Information  X 
Enter a valid email address

1PM plc (OPM)

  Print      Mail a friend       Annual reports

Thursday 19 October, 2006

1PM plc

Trading Update

19 October 2006

                                     1PM PLC
                                 TRADING UPDATE
                            ("1pm" or the "Company")

1pm, the leasing company specialising in small business finance, was admitted to
AIM in August this year following a capital raising of £1.3 million.

The  Company has seen significant growth in the two months following  admission.
New  business  proposals  have  increased by 60%, coming  from  additional  core
brokers  now introducing business to the Company. Business written is  now  also
showing a significant increase. 1pm has always used finance brokers as the  main
and  cost-effective  route to market, and its intention was  to  add  additional
brokers  after admission to promote a steady growth in turnover.  To  date  this
strategy  has  been  very successful, with brokers responding  strongly  to  the
Company's newly quoted status.

In  another positive move, 1pm has successfully negotiated increased  levels  of
borrowing  from its key lease funders. Banks such as Singer and Friedlander  and
Hitachi Capital are doubling their facilities into the Company to aid expansion.

In  line  with  its  development plan the Company is  pleased  to  announce  the
recruitment  of two new business development staff to assist with the  increased
levels of business.

Against the background of an estimated market sector worth over £12 billion this
year,  the  Directors of 1pm are delighted at the opportunity the AIM floatation
has provided to develop their business.

Speaking  today, Tony Williams, Joint Managing Director stated:  "We  knew  that
there  was an appetite for brokers requiring a responsive asset finance company,
but the response we have had since our admission to AIM has been phenomenal. Our
initial  assertion, that traditional finance companies lack  the  motivation  to
provide true, old fashioned, service to clients, has proved accurate and we  are
now  seeing  the result of that. Our key task for the future is to  control  the
growth  of the company so that this level of service can be maintained - a  goal
we are confident we can achieve."


Date: 19 October 2006
For further information contact:

1pm plc                                                08707 397 397
John Stickley                                

SVS Securities plc                                     020 7638 5600
Ian Callaway
Peter Manfield

ARM Corporate Finance Limited                          020 7512 0191
Nick Harriss


About 1pm plc

1pm  provides  asset  finance to the UK's Sub-Prime and SME markets,  which  are
primarily  made up of small owner managed businesses eager to purchase  business
assets but lacking sufficient cash flow to do so independently.  Typically,  the
assets  funded are items essential to the running of these businesses,  such  as
vans, trucks and machinery.

1pm  began  trading in 2001 and was founded by Tony Williams and John  Stickley,
who  between  them have 50 years' experience in asset finance and broking.   The
Company  has  shown  rapid organic growth and by the  year  ended  31  May  2006
delivered a record pre-tax profit of over £240,000.

1pm  is  a unique finance company founded by brokers for brokers. Over the  last
five  years,  the  Company  has built upon its management's  significant  sector
experience  to develop a strong network of broker contacts within  the  UK  from
which to generate business.  This provides a low cost route to market, which  in
addition  to  the  company's low overhead business, has  delivered  high  margin
revenues and consistent year-on-year profit.

The  Company's success is underpinned by its high level of broker loyalty, which
the  Company generates through its flexible approach to funding, along with  its
proactive approach to closing transaction leads.