Interim Results

RNS Number : 5566U
1PM PLC
19 January 2017
 

 

 

 

 

 

                                                                                                                19 January 2017

 

1pm plc

(the "Group" or the "Company")

 

INTERIM RESULTS

FOR THE SIX MONTHS ENDED 30 NOVEMBER 2016

Further profitable organic and strategic growth delivered;

Revenue increased 52%; Profit before tax increased 23%;

Positive outlook for the full year

 

 

1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to the SME sector, announces financial results for the six month period ended 30 November 2016 ("Interim Results").

 

The Interim Results consolidate the results for 1pm (UK) Limited (trading as Onepm Finance ("Onepm")), Academy Leasing Limited ("Academy") and Bradgate Business Finance Limited ("Bradgate"). Each of the Group's three trading subsidiaries continue to experience high levels of demand for finance from the SME sector across the range of products offered, comprising asset finance (finance lease and hire purchase) for 'hard' and 'soft' assets, business loans and vehicles broking.

 

Financial Highlights:

 

·      Group revenue increased 52% to £7.99m (H1 2016: £5.25m)

·      Group profit before tax increased 23% to £2.05m (H1 2016: £1.66m)

·      Basic earnings per share increased 5.8% to 3.08 pence (H1 2016: 2.91 pence)

·      Net Assets at 30 November 2016 increased 12.1% to £26.8m (31 May 2016: £23.9m)

·      Bad debt write-offs in the period were £0.25m (H1 2016: £0.15m)

·      At period end, total bad debt provisions were £1.22m representing 1.64% of total receivables (H1 2016: £0.92m representing 1.57% of total receivables)

·      £15.1m of deferred income, i.e. future revenue, as at 30 November 2016 (31 May 2016: £14.3m)

 

Operational Highlights:

 

·     Total Group asset, loan and vehicles business origination in the six-month period to 30 November 2016 increased 82% to £36.4m (H1 2016: £20.0m)

·     Maintained flexibility to either fund on 'own-book' or generate cash commissions from broking; approximately 24% of new lease contracts brokered for commission income at Academy and Bradgate.

·      Combined 'own-book' assets and loans portfolio of £71.8m (31 May 2016: £66.5m),

·      Funding facilities available to the Group of £62.0m at 30 November 2016 (31 May 2016: £62.2m)

·      Operational progress at each subsidiary in line with management's expectations and objectives

 

 

Commenting on the Interim Results, John Newman, Chairman, said:

 

"These Interim Results demonstrate the continuing trend of profitable organic growth at Onepm finance, the original company within the Group and the anticipated strong growth from Academy and Bradgate, the acquired businesses. The Board is committed to increasing shareholder value by delivering sustainable growth and is actively pursuing further organic and strategic opportunities in the current financial year. Accordingly, the Board looks forward to the second half of the financial year with optimism and confidence."

 

 

 

 

For further information, please contact:

 

 

 

1pm plc

 

Ian Smith, Chief Executive Officer

01225 474230

Helen Walker, 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

                                                                  

 

CHIEF EXECUTIVE OFFICER'S STATEMENT

FOR THE SIX-MONTH PERIOD ENDED 30 NOVEMBER 2016

 

 

Financial Results

 

I am pleased to report that the Group continued to make good progress during the first half of the current financial year. The financial results achieved for the six months ended 30 November 2016 ("the period") give cause for optimism in the outcome of the full year to 31 May 2017.

 

Group revenue amounted to £7.99m (H1 2016: £5.25m). This comprised £4.23m (H1 2016: £3.74) at Onepm Finance, an organic increase of 13.1% and £3.76m at the acquired subsidiaries, Academy and Bradgate (H1 2016: £1.51m). Included in revenue at Academy and Bradgate is £1.03m of commission income in respect of the broking-on of equipment and vehicle contracts.

 

Profit before tax increased to £2.05m (H1 2016: £1.66m). Profit after tax in the period rose to £1.64m (H1 2016: £1.31m). Earnings per share ("EPS") increased 5.8% to 3.08p (H1 2016: 2.91p). EPS has been calculated on a weighted average basis taking into account the issue of 1,960,270 new ordinary shares on 6 October 2016 in connection with the earn-out arrangements relating to the acquisition of Academy Leasing Limited in 2015. At the period end a total of 54,523,771 ordinary shares were in issue.

