Sign In
10 Jun 2015 07:00
10 June 2015
1pm plc
("1pm" or "the Company")
Trading Update
1pm plc (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 final results for the year ended 31 May 2015, which are expected to be announced in the second half of July.
The Company has experienced a fifth consecutive year of strong organic growth. The results for the year will show further increases in both revenue and profits compared to last year with profit before tax significantly above current market expectations and revenues slightly above expectations, thanks to continuing strong demand for finance from SMEs and lower costs than expected, in particular in relation to bad debts. The asset finance and loan portfolios have both continued to grow, with over £9.2m of new business written during the second half (2014 H2:£5.7m), making in aggregate £16.1m of new business written during the year as a whole (2014: £10.8m). As at 31 May 2015, the total Portfolio amounted to £30.0m which represents a 47% increase over last year (FY14: £20.4m).
Ian Smith, Chairman, commented:
"This is a strong financial performance for the financial year and all the more pleasing given that it has been a year of investment for the future and expansion of resources. The relocation to new offices is complete, recruitment is on-track and additional expenditure has been incurred in business development. All of these initiatives are beginning to yield anticipated growth, as shown in the fact that new business origination of £5.5m over the last quarter of the year was a record achievement."
For further information, please contact: | |
1pm plc | |
Ian Smith, Chairman | 0844 967 0944 |
Maria Lewis, CEO | 0844 967 0944 |
WH Ireland (NOMAD) | |
Mike Coe / Ed Allsopp | 0117 945 3470 |
Walbrook Public Relations | 0117 985 8989 |
Paul Vann | 07768 807631 |
paul.vann@walbrookpr.com |
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is an established independent 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 provides assets finance from GBP1,000 to GBP50,000 for a period of between 12 and 60 months and GBP1,000 to GBP50,000 for business loans (repaid over 3-36 months).
Mission Statement - 'Helping the UK economy grow by providing finance to businesses'
More information is available on the Company website www.1pm.co.uk
Follow the stocks
