Investor Presentation
February 2020
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
PCF Group plc is the AIM listed parent of specialist bank, PCF Bank
PCF Bank is a well-established, profitable and growing financial services business which has been transformed by gaining a banking licence in 2017
We are one of the new generation of banks, making strong inroads into the very large lending markets now available to us
3
Overview
1
Lending to
- Business Asset Finance
- Consumer Motor Finance
- Broadcast and Media
- Property Finance
Predominately broker introduced
2
£339m asset backed portfolio
£267m of retail deposits and over 6,250 savings customers
Total customer base > 21,250
3
74% of originations are in our prime credit grades
Diversified portfolio with a wide spread of risk
110 staff. Offices in City of London & Berkshire
4
Focus on return 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%
5
Medium-term targets
Net Interest Margin > 7% Return on Equity 15% Return on Assets 2.75% Impairment charge <1% Portfolio £750m
6
Experienced Board and management team
Proven operating model delivering increasing profitability and sustainable growth
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 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
- CET1 Capital Ratio of 18% (2018: 19.3%)
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)
DIVIDEND
0.4p
(2018: 0.3p)
6
PCF Bank
Customer | Supporting | Delivering | ||
Simple business | Attracting low | portfolio | ||
proposition | ||||
cost customer | growth of low- | growth & | ||
model | differentiated | |||
deposits | risk lending | sustainable | ||
on service | ||||
earnings | ||||
Funding
£19M; 6%
£25M; 8%
£311m
2019
Retail deposits - term & notice
Term Funding Scheme
Wholesale borrowing | £268M; 86% |
Lending
£13M; 4%
£20M; 6%
£128M; 38%
£339m
2019
Asset finance
Consumer motor
Broadcast & media
Bridging property finance
£178M; 53%
7
New Business Origination
- Business Finance up 40% to £120 million (43%)
- Consumer Finance up 18% to £73 million (27%)
- Azule Finance up 26% to £69 million (25%)
- Bridging Finance - £14 million (5%)
- 75% broker originated
- No PCP's. No residual positions on hire purchase and finance lease contracts
£14m
£69m
£120m
£86m
£49m
£31m | £62m | £73m | |
£37m | £36m | ||
Sept 16* | Sept 17 | Sept 18 | Sept 19 |
*12 months comparative
Consumer Finance Division | Business Finance Division | |
Azule | Bridging | |
8
Business Finance
- SME hire purchase / lease finance for vehicles, plant and equipment
-
Market of £26bn in FYE September 2019, with
a 7% growth rate (Finance & Leasing Association) - Volume of £120m represents a 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
£120m
£86m
£49m
£31m
Sept 16* | Sept 17 | Sept 18 | Sep-19 |
*12 months comparative
9
Consumer Finance
- Hire purchase finance for used cars and leisure vehicles
-
Market of £18bn in FYE September 2019, with
6% growth rate (Finance & Leasing Association) - Volume of £73m represents a market share of 0.4%
- Enhanced scorecard and automation will provide a new proposition to the prime market
- 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
£73m
£62m
£37m £36m
Sept 16* | Sept 17 | Sept 18 | Sep-19 |
*12 months comparative
10
Azule Finance
- Excellent first year of ownership
- 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
£69m
£55m
Sept 18 * | 11 months Sept 19 |
*12 months comparative
11
Bridging Property Finance
- First charge property finance for bridging purposes to professional investors
- 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 £60 million of business in 2020
£14m
Sept 18 | Sept 19 |
12
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
- £15m Tier 2 capital facility 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
13
Future Strategic Initiatives
"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
14
Investment Case
"A resilient operating model provides confidence for now and the future"
- In lending to UK SMEs & consumers, PCF Bank is investing in the UK's future success
- Powered by the banking licence, investment in technology is underpinning portfolio growth and service levels
- £63m of future operating income, already to hand on the balance sheet provides almost 65% of next financial year's operating income expectation
- A management team with over 25 years' experience each, over several credit cycles understand the need for prudent underwriting, sensible terms and the correct pricing for risk
- A financial services stock that isn't residential mortgage or BTL focused and is free of legacy issues
- Is paying a dividend, qualifies for IHT relief and is on an attractive valuation
- A profitable business model and sustainable growth due to:
- our small market share
- diversified income streams
- the quality of the portfolio
- access to the retail deposit market; and
- operational gearing
15
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
16
Summary
- Strong portfolio growth will accelerate further with the launch of new prime motor proposition
- Results orientated business with a cautious risk appetite
- Longer-termaspirations of a £1 billion diversified balance sheet introducing new asset classes
- Track record of M&A and as a market consolidator
- A dividend policy that balances return with the capital requirements of a growing bank
"PCF Bank has a substantial opportunity to grow its business and shareholder value in the coming years"
17
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 | |
19
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% | |
20
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 | 21 | |||||||||||||||
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 |
22
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 | |
Crisis | ||
2002 | Portfolio growth | |
Acquisition of DFS | recommenced | |
1999 | 2012 | |
Leasing portfolio | ||
Started Business | Raised £10m through | |
Finance Division | convertible loan |
notes
Commence
Bridging
Property
Finance
23
The Board
Tim Franklin
Non-Executive Chairman
Appointed on 06 December 2016
Tim has extensive experience in the financial services industry, having worked for over 30 years in the retail banking and building society sectors. Tim served as a non-executive director of the Post Office for 7 years until December 2019 and remains Chairman of Post Office Insurance. Additionally, he is a non-executive director of Computershare Loan 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. In addition, he is an Associate of the Chartered Institute of Bankers.
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 and is a Trustee at Refuge.
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.
24
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. David has direct experience of credit decisioning and debt collection for companies and consumers gained from holding senior roles in the finance industry. He has also led companies both as CEO and as a board director. Latterly David headed the marketing function of webuyanycar.com and is recognised as an expert in digital marketing and advising 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 its successful listing 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 Castle Trust 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.
25
Competitive Environment
Consumer Finance | Business Finance | |||||
26
Attachments
- Original document
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Disclaimer
PCF Group plc published this content on 18 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 February 2020 17:08:06 UTC