Half-yearly report

1pm plc

                            ("1pm" or the "Company")

                          INTERIM CONSOLIDATED RESULTS
                     FOR THE 6 MONTHS ENDED 30 NOVEMBER 2008


The  Board  of  1pm,  the  AIM  quoted independent  provider  of  asset  finance
facilities to the SME sector, announces today its unaudited interim results  for
the  6  month  period  to 30 November 2008.  The interims demonstrate  portfolio
growth and like for like increased turnover and banking facilities.

HIGHLIGHTS

  ·    New business written exceeded £2.9 million (206% increase on period to 30
       November 2007)

  ·    Gross receivables of ££7.2 million (125% increase on period to 30 November
       2007)

  ·    Turnover of £675,000 (71% increase on period to 30 November 2007)


ENQUIRIES TO:

1pm plc
Mike Johnson                               08707 397397

SVS Securities plc
Ian Callaway                               020 7638 5600

Blomfield Corporate Finance Limited
Emily Morgan                               01275 871717
Nick Harriss                               020 7512 0191

CHAIRMAN'S STATEMENT


Fundraising

The  Company  completed  a  successful fundraising in August  2008  of  £656,000
(before  costs).  This has attributed to the Company's increase  in  net  assets
which  as  at 30 November 2008 was £2.1 million (£1.5 million as at 30  November
2007).  In conjunction with the successful fundraising the Company has continued
to  negotiate increased funding from a range of banks and block discounters  and
as  at 30 November 2008 had £5 million of funding lines in place (£2 million  as
at 30 November 2007)

With  a  number  of  previous  funding providers in  the  asset  finance  market
currently  reassessing  their  operations in  the  light  of  prevailing  market
conditions  1pm  has written more asset finance business in  2008  than  in  any
previous  year, thus helping more companies expand their asset base and  protect
their capital position.

Operating Performance

The  last  six  months have seen the Company accelerate the  momentum  from  the
previous year, during which time we have achieved substantial portfolio  growth.
This  has created a solid base from which we intend to grow the business to  the
next level.

The  Company  is well placed to move forward. The success of the fundraising  in
August  2008 clearly demonstrates the level of confidence that new and  existing
shareholders have in the Board, enabling us to develop the business  within  its
designated niche.

The Board's focus remains on the lease broker network and as such we continue to
receive an increasing number of proposals that fit our specialist niche which we
are  converting into "Customers on the books".  This has led to a record monthly
volume  in  September 2008 which was eclipsed in October 2008 when  we  financed
over £600,000 of equipment for our customers.

I  am therefore pleased to report that the 6 months to 30 November 2008 has been
a period of growth and development for the core function of the Company.

The  Company continue to be cautious and exercise extreme prudence in our credit
approval process by not only carefully applying our strict underwriting criteria
but also by monitoring business sectors to ensure we are not over exposed to any
one particular area or asset.

Whilst it should be noted that the Company posted a small loss of £3,000 for the
period to 30 November 2008 (compared to a profit of £24,000 for the period to 30
November 2007) we were ahead of management expectations, thus enhancing our base
from  which we intend to develop the business to the next level by 31 May  2009.
However, the operating profit before provisions and taxation was £46,000 for the
period to 30 November 2008 compared to an operating loss of £12,000 in the  2007
equivalent period.


Enhanced Operations

Aside  from  moving  offices to create greater room for expansion,  the  Company
upgraded  its  unique and bespoke CRM system thus allowing access to  a  greater
level  of  concise  management information fundamental  to  the  growth  of  any
financial  services  company and an inherent element  of  our  robust  portfolio
management philosophy.

We  eagerly  look forward to the future and to reporting our full  year  results
with confidence.


M I Johnson
Chairman - 1pm plc







Independent Review Report to 1 pm plc

Introduction

We  have been instructed by the company to review the financial information  set
out  on  pages  4 to 8 and we have read the other information contained  in  the
interim report and considered whether it contains any apparent misstatements  or
material inconsistencies with the financial information.

Directors' responsibilities

The  interim  report, including the financial information contained therein,  is
the responsibility of, and has been approved by the directors. The directors are
responsible  for  preparing the half-yearly financial report in accordance  with
the  rules of the London Stock Exchange for companies trading securities on AIM,
a  market  operated  by  the  London  Stock Exchange  plc.  The  Disclosure  and
Transparency Rules require that the accounting policies and presentation applied
to  the  half yearly figures must be consistent with those applied in the latest
published  annual accounts except where the accounting policies and presentation
are  to be changed in the subsequent annual financial statements, in which  case
the  new accounting policies and presentation should be followed, and the change
and the reasons for the changes should be disclosed in the half yearly financial
report.  The condensed set of financial statements included in this half  yearly
financial  report has been prepared in accordance with International  Accounting
Standard 34, "Interim Financial Reporting".

