Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

  • FEAnalytics.com
  • FEInvest.net
  • FETransmission.com
  • Investegate.co.uk
  • Trustnet.hk
  • Trustnetoffshore.com
  • Trustnetmiddleeast.com

For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

COOKIES

In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.

HOW WE USE INFORMATION

We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

If you want more information or have any questions or comments relating to our privacy policy please email publishing@financialexpress.net in the first instance.

 Information  X 
Enter a valid email address

1PM plc (OPM)

  Print      Mail a friend       Annual reports

Tuesday 27 February, 2007

1PM plc

Half-yearly report

                                        1pm plc
                                 ("1pm" or the "Company")

                     INTERIM RESULTS FOR THE 6 MONTHS ENDED 30 NOV 2006

27 February 2007

1pm plc (AIM: OPM), the UK specialist asset finance provider to SME markets, today announces its interim results for the
six month period to 30 November 2006.

HIGHLIGHTS

·  Turnover up 22 per cent to £488,255
·  Gross profit up 55 per cent to £335,879
·  New borrowing facility arranged with Siemens Financial Services of £500,000
·  Appointment of Michael Johnson as Non- Executive Chairman

Commenting on the results, Michael Johnson, Non-Executive Chairman of 1pm plc, said:

"We have been extremely active following the successful admission to AIM in August last year. We have identified
additional key brokers who will provide increased business together with investing in the infrastructure required to
support our growth plans and new business levels should rise commensurately once new facilities are in place."


ENQUIRIES TO:

1pm plc
John Stickley                           08707 397397

SVS Securities plc
Ian Callaway                            020 7638 5600
Peter Manfield

ARM Corporate Finance Limited
Nick Harriss                            020 7512 0191


CHAIRMAN'S STATEMENT

I am pleased to report on the inaugural, interim results of 1pm as a publicly quoted company.  Following the successful
admission to AIM in August last year, we have been extremely active in the market place generating new business
opportunities, negotiating facilities with lending banks and reviewing our own operations to ensure that the Company
goes forward in the most efficient manner.


OVERVIEW OF RESULTS

The results for the six months to 30 November 2006 show a 22% increase in turnover to £488,255 (2005: £400,410). This
resulted in a 55% increase in gross profit to £335,879 (2005: £216,549).  However, profit before taxation fell
marginally to £104,947 (2005: £111,861), a result of the higher administrative expenses associated with being a public
quoted company.

Since admission, the Company has visited a large number of new brokers who are keen to refer business to 1pm thus
confirming our original view that there is a significant demand for the Company's services.  However, it has taken more
time to arrange borrowing facilities to meet this demand than expected and consequently the initial volume of new
business contracts written has been lower than originally anticipated.

As announced on 12 February 2007, we are delighted that Siemens Financial Services has confirmed a new £500,000 block
discount facility and we are also continuing our discussions with a number of other lending banks.

Further investment has been made to the bespoke CRM system, enabling the underwriting procedures to be even more
efficient and effective and allowing a quicker response to proposals. We are currently involved the next phase of
development of the CRM system which will enhance our robust arrears and collections procedures, making recoveries
against both customers and assets even more effective.


BOARD

As announced, Steve Grey stepped down as acting Chairman but will remain on the Board as a non-executive director. I
would like to thank Steve for overseeing the Company through the challenging period of the floatation. The Company is
now in position to take advantage of the many opportunities ahead and I believe my 30 years' experience in leading and
developing small ticket leasing businesses will help in this new and exciting phase.


STAFF

I would like to thank our loyal and experienced team of staff for their continued enthusiasm and the support given
particularly while the Directors were involved in the floatation process.



Mike Johnson
Chairman
27 February 2007



1pm plc
CONSOLIDATED PROFIT AND LOSS ACCOUNT
for the six months to 30 November 2006
_____________________________________________________________________________________

                                                Unaudited     Unaudited       Audited
                                              6 months to   6 months to  12 months to
                                              30 November   30 November        31 May
                                                     2006          2005          2006
                                     Notes              £             £             £

TURNOVER                                          488,255       400,410       794,644

Cost of sales                                    (152,376)     (183,861)     (323,480)
                                               __________    __________     _________

GROSS PROFIT                                      335,879       216,549       471,184

Administrative expenses                          (227,534)      (95,418)     (208,466)                                                                 __________    __________
_________

OPERATING PROFIT                                  108,345       121,131       262,718

Interest receivable                                 4,139             -             -
Interest payable and similar charges               (7,537)       (9,270)      (22,471)                                                                 __________
__________          _________

PROFIT ON ORDINARY ACTIVITES
BEFORE TAXATION                                   104,947       111,861       240,247

Taxation                               2           32,232        21,254        45,647
                                               __________    __________    __________

