1pm is an asset finance company lending to small UK businesses for essential business assets. Advances range from £1,000 to £50,000 and are normally written over a three year term on a Finance Lease. The company's main route to market is via finance brokers who pass business to 1pm in return for a commission.

Solid move up today, nearing its past highs.

Another good 6.5% rise today

1PM: WH Ireland restarts coverage with a target price of 80p and a buy recommendation.

Pre-Close Trading Update

RNS


RNS Number : 7134Z

1PM PLC

15 December 2014








For Immediate Release

15 December 2014

1pm plc



("1pm", the "Group" or the "Company")



Pre-close Trading Update

"On-target results with second half investment expected to drive future growth"



1pm (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 interim results for the six months ended 30 November 2014, which are scheduled to be released during the week commencing 19 January 2015.



The trading results for the half year ended 30 November 2014 will show further growth in revenue and profits compared to the corresponding period last year.



The Group continues to experience high levels of demand for finance from SMEs. The asset finance and loan portfolios have continued to grow, with over £6.8m of new business written during the first six months of the current trading year, representing a 36 per cent. increase compared with the first six months of last year (H1 2014: £5m). This included record new business of over £1.5m in a single month, written during October 2014.



As at 30 November 2014, the combined asset finance and loan portfolio stood at £24.3m (H1 2014: £17.7m), an increase of over 37 per cent. since November last year and a 19 per cent. increase since the year-end in May (FY14: £20.4m).



Since 1 June 2014, 1pm has raised an additional £5.7m of debt funding. A further £3.8m of equity finance (net of expenses) was raised by means of a share placing at 61 pence per share in October, which brings the total amount raised during the first half of the current financial year to £9.5m (H1 2014: £4.9m).



The Group is also pleased to announce that it has relocated to larger premises within Bath. These premises will enable the Company to continue to expand its business and to recruit the additional staff required to meet its strategic aims over the next few years.



Ian Smith, Chairman of 1pm, commented:



"The results for the first six months of the financial year continue the trend of profitable growth experienced over recent years. This strong performance underpins the Board's decision to invest in resources in the second half of the year to lay the foundations for further growth.



"Trading since the period end has continued in line with expectations, although as previously highlighted, we anticipate some reduction in profits and earnings for the second six months of the financial year compared with the first six months, reflecting the planned investment in people, premises and systems."



Maria Lewis, CEO of 1pm, commented:



"We are extremely pleased with the Group's performance during the first six months and demand for our products and services continues at a very high level. Whilst the current financial year is likely to be a transitional one, with approximately £0.8m of additional costs expected to be incurred over the next few months, the additional resources acquired will facilitate the delivery of our strategic aims over the next 3-4 years

ST of IC has a immediate target of the autumn high of 70p and beyond that the June high of 89p.

Results for the six month period ended 30 November 2014 on Tuesday 20 January 2015.

Interim Results
RNS
RNS Number : 5757C
1PM PLC
20 January 2015





For Immediate Release

20th January 2015


1pm plc



("1pm", the "Group" or the "Company")



INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 NOVEMBER 2014



Strong trading momentum maintained



1pm, the AIM quoted independent provider of finance to the SME sector, announces its Interim Results for the six month period ended 30 November 2014.



Commenting on the results, Chairman, Ian Smith, said:



"I am very pleased to report that the Group has again recorded excellent results for the first half of the current financial year, maintaining the profitable growth experienced over recent years. These results firmly underpin the Board's decision to invest in additional resources during the second half of the financial year which will provide a platform for continued growth".



Financial Highlights



· Revenue for the period increased 31% to £2.56m (H1 2014: £1.95m);

· Profit before taxation increased 25% to £0.76m (H1 2014: £0.61m);

· Earnings per share increased 18% to 1.91p (H1 2014: 1.61p);

· Net receivables increased 36% to £20.42m (H1 2014: £15.07m)



Operational Highlights



· Record monthly sales in October of over £1.5m;

· New business written during the period up 36% compared to same period last year;

· Total portfolio increased to £24.3m (H1 2014: £17.7m);

· Relationships now established with over 100 finance brokers nationwide, an increase of over 30 in the period



On current trading and prospects, CEO, Maria Lewis added:



"As previously reported, the current financial year will be a transitional one for the Company as we invest in additional resources and significantly increase business capacity. A key milestone in this process was reached in December when the Group relocated to larger offices to help facilitate the delivery of its strategic aims over the next 3 to 4 years. We plan to recruit up to 20 additional staff over the next 12 months and there will also be investment in new IT systems and business development resources."

Please Note - Streaming News is only available to subscribers to the Active Level and above



Trading Statement
RNS
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."

Final Results
RNS
RNS Number : 9665T
1PM PLC
24 July 2015







24 July 2015

1PM PLC

("1pm" or the "Company")



FINAL RESULTS FOR THE YEAR ENDED 31 MAY 2015

A year of investment in resources produces record revenues, profits and earnings per share

Proposed Maiden Final Dividend





1pm plc (AIM: OPM), the AIM listed independent provider of finance facilities to the SME sector, announces final results for the year ended 31 May 2015.



