15 Sep 2010 07:00
1PM PLC
(AIM: OPM)
Trading Update
1pm plc ("1pm" or "the Company"), the specialist provider of lease asset finance to the SME sector, is pleased to announce that it has made a very strong start to the current financial year and has returned to profit in the first quarter.
In the first quarter to 31 August 2010 the value of new leases agreed was 402% ahead of the equivalent period last year and has been significantly ahead of management expectations. In total the Company has completed £1.7m of new leases which compares with £2.5m for the whole of the last financial year ended 31 May 2010. The level of new leases has also had a positive effect on the lease portfolio which has grown to £7.71m as at 31 August 2010 (31 May 2010: £6.55m).
In order to continue to grow the business at the current level there will a requirement to access further funding lines. The Company believes that its return to profitability and the improving levels of new business should facilitate the agreement of additional block funding lines and assist discussions will other providers of finance.
Michael Johnson, Chairman of 1pm, commented:
"We are delighted to report such a positive start to the year. The hard work of the team together with the benefits of the March 2010 fundraising are starting to yield rewards in terms of financial performance as the operational gearing effect of our business model starts to impact. We are very encouraged by the levels of business we are securing and given sufficient resources we are confident this can continue."
| Contacts: |
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| 1pm plc | www.1pm.co.uk |
| Mike Johnson, Chairman | +44 (0) 844 967 0944 |
| Maria Hampton, Managing Director | +44 (0) 844 967 0944 |
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| WH Ireland Limited | www.wh-ireland.co.uk |
| Mike Coe / Marc Davies | +44 (0) 117 945 3470 |