1pm plc
("1pm" or the "Company")
INTERIM CONSOLIDATED RESULTS
FOR THE 6 MONTHS ENDED 30 NOV 2007
14 February 2008
1pm plc, the AIM listed independent provider of asset finance facilities to the smaller business community, announces
today its interim results for the six month period to 30 November 2007.
HIGHLIGHTS
* With the Company restructuring now complete, the decision to move away from the sub-prime market into
the traditional small ticket leasing market has proven to be the correct decision , with the market
moving in the direction the Board anticipated.
* Pre-tax profit of �24k earned in the six months to 30 November 2007.
* Revenue for the six months to 30 November 2007 was �396k, 99% of targeted turnover.
* Gross profit margins at 63% are ahead of target.
* Net assets up to �1.5m.
* New team of directors now fully in place.
* Commenting on the results Michael Johnson, Chairman of 1pm plc said:
"Our half year results to 30 November 2007 are excellent and to be able to report a profit in the period exceeded our
initial expectations. It is the Company's intention to maximise the momentum it has created over the last ten months of
reorganisation to focus its attention on increasing its penetration into the small ticket leasing market whilst
generating quality profit and not just chasing volume."
ENQUIRIES TO:
1pm plc
Mike Johnson 08707 397397
SVS Securities plc
Ian Callaway 020 7638 5600
Blomfield Corporate Finance Limited
Nick Harriss 020 7512 0191
CHAIRMAN'S STATEMENT
I am pleased to report on the interim results of 1pm plc for the six month period to 30 November 2007.
I am particularly delighted to report a pre-tax profit of �23,855 for the period.
The six months to 30 November 2007 represents the first period of trade of 1pm plc since the Company repositioned itself
in the market place and elected a new board of directors.
I am also pleased to report that the Company has been able to move forward with the "new start" policy (as was reported
in my Chairman's Statement on the accounts for year ended 31 May 2007). Arising from the sound team of operational staff
now in place (and using the specific experience the new board of directors has brought to the Company) the Company is
now generating strong profit margins and I am delighted at the almost immediate impact on profits that the management
changes that have been made has produced in the short term.
OVERVIEW OF RESULTS
The results for six months to 30 November 2007 show a total income of �395,708. As this income has been generated
mostly from new customers (i.e. customers from the traditional small ticket leasing market into which the Company
repositioned itself in the early summer of 2007) then making a meaningful comparison to the level of sales that was
generated by the Company in the six months to 30 November 2006 is difficult. The interim financial information reflects
the transition period to International Financial Reporting Standards. The impact of this transition is explained in Note
5.
The revenue in the six months period to 30 November 2007 of �395,708 generated a gross profit of �250,040 and an
operating profit of �27,771. This reflects our commitment to quality business and also the fact that administrative
expenses of �222,269 in the six months to 30 November 2007 have been well controlled (they compare with administrative
expenses of �227,534 in the six month period to 30 November 2006).
Following on from the positive result that the Company has achieved in the last six months, the Company is strengthening
its position in moving forward into the traditional small ticket leasing market to ensure that we gain an increasing
share of that market.
Equally positively, the Company raised �675,000 (after expenses) through an equity placing by SVS Securities during
October 2007. The placing has increased the capital base of 1pm plc thus enabling the Company to negotiate additional
and increased bank and other funding facilities. This will accelerate our ability to write a greater volume of new
business for the remainder of our financial year ending 31 May 2008.
Our bad debt recoveries in the six months to 30 November 2007 have exceeded our expectations and our half year review
has established that the levels of bad debt provision made at the last year end are more than adequate. The legal
recoveries (from business supported by individual personal guarantees) are expected to remain strong during the second
half.
BOARD
As previously announced Maria Hampton (our operations manager) was appointed a director of the Company on 1 October
2007. Paul Connell was appointed a director of 1pm plc on 18 October 2007.
The Company is now in a very strong position to take advantage of the many market opportunities ahead and I believe that
my 30 years plus experience in leading and developing small ticket leasing businesses will help in this exciting
development phase of 1pm plc.
STAFF
I would like to thank our loyal and experienced team of operational staff for their continued enthusiasm and the support
given to the Directors during the recent evolutionary stage of 1pm plc.
M I Johnson
Chairman - 1pm plc
Independent Review Report to 1 pm plc
Introduction
We have been instructed by the company to review the financial information set out on pages 4 to 9 and we have read the
other information contained in the interim report and considered whether it contains any apparent misstatements or
material inconsistencies with the financial information. The comparative six month period has not been subject to a
review and we express no conclusion on these figures.
Directors' responsibilities
The interim report, including the financial information contained therein, is the responsibility of, and has been
approved by the directors. The directors are responsible for preparing the half-yearly financial report in accordance
with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority. The Disclosure and
Transparency Rules require that the accounting policies and presentation applied to the half yearly figures must be
consistent with those applied in the latest published annual accounts except where the accounting policies and
presentation are to be changed in the subsequent annual financial statements, in which case the new accounting policies
and presentation should be followed, and the change and the reasons for the changes should be disclosed in the half
yearly financial report. The condensed set of financial statements included in this half yearly financial report has
been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting".
