Interim results for the period 1 January to 30 June 2009
02 September 2009
MCB Finance Group plc (AIM: MCRB.L) (the “Company” or “MCB”), the consumer finance company providing flexible credit solutions to retail customers in Finland, Estonia, Latvia and Lithuania, today announces its results for the six months ended 30 June 2009.
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HIGHLIGHTS
- Unprecedented deterioration of economic conditions in the Baltics and Finland resulting in weaker than anticipated repayment performance, particularly in Latvia and Estonia.
- Pro-forma pre-tax loss of €1.19m (H1 2008 €0.45m loss) on €8.92m revenue (H1 2008 €4.97m).
- Exceptional increase in credit loss provisions to 59% of revenues for the first half. Expected return to historical provision levels during the course of the second half.
- Aggressive tightening of credit criteria, reduction of lending volumes in the Baltic markets, and changes to collection procedures starting to bear fruit.
- Early signs of stabilisation in repayment performance and expected improved results for the second half of the year.
- Company well positioned to resume growth once conditions improve. Board remains confident of business model and longer-term prospects of the Company.
Further information:
| MCB Finance Group plc: | |
| Rami Ryhänen, Chief Executive rami@mcbfinance.com |
+372 5300 8332 |
| Henry Nilert, CFO henry@mcbfinance.com |
+358 451 370 065 www.mcbfinance.com |
| Media enquiries: | |
| Allerton Communications: | |
| Peter Curtain | +44 20 3137 2500 |
| Nominated adviser and broker: | +44 20 7663 6000 |
| Fox-Pitt, Kelton: Marc Milmo Jonny Franklin-Adams |