LONDON (Alliance News) - 1PM PLC on Friday declared its first ever dividend after reporting its fifth consecutive year of growth with results that exceeded market expectations.
The asset finance and business loan provider reported a GBP1.6 million pretax profit in the year ended May 31, rising from a GBP1.3 million profit a year earlier after revenue climbed to GBP5.5 million from GBP4.2 million.
1PM said it was the "fifth consecutive year of increased profit and revenue" and said the 31% increase in revenue and 20% lift in profits for the year "exceeded market expectations".
As a result, the company will pay its maiden dividend, a final dividend 0.35 pence per share.
"Demand for our products and services remains buoyant. Monthly sales have doubled since the last financial year and the board is confident that new business origination will continue to increase over the next 12 months," said Chief Executive Maria Lewis.
"The board remains focussed both on organic growth, including the introduction of new financial products and also on potential merger and acquisition opportunities as they arise. The board has a clearly stated strategic plan to significantly grow the business over the coming years and increase shareholder value commensurately, which will require both. We are confident that this plan can be delivered," he added.
1PM shares were up 3.1% to 72.20 pence per share on Friday morning.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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