 

The Group paid a single final dividend in respect of the financial year ended 31 May 2016. It is the Board's intention to continue this policy in the current financial year with one dividend payment, being a final dividend, in respect of the current financial year ending 31 May 2017.

 

At the period end, the Group's consolidated net assets stood at £26.8m (31 May 2016: £23.9m), an increase of 12.1%.

 

Operations

 

In the period, the Group continued to experience strong demand across its product range from its core SME customer base. It originated £36.4m of new lease, hire purchase, loan and vehicles contracts, an 82% increase over the same period last year (H1 2016: £20.0m). This comprises the net effect of increases in lease and vehicles contracts and the anticipated reduction in loan contracts origination, which amounted to £1.7m. All of the vehicles contracts and approximately 24% of new lease and hire purchase contracts originated in the period by the Group were broked-on to generate commission income at Academy and Bradgate.

 

At the period-end the Group's combined 'own-book' lease and loan portfolios stood at £71.8m, comprising £42.0m at Onepm Finance, £20.5m at Academy and £9.3m at Bradgate. The average contract value in the portfolio in the period was £14.2k (H1 2016: £10.8k) with no single customer representing more than 0.35% of the total portfolio value (H1 2016: 0.21%). During the period, the Group's strict credit and underwriting controls were maintained, with £0.25m written off as bad debt (H1 2016: £0.15m). Total provisions at 30 November 2016 were £1.22m, representing 1.64% of total receivables (H1 2016: £0.92m representing 1.57% of total receivables).

 

Strategy

 

The stated goal of the Group's current strategic plan formulated in late 2014 is to achieve a market capitalisation of £100m. The objectives that will enable this goal to be achieved and which shape the strategic plan are:

  -  operating a model of distributed separate subsidiary entities

  -  having a multi-channel and multi-product offering for business lending to SMEs

  -  maintaining risk mitigation through having both funding and broking capability

  -  being 'digitally capable'

  -  strictly adhering to underwriting policies and credit control procedures

  -  being geared appropriately with cost-effective funding facilities

  

 

Current levels of business activity throughout the Group give the Board confidence in pursuing its further strategic growth plans. These will include the addition of complementary products, further development of financial technology, an expanded funding mix to include a wider range of borrowing facilities and consideration of potential further acquisitions.

 

In summary, the Board is maintaining an unwavering commitment to support the SME sector, whilst pursuing ambitious, but risk-assessed growth plans to deliver increased shareholder value.

 

 

Board Changes

 

As announced on 22 June 2016, Helen Walker will be leaving the Company's employment on 31 May 2017. The Company has made significant progress towards the recruitment of a Chief Financial Officer to replace Helen and anticipates being able to provide a specific market update in the near future.

 

 

Risks and uncertainties

 

There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The directors do not consider that the principal risks and uncertainties have changed since the publication of the annual report for the year ended 31 May 2016. A detailed explanation of the risks summarised below, and how the Group seeks to mitigate the risks, can be found on page 37 of the annual report which is available at www.onepmfinance.co.uk.

 

Credit Risk:

The directors believe that credit risk is limited due to debts being spread over a large number of receivables contracts.

 

Interest rate and liquidity risk:

No liabilities are subject to variable rates of interest.

 

 

Going Concern

 

As stated in note 1 to the condensed financial statements, the directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

 

 

Responsibility Statement

 

We confirm that to the best of our knowledge:

 

a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';

 

b) the interim management report includes a fair view of the information required by Disclosure and Transparency Rules ("DTR") 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and

 

c) the interim management report includes a fair view of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).

 

 

 

Outlook

 

Demand for finance from SMEs, whether it is for their business-critical assets, vehicles or general purpose loans, continues to be strong. The Board sees opportunities for further organic growth, both from cross-selling its products into its expanding customer base, and from new business origination. There are also opportunities for further strategic growth from new product introductions, the application of financial technology and value enhancing acquisitions. Your Board looks forward with confidence to the continued success of the business in the remainder of the current financial year.

