LONDON (Alliance News) - Finance facilities provider 1pm PLC said on Wednesday it saw a near doubling of profit and revenue in its recently ended financial year.
Pretax profit for the year to the end of May was GBP7.6 million, up 93% from GBP4.1 million the year before, on revenue that rose by 78% to GBP30.0 million from GBP16.9 million.
Of the 78% increase, 31% can be attributed to organic growth, 1PM said. The rest is down to acquisitions made during the year, including of Gener8 Finance Ltd and Positive Cashflow Finance Ltd, both acquired in June 2017, and of Car Finance 2U Ltd, bought in November.
As at May 31, total gross receivables stood at GBP142.1 million, up 59% from GBP89.5 million the year before due to the addition of the Commercial Finance division early in the year.
1pm declared a full-year dividend of 0.65 pence per share, up 30% from 0.50p the prior year.
"We are delighted that the group's focus on organic growth and further strategic expansion has delivered another set of excellent annual financial results. The results demonstrate that the foundations have been laid for further growth in the current financial year and the board is optimistic of continuing to increase value and returns for its shareholders," said Chairman John Newman.
Shares in 1PM were up 7.3% at 58.60 pence on Wednesday.