PROFIT ON ORDINARY ACTIVITES
AFTER TAXATION                                     72,715        90,607       194,600
                                               ==========    ==========    ==========




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





1pm plc
CONSOLIDATED BALANCE SHEET
as at 30 November 2006
_____________________________________________________________________________________

                                                Unaudited     Unaudited       Audited
                                              30 November   30 November        31 May
                                                     2006          2005          2006
                                  Notes                 £             £             £


FIXED ASSETS

Tangible assets                     5              26,881        17,426        18,400
                                                 ________       _______       _______                                                                      26,881        17,426        18,400
CURRENT ASSETS

Debtors                                         3,294,847     2,649,402     2,740,217
Cash at bank and in hand                          184,402         1,041           942                                                                    ________      ________
    _______
                                                3,479,249     2,650,443     2,741,159

CREDITORS: Amounts falling due
within one year                                (1,391,815)   (1,405,069)   (1,454,381)                                                                  _________
   ________      ________
NET CURRENT (LIABILITIES) / ASSETS              2,087,434     1,245,374     1,286,778
                                                _________      ________      ________
TOTAL ASSETS LESS CURRENT LIABILITIES           2,114,315     1,262,800     1,305,178

CREDITORS: Amounts falling due after
more than one year                               (822,224)   (1,144,563)   (1,040,084)                                                                  _________
________             ________
                                                1,292,091       118,237       265,094

PROVISION FOR LIABILITIES:
Deferred taxation                                    (694)            -          (694)
                                                _________      ________      ________

NET ASSETS / (LIABILITIES)                      1,291,397       118,237       264,400
                                                =========      ========      ========


CAPITAL AND RESERVES
Called up share capital                            99,929       264,400       264,400
Share premium account                             903,325             -             -
Merger reserve                                    215,428             -             -
Profit and loss account                            72,715      (146,163)            -
                                                _________      ________      ________
                                                1,291,397       118,237       264,400
                                                =========      ========      ========





1pm plc
CONSOLIDATED CASH FLOW STATEMENT
for the six months 30 November 2006
_____________________________________________________________________________________


                                                 Unaudited    Unaudited       Audited
                                               6 months to  6 months to  12 months to
                                               30 November  30 November        31 May
                                                      2006         2005          2006
                                    Notes                £            £             £


NET CASH (OUTFLOW) FROM OPERATING
ACTIVITES                             6           (489,548)    (547,188)     (207,100)

RETURNS ON INVESTMENTS AND
SERVICING OF FINANCE
Interest received                                    4,139            -             -
Interest paid                                       (7,537)       (9,270)     (22,471)
                                                  ________      ________      _______

NET CASH OUTFLOW FROM RETURNS ON
INVESTMENTS AND SERVICING OF FINACE               (492,946)     (556,458)    (229,571)

TAXATION                                           (16,300)            -      (35,000)

CAPITAL EXPENDITURE
Payment to acquire tangible fixed assets           (12,620)      (12,835)     (19,311)
                                                  ________      ________      _______

NET CASH OUTFLOW FROM CAPITAL
EXPENDITURE                                        (12,620)      (12,835)     (19,311)

EQUITY DIVIDEND PAID                                     -       (75,331)     (33,161)
                                                  ________      ________     ________

NET CASH OUTFLOW BEFORE FINACING                  (521,866)     (644,624)     (317,043)

FINANCING
Issue of shares net of costs                       954,282             -             -
Bank loan repaid                                   (27,633)      (28,649)      (55,245)
Net (outflow)/inflow from long
term trade creditors                                (7,080)      680,608       226,401
                                                 _________      ________       _______

NET CASH INFLOW FROM FINANCING
                                                   919,569       651,959       171,156
                                                 _________      ________       _______

INCREASE/(DECREASE) IN CASH IN THE
PERIOD                                  7          391,703          7,335     (145,887)
                                                 =========      =========      =======


RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN NET DEBT


                                  Unaudited      Unaudited      Audited
                                               30 November    30 November       31 May
                                                      2006           2005         2006
                                      Notes              £              £            £


Increase/(decrease) in cash in the period          397,703          7,335     (145,887)

Net cash outflow from bank loans                    27,632         28,818       55,245
Net Cash outflow/ (inflow) from long- term
creditors                                            7,080       (680,608)    (525,992)
                                                 _________      _________    _________

Movement in net (debut) / funds in the year        432,415       (644,455)    (615,564)

Opening net (debt)                              (2,342,313)    (1,726,749)  (1,726,749)
                                                 _________      _________    _________

Closing net (debt)                              (1,909,898)    (2,371,204)  (2,342,313)
                                                 =========      =========    =========



1       ACCOUNTING POLICIES

The significant accounting policies, which have been consistently applied in preparing the financial statements are as
follows:

        BASIS OF PREPARATION

The interim financial statements comprise the unaudited results for the six months to 30 November 2006 and 30 November
2005 and the audited accounts for the year to 31 May 2006.  The interim financial statements have been prepared on a
consistent basis and using the accounting policies set out in the accounts for the year ended 31 May 2006.

