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13 Aug 2012 07:00
For Immediate Release 13 August 2012
1pm plc
("1pm" or "the Company")
AGM Statement
1pm plc (AIM: OPM), the AIM listed specialist independent provider of asset finance facilities to the SME sector, is pleased to issue the following trading update ahead of its AGM which is due to take place at 12.30 pm today in Bath.
Following the recent announcement of record trading results for the financial year ended 31 May 2012, the Board is pleased to report that the new financial year has started positively. Trading in the first two months of the current year has been encouraging with new business written since the year-end contributing to an increase in the Company's lease portfolio of more than seven per cent, which stood at £11.8m as at 31st July 2012 (31 May 2012: £11m). The Company's continued profitability on a monthly basis is also enabling it to re-invest surplus cash generated from day to day trading back into the business further expanding the lease portfolio.
1pm is also pleased to announce that the Board has increased its lending facilities further through the agreement of a loan of £500,000 on commercial terms from a private investor. The loan will be used exclusively for the purpose of writing new leases.
Maria Hampton, Managing Director of 1pm, commented:
"Notwithstanding the challenging economic environment prevailing in the UK, 1pm is continuing to grow. We believe we are very well placed to maximise the opportunities presented to us to expand the business in the current year and beyond. We expect to deliver further growth in the size of our lease portfolio, helped by our growing reputation both within the asset finance industry and amongst our UK-wide customer base. We look forward to the outcome for the current year with confidence."
For further information, please contact:
1pm plc | |
Mike Johnson, Chairman Maria Hampton, Managing Director | 0844 967 0944 0844 967 0944 |
WH Ireland (NOMAD) | |
Mike Coe Marc Davies | 0117 945 3470 |
Winningtons Financial PR | 0117 985 8989 |
Paul Vann | 07768 807 631 |
paul.vann@winningtons.co.uk |
About 1pm:
1pm plc is an established independent asset finance company focused on providing SMEs with accessible funding to add value to their businesses. All customers must have good credit histories and proven ability to repay their finance commitments. 1pm currently lends from £1,000 to- £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.
You can find more information on the Company website www.1pm.co.uk
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