1 pm plc ("1pm" or the "Company")
Trading update and appointment to the board
12 February 2007
1pm, the AIM quoted leasing company specialising in small business finance,
announces today a trading update and the appointment of Mike Johnson as non-
executive chairman of 1pm.
Following flotation, a wide ranging and detailed business review was embarked
upon which led to an examination of every element of the operation necessary to
take the company forward in the most efficient way. As part of this process,
the Company visited a large number of brokers who were keen to refer business to
1pm; consequently there is significant demand for the Company's services.
However, as is often the case when dealing with large financial institutions, it
has taken more time to arrange additional borrowing facilities to meet this
demand than originally anticipated. As a result, revenues and profits will be
lower than market expectations in the current financial year. The Directors are
confident that new facilities will be put in place and that new business levels
will rise significantly during 2007.
The first new facility that 1pm has secured is with Siemens Financial Services
block discounting division. This facility is of £0.5m. The Company is in
process of securing new facilities with other lending banks and will keep the
market informed of progress.
Andrew Dearden, Block Discounting Manager, Siemens Financial Services, said,
"1pm is an extremely well run and professional outfit with some excellent
customers. They are exactly the type of service orientated organisation we want
to be associated with and we look forward to cementing the relationship over the
coming months and years. "
Appointment of Mike Johnson as Non-Executive Chairman
The Company is also delighted to welcome Michael Richard Johnson, aged 63, as
Non-Executive Chairman to the board of 1pm. Mr Johnson was appointed as Non-
Executive Chairman to the board on Friday 9 February 2007. Mike, a successful
entrepreneur with over 30 years' experience in the asset finance industry, has
been brought in to help accelerate the growth of the business. His appointment
will greatly strengthen the management team of 1pm and represents a major coup
for the company.
Mike, was managing director and founder of Suffolk Street Group plc, and was
responsible for creating its small ticket leasing vehicle Equitable Asset
Finance and ultimately negotiating the group's sale to First Sierra Finance of
Houston Texas. He then developed Haydock Asset Finance for the Haydock Finance
Group before co-founding One World Leasing, where he was Executive Chairman,
spearheading the Group's entry strategy in the small ticket market place.
Mr. Johnson was previously a director of both One World Leasing SPV Limited and
One World Leasing Limited.
Mike replaces Steve Grey as Chairman of the company, but Steve will remain on
the Board as a non-executive director, where he continues to provide the benefit
of his many years' experience at board level for Abbey Business and GE Capital.
Mike Johnson has confirmed that there are no further disclosures required under
Schedule 2 paragraph (g) of the AIM Rules.
For further information contact:
1pm plc 08707 397 397
SVS Securities plc 020 7638 5600
ARM Corporate Finance Limited 020 7512 0191