-looking statements" within the meaning of legislation in the United Kingdom and/or United States. In some cases, you can identify forward-looking statements by the use of words such as "may," "could," "expect," "intend," "plan," "seek," "anticipate," "believe," "potential," "estimate," "predict," "potential," or "continue" or the negative of these terms or other comparable terminology. You should not place reliance on forward-looking statements because they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond our control and that could materially affect actual results, the acquisition, levels of activity, performance, or achievements. Any forward-looking statements are based on currently available competitive, financial and economic data together with management's views and assumptions regarding future events and business performance as of the time the statements are made and are subject to risks and uncertainties. We wish to caution you that there are some known and unknown factors that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Reference should be made to those documents that PCFG shall file from time to time or announcements that may be made by PCFG in accordance with the London Stock Exchange AIM Rules for Companies ("AIM Rules"), the Disclosure and Transparency Rules ("DTRs") and the rules and regulations promulgated by the US Securities and Exchange Commission, which contains and identifies other important factors that could cause actual results to differ materially from those contained in any projections or forward-looking statements. These forward- looking statements speak only as of the date of this presentation. All subsequent written and oral forward-looking statements by or concerning PCFG are expressly qualified in their entirety by the cautionary statements above. Except as may be required under the AIM Rules or the DTRs or by relevant law in the United Kingdom or the United States, PCFG does not undertake any obligation to publicly update or revise any forward-looking statements because of new information, future events or otherwise arising.
2
Presenter: Scott Maybury, Chief Executive
PCF Bank is a specialist bank listed on the AIM Market
PCF Bank is one of new generation of banks, making successful inroads into the very large lending markets available to us
See Appendices for biographies of the Board of Directors
3
Overview
12
Lending to | £339m asset backed portfolio |
- Consumer Motor Finance
• Business Asset Finance | £267m of retail deposits and |
• Broadcast and Media | over 6,250 savings customers |
• Property Finance |
4 | 5 | |
£10.75m of new equity | Share price reflects issues in | |
raised in March 2019 | the broader sector rather | |
than fundamentals | ||
£15m Tier 2 capital facility | ||
£87m market capitalisation | ||
3
Total customer base > 21,250
74% of originations are in our prime credit grades
110 staff. Recent move into larger premises. Offices in the City of London & Berkshire
6
Focus on KPI'S not just scale
Net Interest Margin 7.8%
Return on Equity 12.6%
Return on Assets 2.9%
Impairment charge 0.8%
Cost to Income Ratio 56%
4
Operational Highlights
Year ended 30 September 2019
"Record new business originations delivers strong portfolio growth"
NEW BUSINESS ORIGINATIONS PORTFOLIO GROWTH RETAIL DEPOSITS
86% | 55% | 6,250 customers |
£276m | £339m | £267m |
(2018: £148m) | (2018: £219m) | (2018: £191m) |
- New equity of £10.75m and a £15m Tier 2 capital facility
- New revolving term loan facility of £30m, supporting retail deposit funding
- Balance sheet diversification through the acquisition of Azule and a new organic bridging property finance division.
- 74% of new business origination is for prime customers, with a low probability of default and clean credit profiles
- Impairment charge of 0.8% (2018: 0.5%), including adoption of IFRS 9
- Competitive deposit rates and an excellent customer experience continues to boost our portfolio of savings customers
5
Financial Highlights
Year ended 30 September 2019
"Profits up 54% , Earnings per share up 35% and Return on Equity over our medium-term target"
PROFIT BEFORE TAX | OPERATING INCOME | NET INTEREST MARGIN | EARNINGS PER SHARE |
(NIM) |
54% | 51% | 5% |
£8.0m £22.2m 7.8%
(2018: £5.2m) | (2018: £14.7m) | (2018: 8.2%) |
COST-TO-INCOME | RETURN ON ASSETS | AVERAGE AFTER TAX |
RETURN ON EQUITY |
Stable | Stable | 22% |
56% | 2.9% | 12.6% |
(2018: 57%) | (2018: 3.0%) | (2018: 10.3%) |
35%
2.7p
(2018: 2.0p)
CET1 CAPITAL RATIO
18%
(2018: 19.3%)
6
New business volumes
- Business Finance up 40% to £120million (43%)
- Consumer Finance up 18% to £73million (27%)
- Azule Finance up 26% to £69million (25%)
