TIDMOPM
RNS Number : 9400V
1PM PLC
18 January 2013
For Immediate Release 21 January 2013
1pm plc
("1pm", the "Group" or the "Company")
INTERIM RESULTS
FOR THE SIX MONTHS ENDED 30 NOVEMBER 2012
Strong trading momentum maintained
1pm, the AIM quoted independent provider of asset finance
facilities to the SME sector, announces its interim results for the
six month period to 30 November 2012.
Commenting on the results, 1pm CEO, Maria Hampton, said:
"I am pleased to report that the Group has made an excellent
start to the year. The interim results demonstrate that the strong
trading momentum delivered in the Group's year end to 31 May 2012
has continued into the current year.
Financial Highlights
-- Revenue for the period increased 24% to GBP1.42m (H1 2012: GBP1.15m)
-- Profit before taxation increased 55% to GBP0,33m (H1 2012: GBP0.21m)
-- Earnings per share up 50% to 0.008p (H1 2012: 0.005p)
-- Net receivables increased 22% to GBP12.04m (H1 2012: GBP9.86m)
Operational Highlights
-- New business written during period up 50% compared to same period last year
-- Total lease portfolio increased to GBP13.20m (H1 2012: GBP10.85m)
-- Overdraft facility increased from GBP350k to GBP500k for
additional working capital flexibility
-- Relationships now established with 65 leasing brokers
nationwide, an increase of 21 over the period
On current trading and prospects, Ms. Hampton added:
"Notwithstanding the continuing challenging economic backdrop in
the UK, the Group is on track to deliver its strategic aims and the
Board is confident that the positive trading momentum experienced
in the first six months of this trading year will continue.
"As a result, the Board now expects 1pm's profit before tax for
the year ending 31 May 2013 to be significantly ahead of current
market expectations."
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
Winningtons PR Ltd
Paul Vann Paul.Vann@winningtons.co.uk
07768 807631
CHIEF EXECUTIVE'S STATEMENT
Financial Results
I am pleased to report that the Group has made an excellent
start to the year. The interim results for the six months ended 30
November 2012 demonstrate that the strong trading momentum
delivered in the Group's year end to 31 May 2012 has continued into
the current year.
Total revenue for the first six months of the current year rose
24% to GBP1.42m compared with the same period last year (H1 2012:
GBP1.15m) with profit before tax increasing by 55% to GBP332k (H1
2012: GBP214k). Earnings per share increased 50% to 0.008p (H1
2012: 0.005p). 1pm has now been profitable on a monthly basis since
July 2010.
The Group's balance sheet has also been further strengthened
during the period. As at 30 November 2012, net assets stood at
GBP4.23m (H1 2012: GBP3.7m), a 14% increase since the previous year
end.
Operations
The Group wrote GBP3.9m of new business during the first six
months of the trading year, a 50% increase compared with the
corresponding period last year (H1 2012: GBP2.6m) and included
record GBP841k of new business written during October 2012.
At the period end, the lease portfolio had increased to
GBP13.20m, a 22% increase over the same period last year (H1 2012:
GBP10.85m) and a 20% increase since the year end last May (FY2012:
GBP11m). The portfolio has an average loan value of GBP7,5k (H1
2012: GBP7,6k) with no single customer representing more than 0.54%
of the total portfolio value (H1 2012: 0.50%).
The Group has formed relationships with a further 21 leasing
brokers since the year end in May 2012 and is now in partnership
with over 65 leasing brokers nationwide. These brokers provide a
vital source of new business to the Group and the Board remains
committed to developing existing relationships and building new
partnerships across the UK to further enhance our geographical
representation.
1pm offers finance across a wide variety of sectors and assets
throughout Great Britain and Northern Ireland and will continue to
review and develop its policies and procedures to meet the
continuing growth in demand from SMEs as they increasingly turn to
the asset leasing industry as a source of business finance.
Whilst reporting strong organic growth and record levels of new
business, the Board is also actively seeking portfolio acquisition
opportunities; however the quality and cost of any such
transactions would need very careful scrutiny.
These interim results are a reflection of the hard work and
dedication of the Company's staff. Since the year-end, two
additional members of staff have been recruited and we will
continue to invest in the training and career development of all
staff members.
Financing
During the period 1pm's bankers agreed to increase the Group's
overdraft facility from GBP350k to GBP500k. The increase in the
overdraft will provide the Group with additional working capital
flexibility.
GBP920k of new funding has been received since 31 May 2012 from
high net worth individuals and Self-Invested Personal Pension
(SIPP) funds, bringing the total raised from sources of this type
to GBP1.87m. More information regarding how individuals or
organisations may provide funding to 1pm is available on the
Group's website http://www.1pm.co.uk/Funding.
These and other funding lines provide 1pm with the raw material
to continue to grow its lease portfolio. The Group has sufficient
funds to exceed new business targets for the year, yet continues to
seek additional sources of funding to facilitate further
growth.
Outlook
The Board's aim is to maximise the opportunities that have
arisen via the global economic financial crisis, which has impacted
on many providers' appetite to lend.
On top of the funding gap already in existence within the
mainstream banking sector, which despite Government intervention,
continues to shy away from lending to SMEs, in November 2012, a
major competitor within the industry, operating across the UK, also
withdrew from the leasing market.
