Trading Update

RNS Number : 3545M

1PM PLC

17 September 2012

 



                                                                                                           1pm plc

("1pm" or "the Company")

Trading Update

1pm plc (AIM: OPM), the AIM listed specialist independent provider of asset finance facilities to the SME sector, announces the following trading update for the period 1 June 2012 to 31 August 2012

The Board is pleased to report that the level of new business written during the first three months of the current financial year has been encouraging. The strong trading performance experienced towards the end of last year has continued, and the first quarter's operating profit was £171k (Q1: 2011: £109k).  During the quarter, the lease portfolio has risen to £12m,  a 9 per cent. increase since the year end at 31 May 2012 (FY2011: £11m).  The first quarter results give the Board confidence for the trading outlook however at this stage the Board feels that existing expectations remain appropriate.

The Board is also pleased to announce that it has agreed an increase of the Company's overdraft facility from £350,000 to £500,000. The increase in the overdraft will provide 1pm with additional working capital flexibility.

Maria Hampton, Managing Director of 1pm, commented:

"We have made a good start to the current financial year and the Board is very encouraged both by the levels of new business enquiries and by the new business we are securing.  We also believe the bank's decision to increase our overdraft facility also reflects positively on the progress the Company is making."

For further information, please contact:

1pm plc
Mike Johnson, Chairman Maria Hampton, Managing Director	0844 967 0944 0844 967 0944
WH Ireland (NOMAD)
Mike Coe Marc Davies	0117 945 3470
Winningtons Financial PR	0117 985 8989
Paul Vann	07768 807 631
	[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.

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

 

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