- Bridging Finance - £14million (5%)
- 74% in prime credit grades
14
69
120
86
49
31 | 62 | 73 | |
37 | 36 | ||
Sept 16* | Sept 17 | Sept 18 | Sept 19 |
*12 months comparative
Consumer Finance Division | Business Finance Division | |
Azule | Bridging | |
7
Business Finance
- SME hire purchase / lease finance for vehicles, plant and equipment
- Market of £26bn in FYE September 2019, with a 7% growth rate (FLA)
- PCF volumes of £120m represent market share of 0.5%
- Average deal size of £45k
- Success in penetrating prime segment of the market
- 71% of volumes in prime credit grades
- £178m portfolio at 30 September 2019 with over 5,700 customers
- Increasing network of broker intermediaries
120
86
49
31
Sept 16* | Sept 17 | Sept 18 | Sep-19 |
*12 months comparative
8
Consumer Finance
- Hire purchase finance for used cars and leisure vehicles
- Market of £18bn in FYE September 2019, with 6% growth rate (FLA)
- PCF volumes of £73m represent market share of 0.4%
- Average deal size of £17k
- 80% of volumes in prime credit grades
- Success of long term finance for leisure finance (horseboxes, motorhomes and classic cars)
- £128m portfolio at 30 September 2019 with over 11,000 customers
- Scorecards and automated decision making to enable penetration of prime market
73
62
3736
Sept 16* | Sept 17 | Sept 18 | Sep-19 |
*12 months comparative
9
Azule Finance
- SME hire purchase / lease finance for broadcast and media sector
- Direct manufacturer, distributor and customer relationships
- "Hybrid" model of writing business on balance sheet and introducing to third party banks for a fee
- £15m on balance sheet; £54m off balance sheet
- Average deal size of £44k
- 76% of volumes in prime credit grades
- £20m portfolio at 30 September 2019 with over 800 customers
69
55
Sept 18 * | 11 months Sept 19 |
*12 months comparative
10
Bridging Property Finance
- First charge property finance for bridging purposes to professional investors and developers
- Market of £4bn in FYE September 2019 (EY &
Mintel)
- PCF volumes of £14m represent market share of 0.4%
- Average deal size of £636k
- Average LTV of 59%, average term 12 months
- 62% of volumes in prime credit grades
- £13m portfolio at 30 September 2019
- Successful completion of "pilot scheme" and objective to write £60million of business in 2020
14
Sept 18 | Sept 19 |
11
2019 Achievements
"Sustainable growth delivering increased profitability"
- Grow the core businesses of asset finance and consumer motor finance by increased lending into the prime market
- Diversify the balance sheet with new asset classes; both through acquisition and organically
- Develop a much-improved proposition to the broker-introduced consumer motor finance market by automating credit decision making and proposal acceptance
- Capital planning to prepare for the next stage of growth, while continuing to deliver improving Return on Equity.
- Continue to invest in people, systems and infrastructure to build a bank that can support a £1bn portfolio
12
Future Operating Model
"Putting the building blocks in place for greater digitalisation"
- Launch our new streamlined system for consumer motor finance
- Trial direct to consumer products on our new platform
- Develop a market leading portal for SME lending
- Build out our Property Finance division beyond the pilot initiative
- Evaluate how Azule's European capabilities can enhance our revenues
- Complete the Azule integration and monetise synergies
- Improve our customer journey for savers and borrowers with additional online functionality
- Optimise technology across the organisation to support scale and deliver efficiencies
13
Investment Case
"A resilient operating model provides confidence for now and the future"
- £63m of future operating income, already to hand on the balance sheet provides almost 65% of next years operating income expectation
- A management team with over 25 years experience, over several credit cycles understand the need for prudent underwriting, sensible terms and correctly pricing for risk
- A banking licence provides a competitive advantage compared to debt financed competitors
- Investment in systems is delivering class leading service levels
- A robust business model and sustainable growth due to:
- our relatively small market share
- our diversified income streams
- adequate capital headroom
- access to the retail deposit market; and
- the existing infrastructure is delivering operational gearing
14
Outlook
"PCF Bank continues to succeed despite the uncertain economic environment. We are a new bank with a small market share, operating in very large markets. It is making us a standout performer."