 

By order of the Board,

 

 

Ian Smith

Chief Executive Officer, 1pm plc

 

 

 

 

Independent Review Report to 1pm PLC

 

 

Introduction

 

We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2016 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated  Cash Flow Statement, the Consolidated Statement of Changes in Equity  and related notes 1 to 8.  We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.

 

This report is made solely to the company 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.  Our work has been undertaken so that we might state to the company those matters we are required to state in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.

 

Directors' responsibilities

 

The half-yearly financial report 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 Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.

As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union.  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", as adopted by the European Union.

 

Our responsibility

 

Our responsibility is to express to the company 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 of interim financial information consists of making enquiries, primarily of persons responsible for financial accounting matters, and applying analytical and other review procedures.  A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit.  Accordingly, we do not express an audit opinion.

 

 

Conclusion

 

Based on 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 2016 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.

 

 

 

Moore Stephens

Chartered Accountants and Statutory Auditor

30 Gay Street
Bath
Somerset

BA1 2PA
18 January 2017

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

 

 

FOR THE SIX MONTHS TO 30 NOVEMBER 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Independently Reviewed

6 months to

30 November

 

Independently Reviewed
6 months to
30 November

 

Audited 12 months to

31 May

 

 

 

 

2016

 

2015

 

2016

 

 

 

Note

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

REVENUE

 

7,988

 

     5,253

 

    12,554

 

 

 

 

 

 

 

 

 

 

 

Cost of sales

 

(2,924)

 

(1,860)

 

(4,480)

 

 

 

 

 

 

 

 

 

 

 

GROSS PROFIT

 

5,064

 

3,393

 

8,074

 

 

 

Other operating income

 

 

 

2

 

 

Administrative expenses

 

(2,990)

 

(1,604)

 

(4,290)

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT BEFORE

EXCEPTIONAL ITEM

 

2,074

 

1,789

 

3,786

 

 

 

 

 

 

 

 

 

 

 

Exceptional items

 

-

 

(99)

 

(368)

 

 

 

 

 

 

 

 

 

 

 

OPERATING PROFIT AFTER EXCEPTIONAL ITEM

 

2,074

 

1,690

 

3,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance income

 

13

 

1

 

2

 

 

 

 

 

 

 

 

 

 

 

Finance expense

 

(40)

 

(32)

 

(74)

 

 

 

 

 

 

 

 

 

 

 

PROFIT BEFORE TAXATION

 

2,047

 

1,659

 

3,346

 

 

 

 

 

 

 

 

 

 

 

Taxation

 

(412)

 

(344)

 

(480)

 

 

 

 

 

 

 

 

 

 

 

PROFIT AND TOTAL COMPREHENSIVE

INCOME

 

1,635

 

1,315

 

2,866

 

 

 

 

 

 

 

 

 

 

 

Attributable to equity holders of the company

 

1,635

 

1,315

 

2,866

 

 

 

 

 

 

 

 

 

 

 

Profit per share attributable to the equity holders of the company during the Period

 

 

 

 

 

 

 

 

 

 

Pence per
share

 

Pence per share

 

Pence per share

 

 

- basic

6

3.08

 

2.91

 

5.87

 

 

- diluted

6

2.84

 

2.91

 

5.50

 

 

 

 

 

 

 

 

 

 

 

All of the above amounts are in respect of continuing operations.

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

 

FOR THE SIX MONTHS TO 30 NOVEMBER 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Independently Reviewed

6 months to

30 November

 

Independently Reviewed
6 months to 30 November

 

Audited 12 months to

31 May

 

 

 

 

2016

 

2015

 

2016

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NON CURRENT ASSETS

 

 

 

 

 

 

 

 

Intangible assets - goodwill

 

10,289

 

8,805

 

10,289

 

 

Property, plant and equipment

 

1,325

 

1,052

 

1,251

 

 

Trade and other receivables

 

43,555

 

28,517

 

33,166

 

 

Deferred tax

 

363

 

244

 

208

 

 

 

 

55,532

 

38,618

 

 

44,914

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

 

 

Inventories

 

45

 

-

 

81

 

 

Cash and cash equivalents

 

1,052

 

470

 

910

 

 

