TIDMOPM
RNS Number : 0150J
1PM PLC
06 September 2016
6 September 2016
1pm plc
(the "Group" or the "Company")
FINAL RESULTS FOR THE YEARED 31 MAY 2016
A year of strong organic and strategic growth delivers record
revenues, profits and earnings per share;
1pm plc (AIM: OPM), the AIM listed independent specialist
provider of finance facilities to the SME sector, is pleased to
announce final results for the year ended 31 May 2016.
The trading results for the year show strong organic growth in
revenue and profits at 1pm (UK) Limited (now trading as Onepm
Finance ("Onepm")) plus strong strategic growth from the
acquisitions of Academy Leasing Limited ("Academy"), acquired on 25
August 2015 and Bradgate Business Finance Limited ("Bradgate"),
acquired on 22 March 2016.
Each of the Group's three trading subsidiaries, Onepm, Academy
and Bradgate, experienced high levels of demand for finance from
the SME sector across the range of products offered, being asset
finance (finance lease and hire purchase) for 'hard' and 'soft'
assets, business loans and vehicles broking.
Financial Highlights:
-- Organic revenue at Onepm increased 45% to GBP8.0m (2015: GBP5.5m)
-- Group revenue of GBP12.5m including GBP4.5m from acquired companies
-- Group profit before tax and exceptional items increased to GBP3.7m (2015: GBP1.6m)
-- Basic earnings per share up 58% to 5.87 pence (2015: 3.72 pence)
-- Dividend declared of 0.50 pence (2015: 0.35 pence), up 43%
-- Consolidated Net Assets at 31 May 2016 of GBP23.9m (2015: GBP12.4m)
-- Combined assets and loans portfolio of GBP67.4m, comprising
GBP41.8m (2015: GBP30.0m) at Onepm, GBP21.0m at Academy and GBP4.6m
at Bradgate
-- Gross bad debt write-offs and provisions were 1.1% of average portfolio (2015: 1.0%)
-- GBP14.3m of deferred income, i.e. future revenue, as at 31 May 2016
Operational Highlights:
-- An increase in new lease and loan deal origination at Onepm
of 47% to GBP23.7m (2015: GBP16.1m)
-- Total Group asset, loan and vehicle deal origination in the year to 31 May 2016 of GBP52.6m
-- Established flexibility to either fund on 'own-book' or
generate cash commissions from broking
-- Approximately 9,500 live customers to market and cross-sell the Group's products
-- Funding facilities available to the Group of GBP62.2m, 70%
utilised at 31 May 2016, which, taking acquisitions into account is
up 2.3 times on 2015 reflecting the confidence our funders have in
our business model
-- Cost of funds reduced by 10.0% during the year
-- Operational progress at each subsidiary in line with
management's expectations and objectives
Strategic Progress:
-- Increased scale achieved through acquisitions of Academy and Bradgate
-- Additional channel and products added
-- Risks managed through operating a funder and broker model
-- Adherence to strict underwriting and credit control procedures
John Newman, Non-executive Chairman commented:
"We are delighted that the Group's results for the financial
year continued the trend of profitable organic growth over recent
years at Onepm and delivered the anticipated benefits of strategic
growth through selective acquisitions. The Board is committed to
delivering sustainable growth and building value for its
shareholders. In spite of recent economic uncertainties, the Board
remains optimistic in its pursuit of further organic and strategic
growth in the current financial year."
Ian Smith, CEO, added:
"Investment in resources at Onepm early in 2015 to enable the
organic growth delivered in 2016, together with the acquisitions of
Academy and Bradgate completed during the financial year, marked
the first successful steps towards achieving our stated strategic
objectives. Given current economic uncertainties, it is also
pleasing to report that trading in the first quarter of the current
financial year to 31 August 2016 is in line with management's
expectations."
For further information, please
contact:
1pm plc
Ian Smith, Chief Executive Officer 01225 474230
Helen Walker, Chief Financial Officer 01225 474230
Cenkos (NOMAD)
Max Hartley (NOMAD), Julian Morse
(Sales) 0207 397 8900
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies
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.
Mission Statement - 'Helping the UK economy grow by supporting
SMEs'
More information is available on the Company website
www.1pm.co.uk
CHAIRMAN'S STATEMENT
FOR THE YEARED 31 MAY 2016
Performance and dividend
On behalf of the Board of Directors it gives me great pleasure
in this my first final results statement as Chairman, to report
that our business has delivered another year of strong performance.