Market Expectations 2019 - 2022
2019 (A) | 2020 | 2021 | 2022 | |
Net Interest Income (£m) | 21.6 | 28.4 | 38.7 | 54.6 |
Base | 100 | 131 | 179 | 253 |
Adj. Profit before Tax (£m) | 8.0 | 10.5 | 14.7 | 20.4 |
Base | 100 | 131 | 184 | 255 |
Adjusted EPS (p) | 2.7 | 3.4 | 4.2 | 5.8 |
Base | 100 | 126 | 156 | 215 |
Lending Portfolio (£m) | 339 | 466 | 721 | 996 |
Base | 100 | 137 | 213 | 294 |
Source - consensus
15
In summary
"PCF Bank has a substantial opportunity to grow its business and shareholder value in the coming years"
1
Record originations of £27m in September demonstrates continued momentum
Strong e.p.s growth through low impairment and by targeting superior NIM and RoE
2
- medium-termtarget of a £750m portfolio by September 2022
Sustainable growth with aspirations to build a £1bn portfolio
3
Build a diversified balance sheet of:
Asset Finance | £350m |
Motor finance | £250m |
Property finance | £150m |
New asset class | £150m |
New asset class | £100m |
4
Continued investment in new business lines, talent, our operating platform and the governance structure
Digitalise more of the business to enable scale and deliver efficiencies
5
Retain a cautious risk appetite, so we remain best placed when market sentiment improves
Take opportunities as acquisitions and sector consolidation presents itself
6
RoA target of 2.75% RoE target of 15% NIM target > 7%
A dividend policy that balances return with the capital requirements of a strongly growing bank
16
Appendices
Income Statement
12 months ended | 12 months ended | ||
30 September | 30 September | ||
(£000's) | 2019 | 2018 | Comments |
Interest income and similar income | 34,517 | 25,494 | |
Interest Expense and similar income | (12,901) | (10,492) | |
Net interest income | 21,616 | 15,002 | NIM reducing due to 75% of new business in |
NIM % | 7.8% | 8.2% | prime |
Broker commission income | 1,023 | 0 | Azule commission income |
Other Fees and commission income | 792 | 492 | |
Fees and commission expense | (1,154) | (844) | |
Net fee and commission income /(expense) | 661 | (352) | |
Net operating income | 22,277 | 14,650 | 52% increase in income |
Net loss on financial instruments at fair value | |||
through P&L | (64) | 0 | Increased expense as we further build for a bigger |
Administration expenses | (12,020) | (8,562) | business |
Impairment losses on financial assets | (2,175) | (915) | |
Profit before tax | 8,018 | 5,173 | |
Income tax expense | (1,624) | (981) | |
Profit after tax | 6,394 | 4,192 | |
Earnings per share - basic & diluted | 2.7p | 2.0p | E.P.S. increased 35% period on period |
Annualised ROA | 2.9% | 2.8% | Slight increase in ROA |
Average assets employed | 275,601 | 182,520 | |
18
Balance Sheet
30 September | 30 September | ||
(£000's) | 2019 | 2018 | Comments |
Assets | |||
Cash and balances at central banks | 7,371 | 21,338 | |
Loans and advances to customers | 338,503 | 219,322 | |
Available for sale financial investments | 19,638 | 39,902 | |
Property Plant and Equipment | 579 | 224 | |
Goodwill and other Intangible assets | 5,941 | 2,957 | Includes goodwill for Azule |
Deferred tax assets | 1,169 | 1,185 | |
Trade and other assets | 4,932 | 1,543 | Increase relating to Azule and growing book |
Total assets | 378,133 | 286,471 | |
Liabilities | |||
Due to banks | 44,412 | 48,881 | Includes £25m of TFS funding |
Due to customers | 267,070 | 191,139 | |
Trade and other liabilities | 7,896 | 3,899 | |
Total liabilities | 319,378 | 243,919 | |
Net assets | 58,755 | 42,552 | |
Annualised ROE | 12.6% | 10.3% | |
CET1 Ratio | 18.0% | 19.3% | |
Liquid Coverage Ratio (LCR) | 553% | 499% | |
19
Portfolio Analysis
30 September 2019
Combined Summary-Assets | Consumer Finance | Business Finance |
Financed | Division-Assets Financed | Division-Assets Financed |
Motor Cars 36%
Light Commercial Vehicles 13% |
Heavy Commercial Vehicles 9% |
Motor Caravan/Home 8% |
Contractors Plant 6%