Trade and other receivables

 

17,392

 

19,175

 

22,895

 

 

 

 

18,489

 

19,645

 

23,886

 

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

74,021

 

58,263

 

68,800

 

 

 

 

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

 

 

Called up share capital

 

5,452

 

5,253

 

5,253

 

 

Share premium account

 

14,128

 

13,064

 

13,077

 

 

Employee shares

 

95

 

133

 

90

 

 

Retained earnings

 

7,104

 

4,181

 

5,469

 

 

TOTAL EQUITY

 

26,779

 

22,631

 

23,889

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Trade and other payables

 

22,030

 

15,777

 

19,664

 

 

Financial liabilities - borrowings:

 

 

 

 

 

 

 

 

Interest bearing loans and borrowings

 

484

 

533

 

399

 

 

Provisions - contingent consideration

 

-

 

1,307

 

1,833

 

 

 

 

 

 

 

 

 

 

 

 

 

22,514

 

17,617

 

21,896

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

 

 

 

 

 

 

FOR THE SIX MONTHS TO 30 NOVEMBER 2016

 

 

 

 

 

 

 

(CONTINUED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Independently

 

Independently

 

Audited 12

 

 

 

 

Reviewed

 

Reviewed

 

Months to

 

 

 

 

6 months to

 

6 months to

 

31 May

 

 

 

 

30 November

 

30 November

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2016

 

2015

 

2016

 

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Trade and other payables

 

21,267

 

15,386

 

19,979

 

 

Financial liabilities - borrowings:

 

 

 

 

 

 

 

 

Bank overdrafts

 

584

 

-

 

519

 

 

Interest bearing loans and borrowings

 

633

 

614

 

729

 

 

Provisions - contingent consideration

 

1,833

 

1,307

 

1,245

 

 

Tax payable

 

411

 

708

 

543

 

 

 

 

 

 

 

 

 

 

 

 

 

24,728

 

18,015

 

23,015

 

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

47,242

 

35,632

 

44,911

 

 

 

 

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

74,021

 

58,263

 

68,800

 

                             

 

 

 

 

 

 

CONSOLIDATED INTERIM CASH FLOW STATEMENT FOR

THE SIX MONTHS TO 30 NOVEMBER 2016

  

 

 

 

 

 

Independently Reviewed

6 months to

30 November

 

Independently Reviewed

6 months to

30 November

 

Audited 12 months to

31 May

 

 

 

2016

 

2015

 

2016

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

Cash generated from operations

 

 

 

 

 

 

 

Profit before tax

 

2,047

 

1,659

 

3,346

 

Depreciation charges

 

249

 

125

 

354

 

Finance costs

 

40

 

32

 

74

 

Finance income

 

(13)

 

(1)

 

(3)

 

Increase in trade and other receivables

 

(4,850)

 

(7,934)

 

(12,649)

 

Increase in trade and other payables

 

3,548

 

6,910

 

11,996

 

 

 

 

 

 

 

 

 

 

 

1,021

 

791

 

3,118

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

 

 

 

 

 

 

Interest Paid

 

(40)

 

(32)

 

(74)

 

Tax paid

 

(325)

 

-

 

(637)

 

 

 

 

 

 

 

 

 

Net cash generated from operating activities

 

656

 

759

 

2,407

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

13

 

1

 

3

 

Acquisition of subsidiaries

 

-

 

(6,099)

 

(7,588)

 

Purchase of tangible fixed assets

 

(318)

 

(82)

 

(547)

 

 

 

 

 

 

 

 

 

Net cash generated from investing activities

 

(305)

 

(6,180)

 

(8,132)

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

Repayment of loans

 

(11)

 

-

 

(179)

 

Issue of shares net of costs

 

-

 

6,365

 

6,769

 

Dividends paid

 

(263)

 

(129)

 

(129)

 

 

 

 

 

 

 

 

 

Net cash generated from financing activities

 

(274)

 

6,236

 

6,461

 

 

 

 

 

 

 

 

 

Increase in cash and cash

 

 

 

 

 

 

 

equivalents

 

77

 

815

 

736

 

Cash and cash equivalents at the beginning of the period

 

391

 

(345)

 

