LONDON (Alliance News) - 1PM PLC, the provider of finance for the small business sector, Thursday said it expects to report results for its last financial year that are slightly above current market expectations.
In a statement, the company said it had enjoyed a fourth consecutive year of organic growth in the 12 months to May 31, and its lease and loan portfolios have continued to grow. Its total portfolio stood at GBP20.4 million at the end of the year, up from GBP14.8 million a year earlier.
"The company has continued to make excellent progress and we are very pleased with the trading performance achieved over the past 12 months. The general improvement in business sentiment as the UK economy shows signs of recovery presents 1pm with an excellent opportunity to achieve sustained growth," Chief Executive Maria Hampton said.
Chairman Ian Smith added that the company is now developing a strategic plan to grow the business "significantly" over the next three years.
WH Ireland has forecast the company will post a pretax profit of GBP1.2 million for the year to end-May, 2014, according to data on Morningstar. The company reported a pretax profit of GBP775,000 in fiscal 2013.
1PM expects to put out its results for the last financial year on or around September 11.
1PM shares were up 6% at 88 pence Thursday.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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