LONDON (Alliance News) - 1PM PLC Wednesday said it has negotiated GBP2.5 million of additional block discounting facilities which it will use to write new business, as it reported strong trading in the first three months of 2014.
In a statement, the provider of financing facilities to small businesses said the loan terms are consistent with other facilities. The additional facilities are made up of a new GBP2 million facility and a GBP500,000 increase to an existing facility.
The company also said that trading during the first quarter of calendar 2014 has been very positive, and it will raise the amount available for individual loans to GBP25,000, from GBP15,000, due to the success of a business loan product it recently introduced.
"The additional block discounting facilities will contribute significantly towards the company's continued expansion and we very much appreciate the support that our funding panel is providing. The total amount of new funding raised since 31st May 2013 now stands at GBP7.3 million," Chief Executive Maria Hampton said in a statement.
1PM shares were up 7.1% at 64 pence early Wednesday, one of the biggest gains on the AIM market.
By Steve McGrath; stevemcgrath@alliancenews.com; @SteveMcGrath1
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