SME demand to lift 1pm to profit

AIM-listed asset finance provider to small and medium enterprise (SMEs) 1pm moved up more than 25% after saying it will announce a return to profitability for the full year following improved trading.Turnover for the year ending 31 May 2011 is expected to be £1.90m, which is 43% ahead of last year's performance."The positive figures reflect the increasing demand from SMEs for alternative funding in a time when traditional bank lending remains restricted," said 1pm managing director Maria Hampton. "The company's business model is now having a very positive impact, brokers who are our main source of business have a better understanding of our lending criteria and with our return to profitability we expect more funding lines to be made available to us."