Including acquisitions, the Group's profit before tax and
non-recurring exceptional costs was GBP3.71m (2015: GBP1.62m), an
increase of 2.3 times.
Earnings per share, taking account of the issue of shares during
the year to part-finance the acquisition of Academy Leasing,
amounted to 5.87p (2015: 3.72p), an increase of 58% and as at 31
May 2016, net assets stood at GBP23.9m (2015: GBP12.4m), an
increase of 93%. The Group's after tax return on equity was 12.0%
(2015: 10.3%) an increase of 16.5%.
It is also encouraging to report that excluding acquisitions,
1pm (UK) Limited, our original business, now trading as Onepm
Finance, delivered outstanding results with profit before tax and
exceptional costs of GBP2.19m (2015: GBP1.62m), an increase of
35%.
The objective of the Group's business model is to drive
shareholder returns whilst delivering sustainable growth for the
benefit of all our stakeholders. In following this business model,
the last twelve months have been noteworthy for the Company in the
success of its strategic developments and its operational
performance. This success has enabled the Board to declare a
dividend of 0.50p per share for the year, an increase of 43% over
last year's dividend of 0.35p per share. The dividend of 0.50p per
share declared will be paid on 7 October 2016 to members on the
register on 16 September 2016. Shares will be marked ex-dividend on
15 September 2016.
Our strategy
The Group Strategic Report which follows the CEO's Review sets
out in detail our goals and objectives. An important part of our
strategy is the development of our business by acquisitions that
conform to our business model and are value enhancing. In this
respect our two additions to the Group during the year under
review, Academy Leasing and Bradgate Business Finance, have not
only broadened our product offering but have also strengthened our
management resources in that both businesses have highly
experienced and successful management teams. I welcome them to the
1pm Group.
The financial services sector is experiencing innovative changes
in business practice brought about by the development of financial
technology ("fintech") and we are assessing our own digital
capability to ensure that we are able to take full advantage of
these developments that will bring benefits to our customers and to
our business.
Governance and Board changes
Following the acquisition of Academy Leasing in August last
year, Academy's vendors, Michael Nolan and Hazel Jacques, joined
the Board as executive directors and Julian Telling and I were
appointed as independent non-executive directors. The Board now
comprises four executive and three non-executive directors.
At the same time four Board committees, namely Audit,
Remuneration, Governance and Risk and Nominations were
re-structured with membership comprising either of only, or a
majority of, non-executive directors.
During the latter part of 2015 the Nominations Committee,
comprising the three non-executive directors, completed a review of
the Board structure. The Committee's recommendation was that a CEO
should be appointed to lead the management team in the
implementation of the Group's strategy and its future development.
The outcome was that on 1 February 2016 Ian Smith, formerly
Non-executive Chairman, was appointed as CEO and I was appointed as
Non-executive Chairman.
As reported with the interim results in January 2016 Maria
Lewis, Chief Operating Officer, stood down as a director of both
1pm plc and 1pm (UK) Limited with effect from 31st January 2016.
The Board would like to record its appreciation and gratitude to
Maria for her operational stewardship of the business and for the
part she played in steering 1pm (UK) Limited to a position of
financial strength.
Our people
The year under review has been one of significant change for our
business. The demands placed on our staff in delivering excellent
results while also dealing with the challenges of post-acquisition
integration should not be under estimated. It is to their enormous
credit that they have met these challenges in such a positive
manner and this has played a vital part in the success that is
being attained within the enlarged Group. On behalf of the Board I
wish to record our thanks and appreciation for their hard work and
commitment.
Outlook
Demand for finance from SMEs, whether it is for their
business-critical assets, vehicles or general purpose loans,
continues to be strong, irrespective of current economic
uncertainties. The Board therefore sees opportunities for further
organic growth, both from cross-selling its products into its
existing customer base, which now amounts to over 9,500 live
accounts, and from new business origination. There are also
opportunities for further strategic growth from new product
introductions and value enhancing acquisitions. The new financial
year has started well, being in line with management's
expectations, and your Board looks forward with confidence to the
continued success of the business.
John Newman
Non-executive Chairman
6 September 2016
CHIEF EXECUTIVE OFFICER'S REVIEW
FOR THE YEARED 31 MAY 2016
The 1pm plc Group now comprises the AIM listed holding company
and three FCA accredited trading subsidiaries, namely 1pm (UK)
Limited, now trading as Onepm Finance ("Onepm"), Academy Leasing
Limited ("Academy) acquired on 25 August 2015 and Bradgate Business
Finance Limited ("Bradgate") acquired on 22 March 2016 (the
"Group"). The financial results of the Group for the year ended 31
May 2016 therefore comprise periods of twelve months for Onepm,
nine months for Academy and two months for Bradgate.
