1PM PLC Trading Update (1334K)
05 July 2017 - 4:00PM
UK Regulatory
TIDMOPM
RNS Number : 1334K
1PM PLC
05 July 2017
5 July 2017
1pm plc
(the "Group" or the "Company")
Trading update
Significant increase in revenues and profit driven both by
organic growth and by acquisitions.
1pm plc, the AIM listed independent specialist 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 financial year ended 31 May 2017, which are
scheduled to be announced during the week commencing 11 September
2017.
The Group has continued to experience strong levels of demand
for finance from the SME sector across the growing range of
products offered. This range includes asset finance (finance lease
and hire purchase) for 'hard' and 'soft' assets, business loans,
vehicles broking and, latterly, invoice finance, following the
establishment of the Commercial Finance division in May and the
recent acquisitions of Gener8 Finance Limited and Positive Cashflow
Finance Limited, both of which completed subsequent to the
year-end.
The trading results for the year will demonstrate further strong
growth in both revenue and profits compared with the prior year.
Revenue for the Group will be marginally ahead of market
expectations and profit before tax for the Group, after exceptional
items, will be in line with market expectations.
Highlights:
-- Revenue for the year of approximately GBP16.7 million, an increase of 34%
-- Profit Before Tax for the year of GBP4.3m, an increase of 28%
-- New lease and loan business originated and funded amounted to GBP50.8 million, up 64%
-- New lease and loan business originated and 'broked-on' reached GBP17.7 million, up 124%
-- 'Own-book' asset and loan portfolio as at 31 May 2017 stood at GBP77.5 million, up 17%
-- Write-offs in the year continue to be less than 1% of the gross portfolio
-- Prudent impairment provision of GBP1.2m, representing 2.0% of net portfolio outstanding
These trading results reflect significant growth in both the
Group's Asset Finance division, comprising the lease portfolios at
Onepm Finance, Academy Leasing and Bradgate Business Finance,
together with a positive contribution from Bell Finance, acquired
on 11 April 2017, and from continued growth in its Loans division,
comprising the loan portfolio at Onepm Finance and a positive
contribution from Intelligent Financing Limited, acquired on 15
March 2017.
The Group is also pleased to report that operational progress
and integration at each of the Group's subsidiaries following their
respective acquisitions is in line with management's expectations
and consistent with its objectives.
Ian Smith, Chief Executive Officer, commented:
"1pm plc has enjoyed another year of progress and improved
results. The figures demonstrate both the anticipated organic
growth from our existing Group companies and the expected growth
from our strategic acquisitions. It is also encouraging that each
of the Group's trading subsidiaries have continued to experience
robust levels of demand for finance from across the UK SME
sector.
"Our varied and expanding product offering combined with our
flexibility to fund and broke-on, plus our focus on excellent
customer service, have enabled the Group to deliver these results.
Looking ahead, these core elements of our business, when allied to
the successful acquisition strategy we have implemented, mean that
we are well positioned to build value for our shareholders".
For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
James Roberts, Chief
Financial Officer 01225 474230
Cenkos (NOMAD)
Max Hartley, Harry
Pardoe (NOMAD), Julian
Morse (Sales) 0207 397 8900
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
TSTUSAORBWABRUR
(END) Dow Jones Newswires
July 05, 2017 02:00 ET (06:00 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