LONDON (Alliance News) - 1pm PLC, which lends to small-and-medium-sized enterprises, Tuesday reported a 25% rise in first-half pretax profit, as it reiterated its plans for a "transitional" year as a whole, during which it intends to increase investment and continued growth.
In a statement, 1pm said it made a GBP762,204 pretax profit in the six months ended November 30, compared with GBP609,202 in the corresponding period last year. Revenue grew to GBP2.6 million from GBP2.0 million, while administrative expenses rose to GBP625,977 from GBP409,887.
"Notwithstanding the additional costs which will be incurred in the second half of the financial year as the planned investment in additional resources is made, the board remains very optimistic that the trading success experienced by the group over recent years will continue and that 1pm is well placed to take advantage of the continuing strong demand within the UK SME market for its products and services," Maria Lewis, chief executive, said in a statement.
The group, which relocated to larger office in December as part of its plans, intends to recruit up to 20 additional staff over the next 12 months, while it will also invest in new IT systems and business development resources.
"These results firmly underpin the board's decision to invest in additional resources during the second half of the financial year which will provide a platform for continued growth," Chairman Ian Smith said.
1pm said it is "actively seeking" opportunities to make acquisitions.
1pm shares were down 0.8% at 65.00 pence shortly after the market open.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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