refresh of recent news5 Jan 2015 10:11
For Immediate Release
15 December 2014
1pm plc
("1pm", the "Group" or the "Company")
Pre-close Trading Update
"On-target results with second half investment expected to drive future growth"
1pm (AIM: OPM), the AIM listed specialist independent provider of finance facilities to the SME sector, is pleased to announce the following trading update ahead of the publication of its interim results for the six months ended 30 November 2014, which are scheduled to be released during the week commencing 19 January 2015.
The trading results for the half year ended 30 November 2014 will show further growth in revenue and profits compared to the corresponding period last year.
The Group continues to experience high levels of demand for finance from SMEs. The asset finance and loan portfolios have continued to grow, with over £6.8m of new business written during the first six months of the current trading year, representing a 36 per cent. increase compared with the first six months of last year (H1 2014: £5m). This included record new business of over £1.5m in a single month, written during October 2014.
As at 30 November 2014, the combined asset finance and loan portfolio stood at £24.3m (H1 2014: £17.7m), an increase of over 37 per cent. since November last year and a 19 per cent. increase since the year-end in May (FY14: £20.4m).
Since 1 June 2014, 1pm has raised an additional £5.7m of debt funding. A further £3.8m of equity finance (net of expenses) was raised by means of a share placing at 61 pence per share in October, which brings the total amount raised during the first half of the current financial year to £9.5m (H1 2014: £4.9m).
The Group is also pleased to announce that it has relocated to larger premises within Bath. These premises will enable the Company to continue to expand its business and to recruit the additional staff required to meet its strategic aims over the next few years.