I am delighted to be able to report strong organic growth at
Onepm over the past twelve months and strong strategic growth as a
result of the acquisitions during the year.
Financial results
Onepm delivered organic growth for the sixth consecutive year
with revenue rising to GBP8.00m (2015: GBP5.53m) an increase of
45%. Together with the Academy and Bradgate acquisitions, total
revenue amounted to GBP12.55m. Revenue comprises interest and
related income from the companies' portfolios of 'own-book' lease
and loan deals and, in the case of Academy and Bradgate, commission
income from deals which are 'broked-on' to other funders.
Commission income is a new revenue stream for the Group and
amounted to GBP1.39m in the acquired companies since
acquisition.
Profit before tax at Onepm, before non-recurring exceptional
costs of GBP0.19m was GBP2.19m (2015: GBP1.62m), an increase of
35%. Total profit before tax for the Group, again before
non-recurring exceptional costs of GBP0.37m, amounted to GBP3.71m,
a 2.3 times increase. At 31 May 2016, net assets stood at GBP23.89m
(2015: GBP12.37m) a 93% increase.
New Business Origination
New lease and loan business originated at Onepm during the year
amounted to GBP23.7m (2015: GBP16.1m) an increase of 47%. This
comprises a 17% increase in leases and a 2.2 times increase in
business loans, the latter reflecting the young but growing
business loan portfolio. This rate of increase is expected to
reduce as the portfolio matures.
New asset lease business originated at Academy in the nine
months since acquisition amounted to GBP12.9m. Approximately 49% of
deals originated were added to Academy's own-book portfolio and 51%
were broked-on to other funders. The decision to either add to
own-book, or broke-on is based on a range of underwriting factors
including risk, price, quantum, existing exposure and nature of the
asset. This intrinsic flexibility in the business model at Academy
allows a balance to be achieved between future profits built-in to
own-book deals and short term cash generation from broker
commissions. In addition to asset leasing, Academy operates a
vehicles and fleet management brokerage which generated GBP0.9m of
commission in the nine months since acquisition, which reflects 703
vehicle deals originated with an approximate capital value of
GBP10.9m.
Bradgate operates a similar model to Academy and originated
GBP2.2m of new deals in the two months since acquisition, adding
GBP1.0m to its own-book and broking-on GBP1.2m for commission.
Pre-acquisition, approximately 25% of deals originated by Bradgate
were added to its own-book. It is anticipated this proportion will
continue to be increased in the current financial year.
In total the Group originated GBP49.7m of asset, business loan
and vehicles transactions in the year to 31 May 2016. On an
annualised basis, including a full year for the acquired companies,
this equates at present to an approximate run-rate of GBP70m.
Portfolio performance
The own-book portfolio at Onepm is all 'broker-introduced'
deals. It comprises finance lease and hire purchase contracts for
'soft' (i.e. low residual value) business assets used by SMEs and
business loans to SMEs. At 31 May 2016, the lease and hire purchase
portfolio stood at GBP29.8m (2015: GBP25.2m), an increase of 18%.
At the same date, the business loan portfolio stood at GBP12.0m
(2015: GBP4.9m), a 2.4 times increase. Overall, Onepm's portfolio
increased 39% to GBP41.8m.
The own-book portfolios at Academy and Bradgate are all
'vendor-introduced' deals. They too consist of finance lease and
hire purchase contracts for business assets used by SMEs and in the
case of Academy also consist of 'soft' assets, but in the case of
Bradgate are 'hard' assets (i.e. plant and equipment with higher
residual value). As at 31 May 2016, the lease portfolio at Academy
stood at GBP20.1m and at Bradgate stood at GBP4.6m.
In total, at 31 May 2016, the Group's combined asset and loans
portfolio stood at GBP66.5m including GBP14.6m of deferred
interest, i.e. future revenue.
Gross bad debt write-offs and provisions in the year to 31 May
2016 amounted to GBP0.63m, which represents 1.08% of the averaged
portfolio between the start of the financial year (or the date of
acquisition) and the end of the financial year. The Group recorded
GBP0.13m of write-backs of previously written off and provided
receivables, resulting in net bad debt charges in the financial
year of GBP0.5m, representing 0.8% of the averaged portfolio (2015:
0.9%). Whilst this portfolio performance continues to be strong and
the bad debt experience is within accepted industry norms, current
economic uncertainty calls for continual review of the incidence of
arrears, bad debts and provisioning policy in order to ensure the
overall level of provision is adequate as economic conditions
change.
