Half-yearly report

1pm plc ("1pm" or the "Company") INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 NOV 2006 27 February 2007 1pm plc (AIM: OPM), the UK specialist asset finance provider to SME markets, today announces its interim results for the six month period to 30 November 2006. HIGHLIGHTS · Turnover up 22 per cent to £488,255 · Gross profit up 55 per cent to £335,879 · New borrowing facility arranged with Siemens Financial Services of £500,000 · Appointment of Michael Johnson as Non- Executive Chairman Commenting on the results, Michael Johnson, Non-Executive Chairman of 1pm plc, said: "We have been extremely active following the successful admission to AIM in August last year. We have identified additional key brokers who will provide increased business together with investing in the infrastructure required to support our growth plans and new business levels should rise commensurately once new facilities are in place." ENQUIRIES TO: 1pm plc John Stickley 08707 397397 SVS Securities plc Ian Callaway 020 7638 5600 Peter Manfield ARM Corporate Finance Limited Nick Harriss 020 7512 0191 CHAIRMAN'S STATEMENT I am pleased to report on the inaugural, interim results of 1pm as a publicly quoted company. Following the successful admission to AIM in August last year, we have been extremely active in the market place generating new business opportunities, negotiating facilities with lending banks and reviewing our own operations to ensure that the Company goes forward in the most efficient manner. OVERVIEW OF RESULTS The results for the six months to 30 November 2006 show a 22% increase in turnover to £488,255 (2005: £400,410). This resulted in a 55% increase in gross profit to £335,879 (2005: £216,549). However, profit before taxation fell marginally to £104,947 (2005: £111,861), a result of the higher administrative expenses associated with being a public quoted company. Since admission, the Company has visited a large number of new brokers who are keen to refer business to 1pm thus confirming our original view that there is a significant demand for the Company's services. However, it has taken more time to arrange borrowing facilities to meet this demand than expected and consequently the initial volume of new business contracts written has been lower than originally anticipated. As announced on 12 February 2007, we are delighted that Siemens Financial Services has confirmed a new £500,000 block discount facility and we are also continuing our discussions with a number of other lending banks. Further investment has been made to the bespoke CRM system, enabling the underwriting procedures to be even more efficient and effective and allowing a quicker response to proposals. We are currently involved the next phase of development of the CRM system which will enhance our robust arrears and collections procedures, making recoveries against both customers and assets even more effective. BOARD As announced, Steve Grey stepped down as acting Chairman but will remain on the Board as a non-executive director. I would like to thank Steve for overseeing the Company through the challenging period of the floatation. The Company is now in position to take advantage of the many opportunities ahead and I believe my 30 years' experience in leading and developing small ticket leasing businesses will help in this new and exciting phase. STAFF I would like to thank our loyal and experienced team of staff for their continued enthusiasm and the support given particularly while the Directors were involved in the floatation process. Mike Johnson Chairman 27 February 2007 1pm plc CONSOLIDATED PROFIT AND LOSS ACCOUNT for the six months to 30 November 2006 _____________________________________________________________________________________ Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 Notes £ £ £ TURNOVER 488,255 400,410 794,644 Cost of sales (152,376) (183,861) (323,480) __________ __________ _________ GROSS PROFIT 335,879 216,549 471,184 Administrative expenses (227,534) (95,418) (208,466) __________ __________ _________ OPERATING PROFIT 108,345 121,131 262,718 Interest receivable 4,139 - - Interest payable and similar charges (7,537) (9,270) (22,471) __________ __________ _________ PROFIT ON ORDINARY ACTIVITES BEFORE TAXATION 104,947 111,861 240,247 Taxation 2 32,232 21,254 45,647 __________ __________ __________ PROFIT ON ORDINARY ACTIVITES AFTER TAXATION 72,715 90,607 194,600 ========== ========== ========== All of the above amounts are in respect of continuing operations. 