Our responsibility

Our  responsibility is to express a conclusion on the condensed set of financial
statements in the half yearly financial report based on our review.

Scope of Review

We  conducted  our  review in accordance with International Standard  on  Review
Engagements  (UK  and  Ireland) 2410. "Review of Interim  Financial  Information
performed  by  the Independent Auditor of the Entity," issued  by  the  Auditing
Practices Board for use in the United Kingdom. A review consists principally  of
making  enquiries of group management and applying analytical and  other  review
procedures to the financial information. A review excludes audit procedures such
as  tests  of controls and verification of assets, liabilities and transactions.
It  is  substantially less in scope than an audit performed in  accordance  with
Auditing  Standards and therefore provides a lower level of  assurance  than  an
audit.  Accordingly  we  do  not  express an  audit  opinion  on  the  financial
information.

Review conclusion

On  the basis of our review, nothing has come to our attention that causes us to
believe  that  the  condensed set of financial statements  in  the  half  yearly
financial  report for the six months ended 30 November 2008 is not prepared,  in
all material respects, in accordance with International Accounting Standard 34.


Moore Stephens
Registered Auditors
Chartered Accountants
30 Gay Street
Bath BA1 2PA


CONSOLIDATED INTERIM INCOME STATEMENT
for the six months to 30 November 2008

                                           Independently     Independently
                                                Reviewed          Reviewed        Audited
                                             6 months to       6 months to   12 months to
                                             30 November       30 November         31 May
                                                    2008              2007           2008
                                    Notes
                                                       £                 £              £

REVENUE                                          675,330           395,708        848,477

Cost of sales                                   (370,487)         (145,668)      (291,933)
                                                ________          ________       ________

GROSS PROFIT                                     304,843           250,040        556,544

Administrative expenses                         (300,252)         (222,269)      (470,483)
                                                ________          ________       ________
OPERATING PROFIT/(LOSS)                            4,591            27,771         86,061

Finance income                                         -               794          2,602
Finance expense                                   (7,695)           (4,710)        (8,795)
                                                ________          ________       ________


PROFIT / (LOSS)  BEFORE TAXATION                  (3,104)           23,855         79,868

Tax expense                                            -                 -              -
                                                ________          ________       ________

PROFIT / (LOSS) ON AFTER TAXATION                 (3,104)           23,855         79,868
                                                ========          ========       ========

Attributable to equity holders of the company     (3,104)           23,855         79,868
                                                ========          ========       ========
Profit per share attributable to  the  equity
holders of the company during the period
- basic and diluted                       4  (0.0000049p)         0.00017p        0.0248p
                                                ========          ========       ========



All of the above amounts are in respect of continuing operations.


CONSOLIDATED INTERIM BALANCE SHEET
as at 30 November 2008

                                           Independently     Independently
                                                Reviewed          Reviewed        Audited
                                             30 November       30 November         31 May
                                                    2008              2007           2008
                                                       £                 £              £

NON CURRENT ASSETS

Property, plant and equipment                     67,913            44,348         66,091
                                                ________          ________       ________

CURRENT ASSETS
Cash at bank and in hand                          12,769           169,084         25,097
Trade and other debtors                        6,697,185         3,162,792      4,559,142
                                                ________          ________       ________
                                               6,709,954         3,331,876      4,584,239
                                                ________          ________       ________
TOTAL ASSETS                                   6,777,867         3,376,224      4,650,330
                                                ========          ========       ========


EQUITY
Capital and Reserves attributable to equity holders of the company
Called up share capital                          522,573           298,773        298,773
Share premium account                          1,674,885         1,305,190      1,303,112
Merger reserves                                        -                 -              -
Retained earnings                                (63,706)         (116,614)       (60,601)
                                                ________          ________       ________
TOTAL SHAREHOLDERS' EQUITY                     2,133,752         1,487,349      1,541,284
                                                ________          ________       ________


LIABILITIES

CURRENT LIABILITIES

CREDITORS: Amounts falling due within one year 2,264,108         1,285,229      1,664,440

LIABILITIES DUE AFTER MORE THAN ONE YEAR

CREDITORS: Amounts falling due
after more than one year                       2,380,007           603,646      1,444,606
PROVISION FOR LIABILITIES: deferred taxation           -                 -              -
                                                ________          ________       ________
TOTAL LIABILITIES                              4,644,115         1,888,875      3,109,046
                                                ________          ________       ________
TOTAL EQUITY AND LIABILITIES                   6,777,867         3,376,224      4,650,330
                                                ========          ========       ========

