19 October 2006
("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 firstname.lastname@example.org
SVS Securities plc 020 7638 5600
ARM Corporate Finance Limited 020 7512 0191
NOTES TO EDITORS
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.