1pm plc CONSOLIDATED BALANCE SHEET as at 30 November 2006 _____________________________________________________________________________________ Unaudited Unaudited Audited 30 November 30 November 31 May 2006 2005 2006 Notes £ £ £ FIXED ASSETS Tangible assets 5 26,881 17,426 18,400 ________ _______ _______ 26,881 17,426 18,400 CURRENT ASSETS Debtors 3,294,847 2,649,402 2,740,217 Cash at bank and in hand 184,402 1,041 942 ________ ________ _______ 3,479,249 2,650,443 2,741,159 CREDITORS: Amounts falling due within one year (1,391,815) (1,405,069) (1,454,381) _________ ________ ________ NET CURRENT (LIABILITIES) / ASSETS 2,087,434 1,245,374 1,286,778 _________ ________ ________ TOTAL ASSETS LESS CURRENT LIABILITIES 2,114,315 1,262,800 1,305,178 CREDITORS: Amounts falling due after more than one year (822,224) (1,144,563) (1,040,084) _________ ________ ________ 1,292,091 118,237 265,094 PROVISION FOR LIABILITIES: Deferred taxation (694) - (694) _________ ________ ________ NET ASSETS / (LIABILITIES) 1,291,397 118,237 264,400 ========= ======== ======== CAPITAL AND RESERVES Called up share capital 99,929 264,400 264,400 Share premium account 903,325 - - Merger reserve 215,428 - - Profit and loss account 72,715 (146,163) - _________ ________ ________ 1,291,397 118,237 264,400 ========= ======== ======== 1pm plc CONSOLIDATED CASH FLOW STATEMENT for the six months 30 November 2006 _____________________________________________________________________________________ Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 Notes £ £ £ NET CASH (OUTFLOW) FROM OPERATING ACTIVITES 6 (489,548) (547,188) (207,100) RETURNS ON INVESTMENTS AND SERVICING OF FINANCE Interest received 4,139 - - Interest paid (7,537) (9,270) (22,471) ________ ________ _______ NET CASH OUTFLOW FROM RETURNS ON INVESTMENTS AND SERVICING OF FINACE (492,946) (556,458) (229,571) TAXATION (16,300) - (35,000) CAPITAL EXPENDITURE Payment to acquire tangible fixed assets (12,620) (12,835) (19,311) ________ ________ _______ NET CASH OUTFLOW FROM CAPITAL EXPENDITURE (12,620) (12,835) (19,311) EQUITY DIVIDEND PAID - (75,331) (33,161) ________ ________ ________ NET CASH OUTFLOW BEFORE FINACING (521,866) (644,624) (317,043) FINANCING Issue of shares net of costs 954,282 - - Bank loan repaid (27,633) (28,649) (55,245) Net (outflow)/inflow from long term trade creditors (7,080) 680,608 226,401 _________ ________ _______ NET CASH INFLOW FROM FINANCING 919,569 651,959 171,156 _________ ________ _______ INCREASE/(DECREASE) IN CASH IN THE PERIOD 7 391,703 7,335 (145,887) ========= ========= ======= RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT Unaudited Unaudited Audited 30 November 30 November 31 May 2006 2005 2006 Notes £ £ £ Increase/(decrease) in cash in the period 397,703 7,335 (145,887) Net cash outflow from bank loans 27,632 28,818 55,245 Net Cash outflow/ (inflow) from long- term creditors 7,080 (680,608) (525,992) _________ _________ _________ Movement in net (debut) / funds in the year 432,415 (644,455) (615,564) Opening net (debt) (2,342,313) (1,726,749) (1,726,749) _________ _________ _________ Closing net (debt) (1,909,898) (2,371,204) (2,342,313) ========= ========= ========= 1 ACCOUNTING POLICIES The significant accounting policies, which have been consistently applied in preparing the financial statements are as follows: BASIS OF PREPARATION The interim financial statements comprise the unaudited results for the six months to 30 November 2006 and 30 November 2005 and the audited accounts for the year to 31 May 2006. The interim financial statements have been prepared on a consistent basis and using the