Funding
The Group borrows from commercial banking institutions and to a
lesser extent from high net worth individuals in order to provide
finance to SMEs. As at 31 May 2016, the Group's facilities amounted
to GBP62.2m, of which GBP46.3m was drawn down. This represented 70%
of the total asset and loans portfolio and gearing of 1.9 times the
consolidated net assets of the Group as at 31 May 2016
The approximate average cost of this borrowing was 5.7% (2015:
6.3%), a decrease of 10%. This cost of borrowing enabled the Group
to generate a net interest margin of approximately 12% compared
with 13% in the previous year, a 1 percentage point reduction,
which was more than offset by the new commission income revenue
stream from the acquired companies.
The Group will continue to seek additional cost-effective
funding sources in order to deliver the potential for writing more
own-book business (i.e. to profitably gear-up) in order to meet the
increasing demand for finance from SMEs.
Operations
Onepm sources its business from a network of approximately 200
finance brokers around the UK, which effectively constitutes the
company's salesforce. Academy and Bradgate source their business
from equipment vendors and therefore employ in-house sales and
account management personnel. Good broker service at Onepm and good
customer service at Academy and Bradgate mean the conversion of
incoming proposals into an underwriting decision and then a
paid-out deal is completed on an efficient and timely basis. This
operational service, whilst strictly adhering to the Group's credit
policy, is paramount. The Group continues to invest in the
personnel and systems to generate new business and to deliver
improved customer service. The Group employed 83 personnel at 31
May 2016.
Stakeholders
I congratulate all those involved with the 1pm plc Group on a
successful year of trading and a challenging, but equally
successful year of change. I would like thank the Group's customers
for the business provided, our staff at each location for their
hard work, dedication and commitment during this period of change,
our debt funders for their continued provision of facilities to
each business and our shareholders for their continued support of
the Group's growth plans. A dividend in line with the Group's
policy, as referred to in the Chairman's statement, has been
declared.
Ian Smith
Chief Executive Officer
6 September 2016
GROUP STRATEGIC REPORT
FOR THE YEARED 31 MAY 2016
Goal and objectives
The stated goal of the Group's current strategic plan formulated
in late 2014 is to achieve a market capitalisation of GBP100m. The
objectives that will enable this goal to be achieved and that shape
the strategic plan are:
- operating a model of distributed separate subsidiary
entities
- having a multi-channel and multi-product offering for business
lending to SMEs
- maintaining risk mitigation through having funding and broking
capability
- being 'digitally capable'
- strictly adhering to underwriting policies and credit control
procedures
- being geared appropriately with cost-effective funding
facilities
The Board is pleased with strategic progress in the year to 31
May 2016 and reports on each of these objectives as follows:
Distributed model
Two key factors in acquiring both Academy and Bradgate were,
firstly, their complementary activities to Onepm, but with
important differences, namely the vehicles brokerage at Academy and
the hard assets focus at Bradgate and, secondly, the quality of the
management teams. This has facilitated successful continuity of
operations at each of the businesses in the Group whilst creating
opportunities to cross-sell products into each of the companies'
customer bases. Management is now focussing on delivering further
organic growth from cross-selling.
Multi-channel and multi-product
As a result of the acquisitions during the year, the Group's
business generation is now both broker-introduced and
vendor-introduced, comprising lease, loan and vehicles products
covering a wide range of soft and hard asset categories for SMEs.
Management will continue to identify 'adjacent' business lending
products that are complementary to current activities to generate
further growth.
Funding and broking model
Maintaining flexibility to fund lease and loan deals on the
Group's own-book and to broke-on to other funders is an essential
risk and cash management capability. The Group is now well-placed
to optimise profitable organic growth as a result of this
flexibility introduced during the year.
Digital capability
This objective covers a broad range of operational activities
from increasing the level of automation in the current proposals
and underwriting processes through to establishing a true 'fintech'
platform for sourcing and deploying capital. A number of
initiatives are being considered and this is a particular focus of
the 'Junior Board', which comprises a Group of future leaders
formed during the year from within the Group's management team.