EPOS/Visual/Audio/Lighting 6%
Buses 3%
Touring Caravan 3%
Bridging 3%
Miscellaneous 13%
350
300
Motor Cars 58%
Motor Caravan/Home 21%
Touring Caravan 9%
Light Commercial Vehicle 6%
Horsebox 3%
Miscellaneous 3%
Portfolio split
Motor Cars 25%
Light Commercial Vehicles 17%
Heavy Commercial Vehicles 15%
Contractors Plant 10% |
EPOS/Visual/Audio/Lighting 10% |
Buses 5% |
Other 3% |
Trailers 3% |
Miscellaneous 12% |
13 |
MILLIONS
250
196.7
200 | |||||||||||
150 | 120.8 | ||||||||||
100 | 70.6 | 64.0 | 52.0 | 73.4 | |||||||
46.0 | 31.6 | 36.2 | 40.2 | 128.9 | |||||||
34.1 | |||||||||||
50 | 98.5 | ||||||||||
63.9 | 57.9 | 56.0 | 51.4 | 52.4 | 59.7 | 70.0 | 72.3 | ||||
0 | 45.9 | ||||||||||
2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |
CFD | BFD including Azule | Bridging | 20 | |||
Credit Quality | Loan Book - Gross (£m) | |||||||||||
• Prescriptive underwriting criteria for risk, asset quality | ||||||||||||
420.0 | ||||||||||||
and valuation | 400.0 | 3.9% | ||||||||||
• | Detailed | assessment | of | customer's | ability | to | 380.0 | 4.6% | ||||
service debt | 360.0 | |||||||||||
• 74% of all new business originations fall within our top | 340.0 | |||||||||||
four credit grades (2018: 70%) | 320.0 | |||||||||||
• Over 60 days portfolio is stable in relative terms | 300.0 | |||||||||||
• Small average transaction size provides a wide spread | 280.0 | |||||||||||
260.0 | 3.9% | |||||||||||
of risk | 3.3% | |||||||||||
240.0 | ||||||||||||
220.0 | ||||||||||||
200.0 | ||||||||||||
Bad debt charge off rate | 180.0 | 91.5% | ||||||||||
5.0% | ||||||||||||
160.0 | 3.3% | |||||||||||
6.0% | ||||||||||||
6.00% | ||||||||||||
140.0 | 6.5% | 3.3% | ||||||||||
5.00% | 120.0 | 8.2% | 3.5% | 92.8% | ||||||||
11.8% | 2.3% | |||||||||||
4.00% | 100.0 | |||||||||||
3.4% | ||||||||||||
3.00% | 80.0 | 90.7% | 91.7% | |||||||||
2.00% | 60.0 | 90.0% | ||||||||||
89.5% | ||||||||||||
84.8% | ||||||||||||
1.00% | 40.0 | |||||||||||
0.00% | 20.0 | |||||||||||
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 | 0.0 | |||||||||||
Bad debt charge off rate | Mar 2014 | Mar 2015 | Mar 2016 Sept 2016 Sept 2017 Sept 2018 Sept 2019 | |||||||||
Not past due | Up to 60 days | Over 60 days | ||||||||||
21 |
History | 2018 |
Record profits of £5.2m | |
Retail deposits of £191m | |
Portfolio of £219m |
2019
Acquire Azule Limited
1993
Formed through buyout of McDonnell Douglas Bank
1995
Started a car finance operation and acquired the original Private and Commercial Finance Company Limited
1998
Ordinary shares admitted to AIM
2011 | ||||
Acquisition of North | ||||
2005 | Herts Credit | 2017 | ||
Company Limited | ||||
Commenced | ||||
2000 | Failed | Portfolio | ||
operations as a | ||||
Acquisition of | diversification into | Bank | ||
car supermarket | ||||
TMV Finance Ltd | ||||
business | ||||
and United Motor | 2015 | |||
Finance Limited | ||||
Surpassed previous | ||||
profits high point of | ||||
£2.1m | ||||
2014 | ||||
2007 | Application for deposit- | |||
taking licence commenced | ||||
Global Financial | 2013 | |||
2002 | Crisis | |||
Portfolio growth | ||||
Acquisition of DFS | recommenced | |||
1999 | 2012 | |||
Leasing portfolio | ||||
Started Business | Raised £10m through | |||
Finance Division | convertible loan |
notes
Commence
Property
Finance
21
The Board
Tim Franklin
Non-Executive Chairman
Appointed on 06 December 2016
Tim has a financial services background and has worked in banking for a number of organisations for over 30 years. He is currently a non-executive director of the Post Office which is the UK's largest financial services retailer by number of outlets and is a member of its Audit Committee. He is also Chairman of Post Office Insurance and a non-executive director of Computershare Lending Services. Tim is an Institute of Leadership & Management Level 7 Coach and works extensively with senior executives across many industries both in the UK and internationally.
