1PM PLC Trading Update (4915Y)
December 06 2017 - 2:00AM
UK Regulatory
TIDMOPM
RNS Number : 4915Y
1PM PLC
06 December 2017
6 December 2017
1pm plc
(the "Group" or the "Company")
Trading Update
Strong trading momentum maintained: revenue and profit up by
more than 70% in the first half.
1pm plc, the AIM listed independent specialist provider of
finance facilities to the SME sector, is pleased to provide the
following trading update ahead of its interim results for the
six-month period ended on 30 November 2017 (the "Interim Results"),
which will be announced during the week commencing 15(th) January
2018.
The Interim Results will demonstrate the success of the Group's
buy-and-build strategy that has been a cornerstone of its
development during the last two years and will, for the first time,
consolidate the results of all the entities acquired in 2017,
namely Gener8 Finance, Positive Cashflow Finance, Intelligent
Financing and Bell Finance.
The Interim Results will:
-- record revenue of approximately GBP13.8m, an increase of 73%
compared with GBP8.0m in the comparable prior year period
-- show profit before tax and exceptional items of approximately
GBP3.5m, an increase of 75% when compared with GBP2.0m in the
comparable prior year period
-- present net write-offs in the period as continuing to be less than 1% of the gross portfolio
Both revenue and profit before tax and exceptional items are
consistent with market expectations for the full year ending 31 May
2018. They reflect both organic growth at each of the businesses
included in the comparable prior period results, namely Onepm
Finance, Academy Leasing and Bradgate Business Finance, and
strategic growth from the more recently acquired entities.
Each of the Group's three divisions are trading in line with
managements' plans, reflecting continuing strong demand from SMEs
for the Group's expanding range of finance products, namely plant,
equipment and vehicles through the Asset Finance division, working
capital and property-backed loans through the Loans division and
invoice financing through the Commercial Finance division.
With the strong demand experienced in the first half of the
year, and to fund further growth, the Group has negotiated new
funding facilities at competitive rates with existing funding
partners. These new facilities in aggregate total GBP53.3m, an
increase of GBP12.8m on previous facilities.
The Group is also making significant progress in respect of its
core integration projects for the current financial year, which
include improving its net interest margin through reducing the cost
of borrowings; improving digital capability through the
harmonisation of systems and use of FinTech; and capitalising on
multiple cross-selling opportunities from the range of SME
financing products now offered.
Ian Smith, Chief Executive Officer, commented:
"The recent rapid expansion of the Group reflects our chosen
strategy of being a multi-product provider of finance to a
wide-range of SME sectors, achieving significant growth whilst
simultaneously maintaining price, controlling credit and spreading
risk. The Interim Results will demonstrate the successful
implementation of that strategy and we are delighted with the
strategic and operational progress to date."
For further information, please
contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
James Roberts, Chief Financial
Officer 01225 474230
Cenkos (NOMAD)
Max Hartley (NOMAD), Julian
Morse (Sales) 0207 397 8900
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
TSTUVUORBSAURUA
(END) Dow Jones Newswires
December 06, 2017 02:00 ET (07:00 GMT)
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