14 Jun 2011 07:00
14 June 2011
1pm plc
("1pm" or "the Company")
Pre-close trading update
1pm plc (AIM: OPM), the AIM listed independent provider of asset finance facilities to the SME sector, provides a trading update for the year ended 31 May 2011.
Turnover for the year ending 31 May 2011 is expected to be £1.90m, which is 43% ahead of last year's performance (FY10: £1.33m). The trading results have improved further in the second half of the financial year and the Company will announce a return to annual profitability for the full year.
In the year ended 31 May 2011 the value of new leases was £6.11m (FY10: £2.49m) and has been significantly ahead of management expectations. The level of new leases has also had a positive effect on the lease portfolio which has grown to £10.1m as at 31 May 2011 (FY10: £6.17m).
The Company believes that its return to profitability should facilitate the agreement of additional funding lines.
Maria Hampton, Managing Director of 1pm, said:
"We are delighted that the progress we reported for the first half has continued and indeed strengthened in the second half. As a result we look forward to reporting profitable annual results next month. The positive figures reflect the increasing demand from SMEs for alternative funding in a time when traditional bank lending remains restricted. 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."
The audited results for the year ended 31 May 2011 will be released by the end of July 2011.
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 |
Walbrook PR Ltd | 020 7933 8780 |
Paul McManus | 07980 541 893 |
paul.mcmanus@walbrookpr.com |