Tim is a member of the Nomination Committee and Remuneration Committee
David Morgan
Non-Executive Director
Appointed 09 July 2012
David has over 35 year's experience in international banking, building his career at Standard Chartered Bank in Europe and the Far East. Since leaving Standard Chartered in 2003, he has been involved in a range of business advisory and non- executive roles. He is currently a non-executive director of Somers Limited, Bermuda Commercial Bank Limited and Waverton Investment Management Limited. He is also Chairman of Harlequin FC, the Premiership rugby club.
David is a member of the Audit & Risk Committee, the Nomination and Remuneration Committee.
Christine Higgins
Independent Non-Executive Director
Appointed 13 June 2017
Christine is a Chartered Accountant with over 25 year's experience in asset finance, for UK and international banks. Over the last 9 years, she has served as a non- executive director on a number of boards in the health, housing, leisure and finance sectors, including as chair of the audit committee. She is currently a non-executive director of Buckinghamshire Building Society and chairs its audit committee.
Christine is the chair of the Audit & Risk Committee and a member of the Nomination and Remuneration Committee.
Mark Brown
Non-Executive Director
Appointed on 01 December 2015
Mark was Chairman of Stockdale Securities from November 2014 until it was bought by Shore Capital in April 2019. He was previously Chief Executive of Collins Stewart Hawkpoint and brings a wealth of experience and leadership in both small and large financial services business. Having worked as Global Head of Research for ABN AMRO and HSBC and as Chief Executive of ABN's UK equities business, Mark led the successful turnaround of Arbuthnot Securities followed by Collins Stewart Hawkpoint.
Mark is a member of the Nomination Committee and the Remuneration Committee.
23
The Board
David Titmuss
Independent Non-Executive Director
Appointed on 11 July 2017
David has over 25 years' experience in both large and small financial services organisations, with a particular emphasis on customer acquisition and database management. His corporate background includes working at a senior level in public and privately backed businesses. He has also led companies both as CEO and as a board director. Latterly David headed the marketing function of webuyanycar.comand is recognised as an expert in digital marketing and advises businesses on cost effective customer acquisition.
David is the chairman of the Nomination Committee and Remuneration Committee.
Marian Martin
Non-Executive Director
Appointed on 25 July 2019
Marian Martin is a chartered accountant with a background in risk management and audit. Most recently, Marian was at Virgin Money for 11 year's and was Chief Risk Officer throughout a period of significant growth and strategic development of Virgin Money and its risk function, including the successful listing of Virgin Money on the London Stock Exchange. Marian was an Executive Director of the main trading companies of the Virgin Money group during this period. In addition, Marian is a non-executive director at Castletrust and Starling Bank.
Scott Maybury
Chief Executive ('CEO')
Appointed on 12 January 1994
Scott holds a degree in business studies and is a qualified accountant. He spent six years with BHP-Billiton, Australia's largest multi-national corporation, and five years with McDonnell Douglas Bank. He is one of the founding directors of PCF Group plc and was previously Finance Director until October 2008.
Robert Murray
Managing Director ('MD')
Appointed on 19 October 1993
Robert holds the ACIB Banking Diploma and has over 40 year's banking and finance experience. He has extensive experience in both lending to personal, corporate and international customers. He is one of the founding directors of PCF Group plc.
David Bull
Finance Director ('FD')
Appointed on 03 August 2015
David holds a first class degree in Mathematics and Statistics and
is a qualified chartered accountant. After qualifying in 1996 he has worked in the Banking sector across a number of institutions including KPMG, Deutsche Bank and was interim Chief Financial Accountant at the Bank of England. Before joining PCF Group, David was a Director of Finance and Company Secretary at Hampshire Trust Bank plc, the specialist challenger bank where he was instrumental in setting up their banking operations.
24
Competitive Environment
Consumer Finance | Business Finance | |||||
25
Attachments
- Original document
- Permalink
Disclaimer
PCF Group plc published this content on 12 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 December 2019 09:45:04 UTC