This withdrawal paves the way for the remaining lease providers
to fill the estimated GBP1bn per year gap it has left.
The Group will continue to offer much needed financing solutions
to SMEs and deliver sustainable growth for its shareholders.
Notwithstanding the continuing challenging economic backdrop in
the UK, the Group is on track to deliver its strategic aims and the
Board is confident that the positive trading momentum experienced
in the first six months of this trading year will continue.
As a result, the Board now expects 1pm's profit before tax for
the year ending 31 May 2013 to be significantly ahead of current
market expectations.
M Hampton
CEO, 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 5 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.
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 2012 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
21(st) January 2013
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE SIX MONTHS TO 30 November 2012
Independently Independently Audited
Reviewed Reviewed 12 months
6 months 6 months to
to to 31 May
30 November 30 November
2012 2011 2012
Note GBP GBP GBP
REVENUE 1,424,855 1,151,331 2,310,571
Cost of sales (757,630) (639,133) (1,275,253)
GROSS PROFIT 667,225 512,198 1,035,318
Administrative expenses (327,009) (285,885) (576,542)
OPERATING PROFIT/(LOSS) 340,216 226,313 458,776
- -
Finance expense (8,582) (12,020) (22,749)
PROFIT / (LOSS) BEFORE
TAXATION 331,634 214,293 436,027
Tax expense (65,291) (42,829) (87,602)
PROFIT / (LOSS) ON AFTER
TAXATION 266,343 171,464 348,425
Attributable to equity
holders of the company 266,343 171,464 348,425
Profit per share attributable
to the equity holders of
the company during the
Period
- basic and diluted 50.007844p 0.005227p 0.010447p
All of the above amounts are in respect of continuing
operations.
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
FOR THE SIX MONTHS TO 30 November 2012
Independently
Reviewed Independently Audited
as at Reviewed 12 months
30 November as at as at
2012 30 November 31 May
2011 2012
GBP GBP GBP
ASSETS
NON CURRENT ASSETS
Deferred income taxes
Property, plant and equipment - 111,881 24,278
35,059 36,701 38,621
35,059 148,582 62,899
CURRENT ASSETS
Cash at bank and in hand 4,598 15,638 5,187
Trade and other receivables 12,045,353 9,856,426 10,111,880
TOTAL CURRENT ASSETS 12,049,951 9,872,064 10,117,067
TOTAL ASSETS 12,085,010 10,020,646 10,179,966
EQUITY
Called up share capital 2,315,132 2,236,725 2,315,132
Share premium account 1,569,340 1,567,249 1,569,340
Retained earnings 342,632 (100,672) 76,289
TOTAL EQUITY 4,227,104 3,703,302 3,960,761
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 4,178,884 3,250,026 2,993,732
NON CURRENT LIABILITIES
Trade and other payables 3,679,022 3,067,318 3,225,473
TOTAL LIABILITIES 7,857,906 6,317,344 6,219,205
TOTAL EQUITY AND LIABILITIES 12,085,010 10,020,646 10,179,966
CONSOLIDATED INTERIM CASH FLOW STATEMENT
FOR THE SIX MONTHS TO 30 November 2012
Independently
Independently Reviewed
Reviewed 6 months Audited 12
6 months to to months to
30 November 30 November 31 May
2012 2011 2012
GBP GBP GBP
Cash flows from operating activities
Cash generated from operations (457,986) (87,718) 3,308
Interest Paid (8,582) (12,020) (22,749)
Net cash generated from operating
activities (466,568) (99,738) (19,441)
Cash flows from investing activities
Purchase of property, plant and
equipment (3,940) (17,139) (28,289)
Net cash generated from investing
activities (3,940) (17,139) (28,289)
Cash flows from financing activities
Term loans - 50,000 -
Issue of shares net of costs - - 80,498
Net cash generated from financing
activities - 50,000 80,498
Increase / (decrease) in cash
and cash equivalents (470,508) (66,877) 32,768
Cash and cash equivalents at
the beginning of the year (61,127) (93,895) (93,895)
Cash and cash equivalents at
the end of the year (531,635) (160,772) (61,127)
STATEMENTS OF CHANGES IN EQUITY
Share Share Retained Total
Capital Premium Earnings Equity
Balance at 31 May 2012 2,315,132 1,569,340 76,289 3,960,761
Movement in share capital - - - -
Profit for period - - 266,343 266,343
Balance at 30 November 2012 2,315,132 1,569,340 342,632 4,227,104
Balance at 30 November 2011 2,236,725 1,567,249 (100,672) 3,703,302
Movement in share capital 78,407 2,091 80,498
Profit /(loss) for the period - - 176,961 176,961
Balance at 31 May 2012 2,315,132 1,569,340 76,289 3,960,761
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 2012 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 2012 or are
expected to be adopted and effective at 31 May 2013. The financial
information for the six months ended 30 November 2011 and the six
month period 30 November 2012 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 2012 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 2012, the company had an issued and fully paid
share capital of 3,395,618,769.
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
2012
GBP
Profit/(loss) for the period
after taxation 266,343
Number
Basic weighted average of ordinary
shares 3,395,618,769
Pps
Basic earnings (pence per share) 0.007844
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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