Financial Highlights:



· Revenues up 31% to £5.5m (FY14: £4.2m);

· Profit before tax up 20% to £1.62m (FY14: £1.35m);

· Earnings per share up 4.8% to 3.72p (2014: 3.55p);

· Proposed maiden final dividend for the year of 0.35p per share;

· £10.9m of new funding raised during the year (FY14: £11.3m);

· £3.8m share placing in October 2014;

· Balance Sheet significantly strengthened during year; net assets at 31 May 2015 of £12.4m (FY14: £7.0m);

· Bad debts and provisions as a percentage of the portfolio at an all-time low of 0.85% at the year-end (FY14: 1.29%);



Operational Highlights:



· New business written during the year increased 49% to a record £16.1m (FY14: £10.8m);

· Lease portfolio increased 26% to stand at £25.2m at the year-end (FY14: £19.9m);

· Number of customers increased by 26% to 3,727 (FY14: 2,995);

· Business Loans increased significantly; portfolio stood at £5m at year end (FY14: £0.5m);

· Recently introduced HP product gaining traction; stood at £0.2m at year-end;

· Increased number of partnerships formed with finance brokers; current network of over 150 brokers;

· Relocation to newer, larger offices successfully completed in December 2014; ten additional staff recruited during the year;





Ian Smith, Non-executive Chairman commented:

"These strong financial results, building on five successive years of organic growth, have enabled the Board to recommend a maiden final dividend for the year of 0.35pence per share. The trading performance is all the more pleasing given that the year to 31 May 2015 was, as planned, a year of investment in resources across the Group to help maintain its continued growth.



"The business has delivered these strong financial results through a combination of factors, including its unwavering commitment to the SME sector at a time when other sources of finance for SME businesses remains difficult to secure, its adherence to rigorous underwriting and credit control processes, the loyalty of its growing network of over 150 finance brokers across the UK and not least the hard work and dedication of the Company's award-winning executive directors and the entire 1pm staff."





Chief Executive, Maria Lewis added:

"The Group has again exceeded market expectations. 2015 saw further significant growth and was the fifth consecutive year of increased profit and revenue. Demand for our products and services remains buoyant. Monthly sales have doubled since the last financial year and the Board is confident that new business origination will continue to increase over the next 12 months.



"The Board remains focussed both on organic growth, including the introduction of new financial products, and potential merger and acquisition opportunities as they arise. The Board has a clearly stated strategic plan to significantly grow the business and to increase shareholder value commensurately, which will require both. We are confident this plan can be delivered."

Acquisition

ST of IC today -It looks a decent deal for all parties and one that I feel warrants an upgrade to my target price from 80p to 90p, or the equivalent of 15 times my fiscal 2016 estimate of 1pm’s pro-forma net earnings

Trading Update
RNS
RNS Number : 4915Y
1PM PLC
06 December 2017
 
 
6 December 2017
 
 
1pm plc
(the "Group" or the "Company")
 
Trading Update
Strong trading momentum maintained: revenue and profit up by more than 70% in the first half.
 
1pm plc, the AIM listed independent specialist provider of finance facilities to the SME sector, is pleased to provide the following trading update ahead of its interim results for the six-month period ended on 30 November 2017 (the "Interim Results"), which will be announced during the week commencing 15th January 2018.
 
The Interim Results will demonstrate the success of the Group's buy-and-build strategy that has been a cornerstone of its development during the last two years and will, for the first time, consolidate the results of all the entities acquired in 2017, namely Gener8 Finance, Positive Cashflow Finance, Intelligent Financing and Bell Finance.
 
The Interim Results will:
 
·     record revenue of approximately £13.8m, an increase of 73% compared with £8.0m in the comparable prior year period
·     show profit before tax and exceptional items of approximately £3.5m, an increase of 75% when compared with £2.0m in the comparable prior year period
·     present net write-offs in the period as continuing to be less than 1% of the gross portfolio
 
Both revenue and profit before tax and exceptional items are consistent with market expectations for the full year ending 31 May 2018. They reflect both organic growth at each of the businesses included in the comparable prior period results, namely Onepm Finance, Academy Leasing and Bradgate Business Finance, and strategic growth from the more recently acquired entities.
 
Each of the Group's three divisions are trading in line with managements' plans, reflecting continuing strong demand from SMEs for the Group's expanding range of finance products, namely plant, equipment and vehicles through the Asset Finance division, working capital and property-backed loans through the Loans division and invoice financing through the Commercial Finance division.
 
With the strong demand experienced in the first half of the year, and to fund further growth, the Group has negotiated new funding facilities at competitive rates with existing funding partners. These new facilities in aggregate total £53.3m, an increase of £12.8m on previous facilities.
 
The Group is also making significant progress in respect of its core integration projects for the current financial year, which include improving its net interest margin through reducing the cost of borrowings; improving digital capability through the harmonisation of systems and use of FinTech; and capitalising on multiple cross-selling opportunities from the range of SME financing products now offered.
 
Ian Smith, Chief Executive Officer, commented:
 
"The recent rapid expansion of the Group reflects our chosen strategy of being a multi-product provider of finance to a wide-range of SME sectors, achieving significant growth whilst simultaneously maintaining price, controlling credit and spreading risk. The Interim Results will demonstrate the successful implementation of that strategy and we are delighted with the strategic and operational progress to date."