(345)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at the end of the period

 

468

 

470

 

391

 

 

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

 

 

 

 

 

 

FOR THE SIX MONTHS TO 30 NOVEMBER 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Share Capital

 

Share

Premium

 

Retained

Earnings

 

Employee

Shares

 

  Total Equity

 

£'000

 

£'000

 

£'000

 

£'000

 

£'000

Balance at 31 May 2016

5,253

 

13,077

 

5,469

 

90

 

23,889

 

 

 

 

 

 

 

 

 

 

Issue of share capital

199

 

1,051

 

 

 

(18)

 

1,232

 

 

 

 

 

 

 

 

 

 

Credit to equity

-

 

-

 

-

 

23

 

23

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

 

-

 

1,635

 

-

 

1,635

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 November 2016

 

5,452

 

 

14,128

 

 

7,104

 

 

 

95

 

 

26,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 May 2015

3,685

 

5,606

 

2,995

 

83

 

12,369

 

 

 

 

 

 

 

 

 

 

Issue of share capital

1,568

 

7,458

 

-

 

-

 

9,026

 

 

 

 

 

 

 

 

 

 

Credit to equity

-

 

-

 

-

 

50

 

50

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

 

-

 

1,315

 

-

 

1,315

 

 

 

 

 

 

 

 

 

 

Dividend paid

-

 

-

 

(129)

 

-

 

(129)

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 November 2015

 

5,253

 

 

 

13,064

 

 

4,181

 

 

133

 

 

22,631

                                   

 

 

 

 

 

 

 

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 2016 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 2016.

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', as adopted by the European Union.

The financial information for the six months ended 30 November 2015 and the six month period 30 November 2016 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.

 

Going Concern

 

The directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

SEGMENTAL REPORTING

 

 

 

The Group has one business segment to which all revenue, expenditure, assets and liabilities relate.

 

 

 

3

BASIS OF CONSOLIDATION

 

 

 

 

 

 

 

 

 

 

The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its 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.

 

 

 

 

 

 

 

 

 

 

 

 

 

4

TAXATION

 

 

 

 

 

 

 

 

 

 

Taxation charged for the period ended 30 November 2016 is calculated by applying the directors' best estimate of the annual tax rate to the result for the period.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

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.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On 6 October 2016 the Company issued 1,960,270 ordinary shares of nominal value 0.10p at 0.635p per share in deferred consideration for the acquisition of MH Holdings (UK) Limited.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

On 15 November 2016 the Company issued 29,038 ordinary shares of nominal value 0.10p at 0.61p per share in relation to the employee share scheme.

 

 

                         

 

 

6

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. For diluted earnings per share,

the weighted average number of shares is adjusted to assume conversion of all dilutive potential

ordinary shares.

 

 

 

 

 

 

6 months to

 

 6 months  to

 

12 months to

 

 

 

30-Nov-16

 

  30-Nov-15

 

31-May-16

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Earnings attributable to ordinary shareholders

1,635

 

1,315

 

2,866

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

Weighted average number of shares

53,137,025

 

45,165,770

 

48,850,117

Per-share amount pence

3.08

 

2.91

 

5.87

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

Weighted average number of shares

57,662,332

 

45,193,568

 

52,132,369

Per- share amount pence

2.84

 

2.91

 

5.50

 

 

7

DIVIDENDS

 

 

 

 

6 months to

 

 6 months  to

 

12 months to

 

 

 

30-Nov-16

 

  30-Nov-15

 

31-May-16

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Ordinary shares of £0.10 each

Final

-

 

-

 

391

 

 

 

The company paid a final dividend of £128,990 being 0.35 pence per Ordinary £0.10 share relating to the financial year ending 31 May 2015.

The company paid a final dividend of £262,672 being 0.50 pence per Ordinary £0.10 share for the financial year ending 31 May 2016.

 

 

8

COPIES OF THE INTERIM REPORT

 

 

 

 

 

Copies of the Interim Report are available from www.onepmfinance.co.uk and the Company Secretary at the

registered office: 2nd Floor, St James House, The Square, Lower Bristol Road, Bath BA2 3BH

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IR OKFDDNBKBFDD
UK 100

Latest directors dealings