TIDMOPM
RNS Number : 4109V
1PM PLC
12 January 2012
1pm plc
("1pm" or the "Company")
INTERIM CONSOLIDATED RESULTS
FOR THE 6 MONTHS ENDED 30 NOVEMBER 2011
The Board of 1pm, the AIM quoted independent provider of asset
finance facilities to the SME sector, announces today its
independently reviewed interim results for the six month period to
30 November 2011.
Financial Highlights
-- Revenue for the period increased 31% to GBP1,151,331 (H1 2011: GBP880,175)
-- Profit before taxation increased 238% to GBP214,293 (H1 2011:
GBP63,440) (FY 2011: GBP202,330)
-- Earnings per share up 172% to 0.005p (H1 2011: 0.002p) (FY 2011: 0.005p)
-- Net receivables increased 14.6% to GBP9,856,426 (H1 2011: GBP8,599,435)
-- Total lease portfolio increased to GBP10.85 million (H1 2011: GBP9.19 million)
Operational Highlights
-- Bad debt provisions and write-offs as a percentage of the
total lease portfolio has decreased further and now well below
management expectations
-- Moved to new premises with enough capacity for medium-term growth expectations
-- New website launched disclosing preferred financial terms
For further information, please contact:
1pm plc www.1pm.co.uk
Mike Johnson, Chairman 0844 967 0944
Maria Hampton, Managing Director 0844 967 0944
WH Ireland (NOMAD)
Mike Coe
Marc Davies 0117 945 3470
Walbrook PR Ltd 020 7933 8780
Helen Westaway helen.westaway@walbrookpr.com
Paul Cornelius paul.cornelius@walbrookpr.com
About 1pm plc
1pm plc is an established small ticket leasing company focused
on providing SMEs with an accessible funding pool. Customers must
have clear credit histories and an ability to pay their
commitments. Assets leased are business critical. 1pm typically
lends between GBP1,000 - GBP40,000 for between 12 and 60
months.
CHAIRMAN'S STATEMENT
I am pleased to report the results for the six months to 30
November 2011 and am delighted to confirm that the lease portfolio
and Company balance sheet are still growing. As a result of the
continued increase in profitability the profit before tax for the
first six months trading has exceeded the full year's results to 31
May 2011.
Operating review
During the six-month period the Company wrote GBP2.59 million of
new leases and the total lease portfolio increased to GBP10.85
million. The bad debt provisions and writes-offs as a percentage of
the lease portfolio have decreased and are well below management's
expectations.
Bank borrowing still remains difficult to obtain for many SME
businesses and the implication for 1pm is continued demand for its
leasing facilities. The market in general has seen a slight
downturn over the last four months; however the Company has seen
improvement during December and January.
During October the Company re-launched its website in order to
improve its service to its customers and leasing brokers. The
Company hopes you find the new design easy to navigate and the
content informative. www.1pm.co.uk
The management team regularly reviews its lending procedures and
policies. Two new changes are about to be implemented. First, the
Company is to increase its maximum lending amount for established
businesses from GBP30,000 to GBP40,000. Secondly it is expanding
its lending to cover Northern Ireland having received numerous
enquiries from leasing brokers. The Board will continue to assess
market demand and adjust its operations accordingly.
Financing
During the trading period, the Company agreed an increase in an
existing funding facility of GBP1 million , which will support the
continued growth of the lease portfolio.
New business continues to be partially funded internally using
surplus cash generated by the business. In broad terms as the 1pm
lease portfolio grows, so does the amount of cash available to
reinvest in the business.
To be included in the Investor Section of the 1pm website, from
the afternoon of the 12 January 2012, will be details of the terms
on which 1pm is typically prepared to deal with individual debt
funders or SIPP funds, who approach 1pm and express an interest in
providing funding to 1pm. A highly competitive fixed rate of return
of up to 9.25%, depending on the amount borrowed, on the basis of
individually negotiated secured loan terms, will typically be
available. Please see the 1pm website for more details.
The Company has sufficient cash for its current requirements and
is confident that further funding lines will be available if
required. Cash is 1pm's raw material, the more it has available the
more it can lend on to customers, thus increasing profits and
earnings per share.
Outlook
During December the Company relocated to larger premises in
Bath. 1pm has sole occupancy of the office which has sufficient
capacity to facilitate continued growth.
1pm is continuing to expand its leasing broker network across
the UK and the Company is looking forward to lending in Northern
Ireland.
The Company has now been profitable for 18 consecutive months
and with funding in place for 2012 the directors are confident that
this will continue. The board believes that 1pm has excellent
growth prospects for 2012, even in these uncertain economic times,
and is constantly exploring new ways to deliver this.
M R 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 8 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.
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 rules of the
London Stock Exchange for companies trading securities on AIM, a
market operated by the London Stock Exchange plc. 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.
Scope of Review
We conducted our review in accordance with International
Standard on Review Engagements (UK and Ireland) 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 2011 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
12(th) January 2012
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the six months to 30 November 2011
Independently Independently Audited
Reviewed Reviewed 12 months
6 months 6 months to
to to 31 May
30 November 30 November
2011 2010 2011
Note GBP GBP GBP
REVENUE 1,151,331 880,175 1,906,262
Cost of sales (639,133) (523,596) (1,122,283)
GROSS PROFIT 512,198 356,579 783,979
Administrative expenses (285,885) (278,928) (555,357)
OPERATING PROFIT/(LOSS) 226,313 77,651 228,622
Finance income - 152 152
Finance expense (12,020) (14,363) (26,444)
PROFIT / (LOSS) BEFORE
TAXATION 214,293 63,440 202,330
Tax expense (42,829) (12,688) (48,083)
PROFIT / (LOSS) ON AFTER
TAXATION 171,464 50,752 154,247
Attributable
to equity
holders of
the company 171,464 50,752 154,247
Profit per
share
attributable
to the
equity
holders of
the company
during the
Period
- basic and
diluted 5 0.005227p 0.001924p 0.0048p
All of the above amounts are in respect of continuing
operations.
