New Funding Facility & Trading Update

RNS Number : 9062M

1PM PLC

02 September 2013

 



2 September 2013

1PM PLC

(AIM: OPM)

New £1million Block Discounting Facility and

Trading Update

1pm plc ("1pm" or "the Company"), the AIM listed specialist independent provider of lease asset finance to the SME sector, is pleased to announce that it has  negotiated an additional new Block Discounting Facility totalling £1million. This additional funding will be used exclusively for the purpose of writing new business.  

The loan terms are consistent with those of other funders to the Company.

In addition, the Board is pleased to report that trading during the first quarter of the financial year has been very encouraging, with sales achieved in each month surpassing expectations.

Maria Hampton, CEO of 1pm, commented:

"We are very pleased to have been granted this new facility. This brings the total amount of new funding raised since 31^st May 2013 to just under £4.3m, which is more than the Company raised during the whole of the last financial year (FY13: £4.14m).

"The new block discounting facility will enable us to continue to meet the increasing demand in new business volumes. 

"We are also encouraged by the trading volumes during the first quarter and would like to take this opportunity to thank the staff for their continued hard work and dedication."

For further information, please contact:
1pm plc
Mike Johnson, Chairman	0844 967 0944
Maria Hampton, CEO	0844 967 0944
WH Ireland (NOMAD)
Mike Coe	0117 945 3470
Winningtons Financial PR	0117 985 8989
Paul Vann	07768 807631
	[e-mail]

About 1pm:

1pm plc is an established independent asset 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 lends from £1,000 to £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.

Mission Statement - 'Helping the UK economy grow by supporting SMEs'

You can find more information on the Company website www.1pm.co.uk 

 

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