Trading Statement

RNS Number : 6945P

1PM PLC

10 June 2015

 

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
	[e-mail]

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

 

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