CONSOLIDATED INTERIM CASH FLOW STATEMENT
for the six months to 30 November 2011
Independently
Reviewed Independently Audited
as at Reviewed 12 months
30 November as at as at
2011 30 November 31 May
2010 2011
GBP GBP GBP
ASSETS
NON CURRENT ASSETS
Deferred income taxes
Property, plant and equipment 111,881 147,276 111,881
36,701 25,741 30,253
148,582 173,017 142,134
CURRENT ASSETS
Cash at bank and in hand 15,638 8,465 353
Trade and other receivables 9,856,426 8,599,435 9,289,129
TOTAL CURRENT ASSETS 9,872,064 8,607,900 9,289,482
TOTAL ASSETS 10,020,646 8,780,917 9,431,616
EQUITY
Share capital 2,236,725 2,153,791 2,236,725
Share premium account 1,567,249 1,565,035 1,567,249
Retained earnings (100,672) (375,631) (272,136)
TOTAL EQUITY 3,703,302 3,343,195 3,531,838
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 3,250,026 3,023,065 3,010,304
NON CURRENT LIABILITIES
Trade and other payables 3,067,318 2,414,657 2,889,474
TOTAL LIABILITIES 6,317,344 5,437,722 5,899,778
TOTAL EQUITY AND LIABILITIES 10,020,646 8,780,917 9,431,616
CONSOLIDATED INTERIM CASH FLOW STATEMENT
for the six months to 30 November 2011
Independently
Independently Reviewed
Reviewed 6 months Audited 12
6 months to to months to
30 November 30 November 31 May
2011 2010 2011
GBP GBP GBP
CASH FLOWS FROM OPERATING ACTIVITIES
Consumed by operations (87,718) (457,053) (242,227)
Taxation - - -
Net cash generated from operating
activities (87,718) (457,053) (242,227)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received - 152 152
Finance expense (12,020) (14,363) (26,444)
Purchase of property, plant and
equipment (17,139) (1,820) (15,411)
Net cash generated from investing
activities (29,159) (16,031) (41,703)
CASH FLOWS FROM FINANCING ACTIVITIES
Term loans 50,000 (60,000) (120,000)
Issue of shares net of costs - - 85,148
Net cash generated from financing
activities 50,000 (60,000) (34,852)
NET INCREASE IN CASH AND CASH
EQUIVALENTS (66,877) (533,084) (318,782)
CASH AND CASH EQUIVALENTS AT
THE BEGINNING OF THE PERIOD (93,895) 224,887 224,887
CASH AND CASH EQUIVALENTS AT
THE END OF THE PERIOD (160,772) (308,197) (93,895)
STATEMENTS OF CHANGES IN EQUITY
Share Share Retained Total
Capital Premium Earnings Equity
Balance at 31 May 2011 2,236,725 1,567,249 (272,136) 3,531,838
Movement in share capital - - - -
Profit for period - - 171,464 171,464
Balance at 30 November 2011 2,236,725 1,567,249 (100,672) 3,703,302
Balance at 30 November 2010 2,153,791 1,565,035 (375,631) 3,343,195
Movement in share capital 82,934 2,214 - 85,148
Profit /(loss) for the period - - 103,495 103,495
Balance at 31 May 2011 2,236,725 1,567,249 (272,136) 3,531,838
1 BASIS OF PREPARATION
The financial information set out in the interim report does not
constitute statutory accounts as defined in section 434(3) and
435(3) of the Companies Act 2006. The Group's statutory financial
statements for the year ended 31 May 2011 prepared in accordance
with IFRS as adopted by the European Union and with the Companies
Act 2006 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 498(2) of the Companies
Act 2006.
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 2011 or are
expected to be adopted and effective at 31 May 2012, The financial
information for the six months ended 30 November 2010 and the six
month period 30 November 2011 are unaudited and do not constitute
the groups statutory financial statements for these periods. The
accounting policies have been applied consistently throughout the
Group for the purposes of preparation of these interim financial
statements.
2 BASIS OF CONSOLIDATION
The consolidated financial statements incorporate the financial
statements of the Company and entities controlled by the Company
(it's subsidiaries). Control is achieved where the Company has the
power to govern the financial and operating policies of an entity
so as to obtain benefit from its activities.
All intra-group transactions, balances, income and expenses are
eliminated on consolidation.
3 TAXATION
Taxation charged for the period ended 30 November 2011 is
calculated by applying the directors' best estimate of the annual
tax rate to the result for the period.
4 SHARE CAPITAL
The Articles of Association of the company state that there is
an unlimited authorised share capital.
Each share carries the entitlement to one vote.
As at 30 November 2011, the company had an issued and fully paid
share capital of 3,280,618,771.
5 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
2011
GBP
Profit/(loss) for the period
after taxation 171,464
Number
Basic weighted average of ordinary
shares 3,280,618,771
Pps
Basic earnings (pence per share) 0.005227
The basic earnings per share is calculated on the weighted
average number of shares in issue during the period.
6 COPIES OF THE INTERIM REPORT
Copies of the interim report are available from www.1pm.co.uk
and the company secretary at the company's registered office: 15 St
James's Parade, Bath, BA1 1UL.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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