accounting policies set out in the accounts for the year ended 31 May 2006. The interim results are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the Companies Act 1985. Statutory financial statements for the Group for the year to 31 May 2006, prepared on the basis of the accounting policies set out in those accounts, were reported on by the auditors without qualification or statement under section 237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies. Comparative information for the year ended 31 May 2006 shown in this report has been extracted from those accounts. The financial statements have been prepared under the historical cost convention and in accordance with applicable accounting standards. BASIS OF CONSOLIDATION On 3rd July 2006 100% of the issued share capital of 1pm (UK) Limited was acquired by the company. The financial statements consolidate the results, cash flows and assets and liabilities of the company and its wholly owned subsidiary undertaking, 1pm (UK) Ltd, by the method of merger accounting. In the company's balance sheet the investment in 1pm (UK) Limited is stated at the nominal value of shares issued. As permitted by Sections 131 and 133 of the Companies Act 1985, no premium has been recorded on the ordinary shares in connection with this acquisition. On consolidation the difference between the nominal value of the shares issued with the nominal value of the shares received has been credited to a merger reserve. 2 TAXATION Taxation charged for the period ended 30 November 2006 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 2006, the company had an authorised share capital of 440,000,004 ordinary shares of £0.0006818p each, of which 146,561,469 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 2006 £ Profits for the period after taxation 72,715 ======== Number Basic weighted average of ordinary shares of 1p each 122,387,639 ======== pps Basic earning (pence per share) 0.0006 ======== The basic earnings per share is calculated on the weighted average number of shares in issue during the period. 5 TANGIBLE FIXED ASSETS Fixtures fittings and equipment Total £ Cost or valuation At 1 June 2006 31,873 Additions 12,620 _______ At 30 November 2006 44,493 ======= Depreciation At 1 June 2006 13,472 Charge 4,140 ______ At 30 November 2006 17,612 ====== Net book value At 30 November 2006 26,881 ====== At 30 November 2005 17,426 ====== At 31 May 2006 18,400 ====== 6 RECONCILIATION OF OPERATING PROFIT TO NET CASH (OUTFLOW) / INFLOW FROM OPERATING ACTIVITIES Unaudited Unaudited Audited 6 months to 6 months to 12 months to 30 November 30 November 31 May 2006 2005 2006 Notes £ £ £ Operating profit 108,345 121,131 262,718 Depreciation 4,140 2,467 7,969 (Increase) in debtors (554,630) (587,605) (712,202) Decrease/ (increase) in creditors (47,403) (83,181) 234,415 ________ _______ _______ Net cash (outflow) from operating activities (489,548) (547,188) (207,100) ======== ======= ======= 7 ANALYSIS OF CHANGES IN NET FUNDS / (DEBT) At Cashflows At 1 June 30 November 2006 2006 £ £ £ Cash at bank and in hand 942 183,460 184,402 Bank overdrafts (214,243) 214,243 - _______ _______ _______ Net cash (213,301) 397,703 184,402 Debt Debt due within 1 year (1,088,928) (182,455) (1,271,383) Debt due after 1 year (1,040,084) 217,168 (822,916) _______ _______ _______ Total net funds / (debt) (2,342,313) 432,416 1,909,898 ======= ======= ======= 8 RECONCILIATION OF NET MOVEMENT IN SHAREHOLDERS' FUNDS 6 months to months to 12 months to 30 November 30 November 31 May 2006 2005 2006 Notes £ £ £ Profit for the financial year 72,715 90,607 194,600 Equity dividends - (75,331) (33,161) Share Issue 1,003,254 - - Merger reserve (48,972) - - _______ _______ _______ Net addition to shareholders' fund 1,026,997 15,276 161,439 Opening shareholders' funds 264,400 102,961 102,961 ________ _______ _______ Closing shareholders' fund 1,291,397 118,237 264,400 ======== ======= ======= 9 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: 12 George Street, Bath, 2EH.

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