Our responsibility
Our responsibility is to express a conclusion on the condensed set of financial statements in the half yearly financial
report based on our review.
Review work performed
We conducted our review in accordance with International Standard on Review Engagements 2410. "Review of Interim
Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use
in the United Kingdom. A review consists principally of making enquiries of group management and applying analytical and
other review procedures to the financial information. A review excludes audit procedures such as tests of controls and
verification of assets, liabilities and transactions. It is substantially less in scope than an audit performed in
accordance with Auditing Standards and therefore provides a lower level of assurance than an audit. Accordingly we do
not express an audit opinion on the financial information.
Review conclusion
On the basis of our review, nothing has come to our attention that causes us to believe that the condensed set of
financial statements in the half yearly financial report for the six months ended 30 November 2007 is not prepared, in
all material respects, in accordance with International Accounting Standard 34.
Moore Stephens
Registered Auditors
Chartered Accountants
30 Gay Street
Bath BA1 2PA
8 February 2008
1pm plc
CONSOLIDATED INTERIM INCOME STATEMENT
for the six months to 30 November 2007
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 November 30 November 31 May
2007 2006 2007
Note
� � �
REVENUE 395,708 488,255 871,965
Cost of sales (145,668) (152,376) (792,711)
_________ _________ _________
GROSS PROFIT 250,040 335,879 79,254
Administrative expenses (222,269) (227,534) (296,560)
_________ _________ _________
OPERATING PROFIT/(LOSS) 27,771 108,345 (217,306)
Interest receivable 794 4,139 5,971
Interest payable and similar charges (4,710) (7,537) (12,372)
_________ _________ _________
PROFIT / (LOSS) ON ORDINARY
ACTIVITIES BEFORE TAXATION 23,855 104,947 (223,707)
Taxation - ( 32,232) 83,238
_________ _________ _________
PROFIT / (LOSS) ON ORDINARY
ACTIVITIES AFTER TAXATION 23,855 72,715 (140,469)
Attributable to equity holders of the company 23,855 72,715 (140,469)
_________ _________ _________
Profit per share attributable to the equity holders of
the company during the period
- basic and diluted 4 0.000117p 0.0006p (0.11)p
========= ========= =========
All of the above amounts are in respect of continuing operations.
CONSOLIDATED INTERIM BALANCE SHEET
as at 30 November 2007
Unaudited Unaudited Audited
30 November 30 November 31 May
2007 2006 2007
� � �
FIXED ASSETS
Tangible assets 44,348 26,881 42,512
_________ _________ _________
CURRENT ASSETS
Trade and other debtors 3,162,792 3,294,847 2,826,951
Cash at bank and in hand 169,084 184,402 6,104
_________ _________ _________
3,331,876 3,479,249 2,833,055
_________ _________ _________
TOTAL ASSETS 3,376,224 3,506,130 2,875,567
========= ========= =========
LIABILITIES
CURRENT LIABILITIES
CREDITORS: Amounts falling due within one year 1,285,229 1,391,815 1,382,366
LIABILITIES DUE AFTER MORE THAN ONE YEAR
CREDITORS: Amounts falling due after more
than one year 603,646 822,224 662,376
PROVISION FOR LIABILITIES: deferred taxation - 694 -
_________ _________ _________
TOTAL LIABILITIES 1,888,875 2,214,733 2,044,742
_________ _________ _________
EQUITY
Capital and Reserves attributable to equity
holders of the company
Called up share capital 298,773 99,929 99,925
Share premium account 1,305,190 903,325 871,369
Merger reserves - 215,428 -
Retained earnings (116,614) 72,715 (140,469)
_________ _________ _________
TOTAL SHAREHOLDERS' EQUITY 1,487,349 1,291,397 830,825
_________ _________ _________
TOTAL EQUITY AND LIABILITIES 3,376,224 3,506,130 2,875,567
========= ========= =========
CONSOLIDATED INTERIM CASH FLOW STATEMENT
for the six months to 30 November 2007
Unaudited Unaudited Audited
6 months to 6 months to 12 months to
30 November 30 November 31 May
2007 2006 2007
� � �
CASH FLOWS FROM OPERATING ACTIVITIES
Consumed by operations (359,042) (536,900) (692,199)
Taxation - (16,300) (54,756)
_______ _______ _______
(359,042) (553,200) (746,955)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 794 4,139 5,971
Interest paid (4,710) (7,537) (12,372)
_______ _______ _______
(3,916) (3,398) (6,401)
CASH FLOWS FROM FINANCING
Issue of shares net of costs 632,669 954,282 921,294
_______ _______ _______
632,669 954,282 921,294
_______ _______ _______
NET INCREASE IN CASH AND CASH EQUIVALENTS
269,711 397,684 167,938
CASH AND CASH EQUIVALENTS AT THE
BEGINNING OF THE PERIOD (100,627) (213,282) (268,565)
_______ _______ _______
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD 169,084 184,402 (100,627)
======= ======= =======
CONSOLIDATED INTERIM STATEMENT OF CHANGES IN EQUITY
for the six months to 30 November 2007
Share Share Merger Retained Total
Capital Premium Reserve Earnings Equity
Balance at 30 November 2006 99,929 903,325 215,428 72,715 1,291,397
Loss for the period - - - (213,184) (213,184)
Movement in share capital (4) (31,956) - - (31,960)
Other movements - - (215,428) - (215,428)