Strict adherence to underwriting policies and credit control
procedures
The Group's objective is to be a responsible lender and to
follow strict policy guidelines with regard to treating customers
fairly and assessing affordability. The Group adheres to strict
lending criteria, thereby minimising the risk of defaults, whilst
aiming to meet each individual customer's needs through a
personalised underwriting process. Strict adherence to these
policies and procedures will continue to be a key part of the
governance of the Group's growth aspirations.
Funding facilities
The Group has further increased its block discount facilities
during the year. Whilst such facilities will be maintained, in
order to fund further growth the intention is to pursue
complementary facilities that will reduce the overall cost of
borrowing. The Group currently enjoys capacity to increase gearing
in relation to its net assets base and intends to prudently use
this capacity in relation to organic and strategic growth
opportunities as they arise.
In summary, the Board is maintaining an unwavering commitment to
support the SME sector, whilst pursuing ambitious, but
risk-assessed growth plans to deliver increased shareholder
value.
CONSOLIDATED INCOME STATEMENT
FOR THE YEARED 31 MAY 2016
2016 2015
Notes GBP'000 GBP'000
CONTINUING OPERATIONS
Revenue 2 12,554 5,534
Cost of sales (4,480) (2,503)
------- -------
GROSS PROFIT 8,074 3,031
Other operating income 2 -
Administrative expenses (4,290) (1,394)
Exceptional items (368) -
------- -------
OPERATING PROFIT 3,418 1,637
Finance costs (74) (21)
Finance income 2 4
------- -------
PROFIT BEFORE INCOME TAX 3 3,346 1,620
Income tax (480) (349)
------- -------
PROFIT FOR THE YEAR 2,866 1,271
======= =======
Profit attributable to:
Owners of the parent 2,866 1,271
======= =======
Earnings per share expressed
in pence per share: 5
Basic 5.87 3.72
Diluted 5.51 3.72
======= =======
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MAY 2016
2016 2015
GBP'000 GBP'000
ASSETS
NON-CURRENT ASSETS
Goodwill 10,289 -
Property, plant and equipment 1,251 239
Trade and other receivables 33,166 14,502
Deferred tax 208 -
-------- -------
44,914 14,741
-------- -------
CURRENT ASSETS
Inventories 81 -
Trade and other receivables 22,895 10,489
Cash and cash equivalents 910 12
-------- -------
23,886 10,501
-------- -------
TOTAL ASSETS 68,800 25,242
======== =======
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 5,253 3,685
Share premium 13,077 5,606
Employee shares 90 83
Retained earnings 5,469 2,994
-------- -------
TOTAL EQUITY 23,889 12,368
-------- -------
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 19,664 5,685
Financial liabilities - borrowings
Interest bearing loans and
borrowings 399 100
Deferred tax - 40
Provisions 1,833 -
-------- -------
21,896 5,825
-------- -------
CURRENT LIABILITIES
Trade and other payables 19,979 6,182
Financial liabilities - borrowings
Bank overdrafts 519 357
Interest bearing loans and
borrowings 729 200
Provisions 1,245 -
Tax payable 543 310
-------- -------
23,015 7,049
-------- -------
TOTAL LIABILITIES 44,911 12,874
-------- -------
TOTAL EQUITY AND LIABILITIES 68,800 25,242
======== =======
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEARED 31 MAY 2016
Called
up
share Retained Share Employee Total
capital earnings premium shares equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 1 June 2014 2,997 1,723 2,287 - 7,007
Changes in equity
Issue of share capital 688 - 3,319 - 4,007
Value of employee services - - - 83 83
Total comprehensive income - 1,271 - - 1,271
------- -------- ------- -------- -------
Balance at 31 May 2015 3,685 2,994 5,606 83 12,368
------- -------- ------- -------- -------
Transactions with owners
Dividends - (391) - - (391)
Changes in equity
Issue of share capital 1,568 - 7,471 - 9,039
Value of employee services - - - 7 7
Total comprehensive income - 2,866 - - 2,866
------- -------- ------- -------- -------
Balance at 31 May 2016 5,253 5,469 13,077 90 23,889
======= ======== ======= ======== =======
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEARED 31 MAY 2016
2016 2015
Cash generated from operations GBP'000 GBP'000
Profit before tax 3,346 1,620
Depreciation charges 354 79
Finance costs 74 21
Finance income (3) (3)
Increase in trade and other receivables (12,649) (7,667)
Increase in trade and other payables 11,996 2,656
-------- -------
3,118 (3,294)
Cash flows from operating activities
Interest paid (74) (21)
Tax paid (637) (297)
-------- -------
Net cash from operating activities 2,407 (3,612)
-------- -------
Cash flows from investing activities
Acquisition of subsidiaries (7,588) -
Purchase of property, plant & equipment (547) (246)
Interest received 3 3
-------- -------
Net cash from investing activities (8,132) (243)
-------- -------
Cash flows from financing activities
Loan repayments in year (179) (180)
Share issue 6,769 4,090
Equity dividends paid (129) -
-------- -------
Net cash from financing activities 6,461 3,910
-------- -------
Increase in cash and cash equivalents 736 55
Cash and cash equivalents at beginning
of year (345) (400)
-------- -------
Cash and cash equivalents at end
of year 391 (345)
======== =======
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2016
1. ACCOUNTING POLICIES
Basis of preparation
These financial statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by
the European Union and International Financial Reporting Standards
Interpretation Committee (IFRIC) interpretations and with those
parts of the Companies Act 2006 applicable to companies reporting
under IFRS. The financial statements have been prepared under the
historical cost convention.
