1PM PLC Trading Update: Strong Growth in Revenue & Profits (6163D)
July 08 2016 - 2:00AM
UK Regulatory
TIDMOPM
RNS Number : 6163D
1PM PLC
08 July 2016
8 July 2016
1pm plc
(the "Group" or "the Company")
Trading Update
"Strong trading momentum maintained; profitable organic and
strategic growth"
1pm plc (AIM: OPM), the AIM listed independent specialist
provider of finance facilities to the SME sector, is pleased to
announce the following trading update ahead of the publication of
its final results for the year ended 31 May 2016, which are
scheduled to be announced during the week commencing 5 September
2016.
The trading results for the year ended 31 May 2016 will show
strong growth in revenue and profits compared with the prior year.
Revenue for the Group will be in line with current market
expectations and adjusted profit before tax for the Group will be
materially above current market expectations.
The trading results reflect strong organic growth at 1pm (UK)
Limited ("1pm") plus strong strategic growth from the acquisitions
of Academy Leasing Limited ("Academy"), acquired on 25 August 2015
and Bradgate Business Finance Limited ("Bradgate"), acquired on 22
March 2016.
Each of the Group's trading subsidiaries, 1pm, Academy and
Bradgate, continued to experience high levels of demand for finance
from the SME sector across the range of products offered, being
asset finance (finance lease and hire purchase) for 'hard' and
'soft' assets, business loans and vehicles broking. The total value
of asset finance and loan deals originated and funded by the Group
in the year to 31 May 2016 amounted to GBP31.0m. In addition, since
their respective dates of acquisition Academy and Bradgate
generated commission income from broking-on a further GBP7.8m of
asset finance deals.
As at 31 May 2016, the Group's combined asset finance and
business loans portfolio stood at GBP66.5m. This comprised GBP41.8m
(2015: GBP30.0m) at 1pm, an increase of 39 per cent.; GBP21.0m at
Academy and GBP3.7m at Bradgate.
The Group is also pleased to report that operational progress at
each of the Group's subsidiaries since the acquisitions is in line
with management's expectations and consistent with its
objectives.
Ian Smith, CEO, commented:
"We are delighted that the Group's results for the financial
year continued the trend of profitable organic growth over recent
years at 1pm and delivered the anticipated benefits of strategic
growth through selective acquisitions. Investment in resources at
1pm early in 2015 to enable organic growth, together with the
Academy and Bradgate acquisitions completed during the financial
year mark the first successful steps towards achieving our stated
strategic aims.
The Board is committed to delivering sustainable growth and
building value for its shareholders. In spite of recent economic
uncertainties the Board remains cautiously optimistic in its
pursuit of further organic and strategic growth in the current
financial year."
For further information,
please contact:
1pm plc
Ian Smith, CEO 01225 474230
Helen Walker, Chief Financial
Officer 01225 474230
WH Ireland (NOMAD)
Mike Coe / Ed Allsopp 0117 945 3470
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies
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.
Mission Statement - 'Helping the UK economy grow by supporting
SMEs'
More information is available 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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