1PM PLC Trading Update (3545M)

TIDMOPM

RNS Number : 3545M

1PM PLC

17 September 2012

1pm plc

("1pm" or "the Company")

Trading Update

1pm plc (AIM: OPM), the AIM listed specialist independent provider of asset finance facilities to the SME sector, announces the following trading update for the period 1 June 2012 to 31 August 2012

The Board is pleased to report that the level of new business written during the first three months of the current financial year has been encouraging. The strong trading performance experienced towards the end of last year has continued, and the first quarter's operating profit was GBP171k (Q1: 2011: GBP109k). During the quarter, the lease portfolio has risen to GBP12m, a 9 per cent. increase since the year end at 31 May 2012 (FY2011: GBP11m). The first quarter results give the Board confidence for the trading outlook however at this stage the Board feels that existing expectations remain appropriate.

The Board is also pleased to announce that it has agreed an increase of the Company's overdraft facility from GBP350,000 to GBP500,000. The increase in the overdraft will provide 1pm with additional working capital flexibility.

Maria Hampton, Managing Director of 1pm, commented:

"We have made a good start to the current financial year and the Board is very encouraged both by the levels of new business enquiries and by the new business we are securing. We also believe the bank's decision to increase our overdraft facility also reflects positively on the progress the Company is making."

For further information, please contact:

 
 1pm plc 
 Mike Johnson, Chairman                             0844 967 0944 
  Maria Hampton, Managing Director                  0844 967 0944 
 
 WH Ireland (NOMAD) 
 Mike Coe 
  Marc Davies                                       0117 945 3470 
 
 Winningtons Financial PR                           0117 985 8989 
 Paul Vann                                          07768 807 631 
                                      paul.vann@winningtons.co.uk

About 1pm:

1pm plc is an established independent asset finance company 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. 1pm currently lends from GBP1,000 to- GBP50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.

You can find more information on the Company website www.1pm.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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