CONSOLIDATED INTERIM CASH FLOW STATEMENT
for the six months to 30 November 2008

                                           Independently     Independently
                                                Reviewed          Reviewed        Audited
                                             6 months to       6 months to   12 months to
                                             30 November       30 November         31 May
                                                    2008              2007           2008
                                                       £                 £              £
CASH FLOWS FROM OPERATING ACTIVITIES
Consumed by operations                          (429,314)         (359,042)      (808,756)
Taxation                                               -                 -        (19,464)
                                                ________          ________       ________
                                                (429,314)         (359,042)      (828,220)

CASH FLOWS FROM INVESTING
ACTIVITIES
Finance income                                         -               794          2,602
Finance expense                                   (7,695)           (4,710)        (8,795)
Purchase of property, plant and equipment        (15,360)                -        (42,948)
                                                ________          ________       ________
                                                 (23,055)           (3,916)       (49,141)

CASH FLOWS FROM FINANCING
Issue of shares net of costs                     595,574           632,669        630,591
                                                ________          ________       ________
                                                 595,574           632,669        630,591

NET INCREASE IN CASH AND CASH
EQUIVALENTS                                     (143,205)          269,711       (246,770)

CASH AND CASH EQUIVALENTS AT
THE BEGINNING OF THE PERIOD                     (347,397)         (100,627)      (100,627)
                                                ________          ________       ________
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD                           (490,602)          169,084       (347,397)
                                                ========          ========       ========

CHANGES IN SHAREHOLDERS EQUITY

                                    Share      Share    Merger   Retained      Total
                                  Capital    Premium   Reserve   Earnings     Equity

Balance at 31 May 2008            298,773  1,303,112         -    (60,601) 1,541,284

Loss for the period                     -          -         -     (3,104)    (3,104)
Movement in share capital         223,801    371,773         -          -    595,574
Other movements                         -          -         -          -          -
                                  __________________________________________________


Balance at 30 November 2008       522,574  1,674,885         -    (63,705) 2,133,754
                                  ==================================================
Balance at 30 November 2007       298,773  1,303,112         -   (116,614) 1,485,271

Profit for the period                   -          -         -     56,013     56,013
                                  __________________________________________________
Balance at 31 May 2008            298,773  1,303,112         -  (60,601)   1,541,284
                                  ==================================================

1  ACCOUNTING POLICIES

   The significant accounting policies, which have been consistently applied  in
   preparing the financial statements are as follows:

   BASIS OF PREPARATION

   The  financial information set out in the interim report does not  constitute
   statutory accounts as defined in section 240 of the Companies Act 1985.   The
   Group's  statutory  financial statements for  the  year  ended  31  May  2008
   prepared  under International Financial Reporting Standards, have been  filed
   with  the  Registrar  of Companies. The auditor's report on  those  financial
   statements  was  unqualified and did not contain a  statement  under  Section
   237(2) of the Companies Act 1985.

   These  interim  financial statements have been prepared under the  historical
   cost convention.

   These interim financial statements have been prepared in accordance with  the
   accounting   policies  set  out  in  the  most  recently   available   public
   information,  which  are based on the recognition and measurement  principles
   of  IFRS in issue as adopted by the European Union (EU) and are effective  at
   31  May 2008 or are expected to be adopted and effective at 31 May 2008,  The
   financial information for the six months ended 30 November 2008 and  the  six
   month  period 30 November 2007 are unaudited and do not constitute the groups
   statutory  financial  statements for these periods. The  accounting  policies
   have  been  applied  consistently throughout the Group for  the  purposes  of
   preparation of these interim financial statements.

   BASIS OF CONSOLIDATION

   The  financial statements consolidate the results, cash flows and assets  and
   liabilities  of the company and its wholly owned subsidiary undertaking,  1pm
   (UK) Ltd.

2  TAXATION

   Taxation  charged  for  the period ended 30 November 2008  is  calculated  by
   applying  the directors' best estimate of the annual tax rate to  the  result
   for the period.


3  SHARE CAPITAL

   As  at  30  November  2008, the company had an authorised  share  capital  of
   766,462,229  ordinary shares of £0.0006818p each, of which  766,462,229   had
   been issued and were fully paid.


4  EARNINGS PER ORDINARY SHARE

   The  earnings per ordinary share has been calculated using the profit for the
   period  and  the weighted average number of ordinary shares in  issue  during
   the period as follows:

                                                       Six months to
                                                    30 November 2008
                                                                   £
   Profit/(loss) for the period after taxation                (3,104)
                                                            ========

                                                              Number
   Basic weighted average of ordinary shares of 1p each  631,933,541
                                                            ========

                                                                 pps
   Basic earnings (pence per share)                       (0.0000049)

   The basic earnings per share is calculated on the weighted average number  of
   shares in issue during the period.

5  COPIES OF THE INTERIM REPORT

   Copies  of the interim report will be sent to shareholders and are available
   from  the  company  secretary at the company's registered  office:   27  Gay
   Street, Bath, BA1 2PD.

-END-