AGM Statement

RNS Number : 4992W

1PM PLC

19 November 2010

 



1PM PLC

(AIM: OPM)

AGM Statement

1pm plc ("1pm" or "the Company"), the specialist provider of lease asset finance to the SME sector, announces that at the Annual General Meeting held today all resolutions were duly passed.  The following statement was given during the meeting:

"As detailed in our recent RNS announcements, trading in the financial year to date has been very positive.  Since the start of the financial year (31 May 2010) the lease portfolio has grown by 34.5 per cent. and as at 31 October 2010 was valued at £8.7m thus enhancing our balance sheet.

To support the growth of the lease portfolio we have recently secured additional funding lines up to a total of £1.3m.  We are in discussions with lenders and are confident that further funding lines will be available if required.

One of the disappointments of the financial year to 31 May 2010 was the unusual level of bad debts.  I am pleased to report that for the five months to 31 October 2010 total bad debts were 45.3 per cent. lower than the equivalent period last year and we have not seen a repeat of the concentrated number of bad debts received last year.  We believe this is due to more proactive credit control and the general improvement of economic conditions.

We believe that the trading improvements experienced are as a result of improving conditions in the lease asset finance market and the hard work and commitment from our experienced staff.  We are optimistic that trading will remain strong and expect to report our half year results in January 2011."

In addition, the Company announces that Mike Johnson (67) will move to the position of Non-executive Chairman with effect from 1 December 2010.  In his new role Mike will continue to focus on new funding opportunities.  Mike has been instrumental in repositioning the Company and his knowledge and experience will continue to be benefited from.

Contacts:
1pm plc	www.1pm.co.uk
Mike Johnson, Chairman	[phone]
Maria Hampton, Managing Director	[phone]
WH Ireland Limited	www.wh-ireland.co.uk
Mike Coe / Marc Davies	[phone]

 

END

 

 

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