_________ _________ ________ _________ _________
Balance at 31 May 2007 99,925 871,369 - (140,469) 830,825
Profit for the period - - - 23,855 23,855
Movement in share capital 198,848 433,821 - - 632,669
_________ _________ ________ _________ _________
Balance at 30 November 2007 298,773 1,305,190 - (116,614) 1,487,349
1 ACCOUNTING POLICIES
The significant accounting policies, which have been consistently applied in preparing the financial statements are as
follows:
BASIS OF PREPARATION
The financial information set out in the interim report does not constitute statutory accounts as defined in section 240
of the Companies Act 1985. The Group's statutory financial statements for the year ended 31 May 2007 prepared under UK
GAAP, have been filed with the Registrar of Companies. The auditor's report on those financial statements was
unqualified and did not contain a statement under Section 237(2) of the Companies Act 1985.
These interim financial statements are for the six months ended 30 November 2007. They have been prepared in accordance
with the requirements of IFRS 1 "First-time Adoption of International Financial Reporting Standards" relevant to interim
reports, because they are part of the period covered by the Group's first IFRS financial statements for the year ended
31 May 2008. They do not include all of the information required for full annual financial statements, and should be
read in conjunction with the consolidated financial statements for the year ended 31 May 2007.
These interim financial statements have been prepared under the historical cost convention.
These interim financial statements have been prepared in accordance with the accounting policies set out in the most
recently available public information, which are based on the recognition and measurement principles of IFRS in issue as
adopted by the European Union (EU) and are effective at 31 May 2008 or are expected to be adopted and effective at 31
May 2008, our first annual reporting date at which we are required to use IFRS accounting standards adopted by the EU.
1pm plc's consolidated financial statements were prepared in accordance with United Kingdom Accounting Standards (United
Kingdom Generally Accepted Accounting Practice) until 31 May 2007. The date of transition to IFRS was 1 June 2007. The
disclosures required by IFRS 1 concerning the transition from UK GAAP to IFRS are explained in note 5.
The accounting policies have been applied consistently throughout the Group for the purposes of preparation of these
interim financial statements.
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.
2 TAXATION
Taxation charged for the period ended 30 November 2007 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 2007, the company had an authorised share capital of 440,011,734 ordinary shares of �0.0006818p each,
of which 438,212,229 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 2007
�
Profit for the period after taxation 23,855
===========
Number
Basic weighted average of ordinary shares of 1p each 204,578,018
===========
pps
Basic earnings (pence per share) 0.000117
===========
The basic earnings per share is calculated on the weighted average number of shares in issue during the period.
5 EXPLANATION OF TRANSITION TO IFRS
As stated in the basis of preparation, these are the Group's first condensed consolidated interim financial statements
for part of the period covered by the first IFRS annual consolidated financial statements prepared in accordance with
IFRS.
An explanation of how the transition from UK GAAP to IFRS has affected the Group's financial position, financial
performance and cash flows is set out below.
Explanation of material adjustments to the cash flow statement:
Changes to the cashflow statement previously reported under UK GAAP are mainly presentational. For the purpose of the
cashflow statement, cash and cash equivalents comprise cash on hand less overdrafts.
Explanation of reconciliation from UK GAAP to IFRS for the balance sheet and income statement:
The adoption of IFRS by the Group has resulted in some reordering of the presentation of certain balances within both
the income statement and balance sheet. In accordance with IFRS negative goodwill previously recognised in accordance
with UK GAAP had been derecognised. The audited financial results to 31 May 2007 have been duly restated.
Reconciliation of the UK GAAP consolidated figures to the IFRS consolidated figures.
Year ended 31 May 2007
UK GAAP Presentation IFRS
Profit on ordinary activities after tax (247,669) 107,200 (140,469)
Intangible asses - negative goodwill (107,200) 107,200 -
Earnings per share - basic and diluted (0.19p) - (0.11p)
6 COPIES OF THE INTERIM REPORT
Copies of the interim report will be available to the public free of charge from the company secretary at the Company's
registered office: 12 George Street, Bath, 2EH and will be available on the Company's website, www.1pm.co.uk.
Time Finance (LSE:TIME)
Historical Stock Chart
From Jun 2024 to Jul 2024
Time Finance (LSE:TIME)
Historical Stock Chart
From Jul 2023 to Jul 2024
