Final results for the 12 months ended 31 December 2008
13 March 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, announces its financial results for the year ended 31 December 2008.
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- First adjusted pre-tax profit of €0.48 million, in line with expectations (2007 pre-tax loss: €2.62 million)
- Increase in principal lent from €24m to €56m
- Revenue increased by 230% to €13.05m (2007: €3.95m)
- Extension of bank financing facility
- Credit loss provisions remain stable at 31 % of revenue (2007: 35% of revenue) notwithstanding deteriorating economic conditions
Bertil Rydevik, Chairman, said:
“MCB Finance Group has managed to grow lending volumes, strengthen business performance, and improve profitability despite a significant weakening of economic conditions.
We continue to focus on current operations, to ensure the business is well placed to adapt to the current economic environment, whilst at the same time working hard to position the business for growth once market conditions improve.
MCB is well funded, providing the Company with a stable platform from which to execute its strategy. The Board remains confident in the Company's prospects and its ability to continue to improve business and financial performance.”
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 |