LONDON (Alliance News) - 1pm PLC Tuesday said pretax profit rose by 84% in its first-half after it wrote GBP5.0 million of new business in the first six months of the year, boosted by strong October trading.
Separately, 1pm said it has appointed Ian Smith, the current finance chief of biotechnology business Q Chip Ltd, as its new non-executive chairman, after Michael Johnson stepped down in September.
Smith is set to begin work from February 1.
1pm said it made a GBP609,202 pretax profit for the six months to November 30, 2013, compared with GBP331,634 for the corresponding period last year.
The AIM-listed company, which predominantly funds businesses looking to buy equipment - from manufacturing equipment to computers and gym equipment - confirmed a December statement which said it wrote GBP5.0 million of new business in the first-half of the year, buoyed by strong trading in October during which the company wrote a fifth of all its new business.
Revenue rose to about GBP2.0 million from GBP1.4 million, as the company's lease portfolio swelled to GBP17.7 million from GBP13.2 million.
1pm said it has developed relationships with seven finance brokers since May, meaning it is now in partnership with over 70 across the country.
"The group will continue to offer much needed financing solutions to support the growing demand from SMEs as they increasingly turn away from mainstream banks as a source of business finance," Maria Hampton, chief executive, said in a statement.
"Whilst again reporting strong organic growth and record levels of new business, the board is still actively seeking portfolio acquisition opportunities," Hampton said, adding that 1pm's current levels of demand should result in "further progress" in the second half.
In addition to its asset-leasing business, which remains its main focus, 1pm has recently expanded into the small-business loans market, which wrote over GBP125,000 of new business in the first-half, according to 1pm.
1pm also said it is in the process of recruiting three additional members of staff as it expects to continue to grow.
1pm's shares were Tuesday quoted at 63.69 pence, down 0.81 pence, or 1.3%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright © 2014 Alliance News Limited. All Rights Reserved.
