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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