there is one huge seller11 Dec 2014 13:02
Mon, 22nd Sep 2014 07:00
RNS Number : 1967S
1PM PLC
22 September 2014
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22 September 2014
1PM PLC
("1pm" or the "Company")
FINAL RESULTS FOR THE YEAR ENDED 31 MAY 2014
Record revenues, profits and earnings per share;
Strong trading momentum maintained; complemented by increasing levels of new business
1pm plc (AIM: OPM), the AIM listed independent provider of finance facilities to the SME sector, announces final results for the year ended 31 May 2014.
Ian Smith, Non-executive Chairman commented: "In the year to 31 May 2014 1pm has delivered strong results through a combination of factors including its unwavering commitment to the SME sector at a time when other sources of finance for SME businesses remain difficult to source, adherence to a rigorous underwriting process, the loyalty of a growing network of over 100 finance brokers and the hard work and dedication of the entire 1pm staff."
Financial Highlights:
· Revenues up 35.6% to £4.2m (FY13: £3.1m)
· Profit before tax up 73% to £1.35m (FY13: £0.7m)
· £11.3m of new funding raised (FY13: £4.1m)
· Bad debts and provisions as a percentage of the portfolio stood at 6.6 % (FY13: 8.97%)
· EPS up 36.2% to 3.54p (FY13: 2.60p)
Operational Highlights:
· Number of customers increased by 24.2% to 2,995 (FY13: 2,380)
· New business written during the year increased 58.4% to £10.8m (FY13: £7.8m)
· Increased number of partnerships formed with finance brokers
· Introduced two new products (HP and Business Loans)
Chief Executive, Maria Hampton added:"The Company has now been profitable on a monthly basis for 50 consecutive months; a reflection of the hard work and dedication from the staff and the Board.
"Demand for finance from SMEs continues to grow and the £11.3m of new funds raised during the year has helped the Company to provide a record amount of funding to new customers.
"1pm is in an excellent position to continue to grow against the backdrop of the prevailing commercial lending environment within the UK banking industry."