2. SEGMENTAL REPORTING
The Group has one business segment to which all revenue,
expenditure, assets and liabilities relate.
3. PROFIT BEFORE INCOME TAX
The profit before income tax is stated after charging:
2016 2015
GBP'000 GBP'000
Depreciation - owned assets 462 80
Auditors' remuneration: statutory
audit 19 12
other non- audit services 34 3
======= =======
4. DIVIDENDS
2016 2015
GBP'000 GBP'000
Ordinary shares of GBP0.10 each
Final 391 -
======= =======
The company paid a final dividend of GBP128,990 being 0.35pence
per Ordinary GBP0.10 share relating to the financial year ending 31
May 2015.
The directors have declared a dividend of GBP262,672 being 0.50
pence per Ordinary GBP0.10 share for the financial year ending 31
May 2016.
5. EARNINGS PER SHARE
The figures for earnings per share are calculated by dividing
the earnings attributable to ordinary shareholders by the weighted
average number of ordinary shares in issue during the year. For
diluted earnings per share, the weighted average number of shares
is adjusted to assume conversion of all dilutive potential ordinary
shares.
2016
Weighted
average
number Per-share
Earnings of amount
GBP'000 shares pence
Basic EPS
Earnings attributable to ordinary
shareholders 2,866 48,850,117 5.87
Effect of dilutive securities - 3,152,098 (0.36)
-------- ---------- ---------
Diluted EPS
Adjusted earnings 2,866 52,002,215 5.51
======== ========== =========
2015
Weighted
average
number Per-share
Earnings of amount
GBP'000 shares pence
Basic EPS
Earnings attributable to ordinary
shareholders 1,271 34,175,928 3.72
Effect of dilutive securities - - -
-------- ---------- ---------
Diluted EPS
Adjusted earnings 1,271 34,175,928 3.72
======== ========== =========
6. PUBLICATION OF NON-STATUTOTRY ACCOUNTS
The financial information set out in this announcement does not
comprise the Group's statutory accounts for the years ended 31 May
2016 or 31 May 2015. The financial information has been extracted
from the statutory accounts of the Group for the years ended 31 May
2016 and 31 May 2015.
The auditors' opinion on those accounts was unmodified and did
not contain a statement under section 498 (2) or 498 (3) Companies
Act 2006 and did not include references to any matters to which the
auditor drew attention by the way of emphasis.
The statutory accounts for the year ended 31 May 2015 have been
delivered to the Registrar of Companies, whereas those for the year
ended 31 May 2016 will be delivered to the Registrar of Companies
following the Company's Annual General Meeting.
7. ANNUAL REPORT AND ANNUAL GENERAL MEETING
The Annual Report will be available from the Company's website
www.1pm.co.uk from 6 September 2016 and will be posted to
shareholders on that date. The Annual Report contains notice of the
Annual General Meeting of the Company which will be held at the
Francis Hotel, Queens Square, Bath, BA1 2HH on 30 September 2016 at
2.00 p.m.
Click on, or paste the following link into your web browser, to
view the associated PDF document.
http://www.rns-pdf.londonstockexchange.com/rns/0150J_1-2016-9-5.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR FELLBQKFXBBB
(END) Dow Jones Newswires
September 06, 2016 02:01 ET (06:01 GMT)
Time Finance (LSE:TIME)
Historical Stock Chart
From Apr 2024 to May 2024
Time Finance (LSE:TIME)
Historical Stock Chart
From May 2023 to May 2024