1pm confident porfolio will grow

1pm, a provider of lease asset finance to the SME sector, updated the market on its progress in a presentation at its annual general meeting. Managing director Maria Hampton, who gave the presentation, said: "It has been a pleasing start to the trading year. In the quarter to 31 August 2011 the business has generated revenue of £567k (Q1'10: £397k). "Profit before tax is also ahead of the equivalent period at £97k (Q1'10: £12k). "We continue to write levels of new business that grow the lease portfolio which as at 31 August 2011 was £10.6m (31 May 2011: £10.1m)."Hampton added that the firm's management is confident that with the right support it can grow the lease portfolio further. The share price fell 5.56% to 0.085p. NR