The interim results are unaudited and do not constitute statutory accounts within the meaning of Section 240 of the
Companies Act 1985.

Statutory financial statements for the Group for the year to 31 May 2006, prepared on the basis of the accounting
policies set out in those accounts, were reported on by the auditors without qualification or statement under section
237(2) or (3) of the Companies Act 1985 and have been delivered to the Registrar of Companies.  Comparative information
for the year ended 31 May 2006 shown in this report has been extracted from those accounts.

The financial statements have been prepared under the historical cost convention and in accordance with applicable
accounting standards.

        BASIS OF CONSOLIDATION

On 3rd July 2006 100% of the issued share capital of 1pm (UK) Limited was acquired by the company.

The financial statements consolidate the results, cash flows and assets and liabilities of the company and its wholly
owned subsidiary undertaking, 1pm (UK) Ltd, by the method of merger accounting.

In the company's balance sheet the investment in 1pm (UK) Limited is stated at the nominal value of shares issued.  As
permitted by Sections 131 and 133 of the Companies Act 1985, no premium has been recorded on the ordinary shares in
connection with this acquisition.

On consolidation the difference between the nominal value of the shares issued with the nominal value of the shares
received has been credited to a merger reserve.

2       TAXATION

Taxation charged for the period ended 30 November 2006 is calculated by applying the directors' best estimate of the
annual tax rate to the result for the period.


3       SHARE CAPITAL

As at 30 November 2006, the company had an authorised share capital of 440,000,004 ordinary shares of £0.0006818p each,
of which 146,561,469  had  been issued and were fully paid.


4       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 as follows:


                                                                 Six months to
                                                                   30 November
                                                                          2006
                                                                             £

Profits for the period after taxation                                   72,715
                                                                      ========

                                                                        Number
Basic weighted average of ordinary
shares of 1p each                                                  122,387,639
                                                                      ========


                                                                           pps
Basic earning (pence per share)                                         0.0006
                                                                      ========


The basic earnings per share is calculated on the weighted average number of shares in issue during the period.


5       TANGIBLE FIXED ASSETS

                                                                      Fixtures
                                                                  fittings and
                                                                     equipment
                                                                         Total
                                                                             £
Cost or valuation
At 1 June 2006                                                          31,873
Additions                                                               12,620
                                                                       _______
At 30 November 2006                                                     44,493
                                                                       =======
Depreciation
At 1 June 2006                                                          13,472
Charge                                                                   4,140
                                                                        ______
At 30 November 2006                                                     17,612
                                                                        ======

Net book value
At 30 November 2006                                                     26,881
                                                                        ======

At 30 November 2005                                                     17,426
                                                                        ======
At 31 May 2006                                                          18,400
                                                                        ======

6       RECONCILIATION OF OPERATING PROFIT TO NET CASH (OUTFLOW) / INFLOW FROM OPERATING ACTIVITIES

                                                    Unaudited    Unaudited       Audited
                                                  6 months to  6 months to  12 months to
                                                  30 November  30 November        31 May
                                                         2006         2005          2006
                                    Notes                   £            £             £


Operating profit                                      108,345      121,131       262,718
Depreciation                                            4,140        2,467         7,969

(Increase) in debtors                                (554,630)    (587,605)     (712,202)
Decrease/ (increase) in creditors                     (47,403)     (83,181)      234,415
                                                     ________      _______       _______
Net cash (outflow) from operating
activities                                           (489,548)    (547,188)     (207,100)
                                                     ========      =======       =======


7       ANALYSIS OF CHANGES IN NET FUNDS / (DEBT)

                                                           At     Cashflows             At
                                                       1 June                  30 November
                                                         2006                         2006
                                                            £             £              £

Cash at bank and in hand                                  942       183,460        184,402
Bank overdrafts                                      (214,243)      214,243              -
                                                      _______       _______        _______
Net cash                                             (213,301)      397,703        184,402
Debt
Debt due within 1 year                             (1,088,928)     (182,455)    (1,271,383)
Debt due after 1 year                              (1,040,084)      217,168       (822,916)
                                                      _______       _______        _______

Total net funds / (debt)                           (2,342,313)      432,416      1,909,898                                                                    =======       =======
 =======
8         RECONCILIATION OF NET MOVEMENT IN SHAREHOLDERS' FUNDS

                                                  6 months to     months to   12 months to
                                                  30 November   30 November         31 May
                                                         2006          2005           2006
                                    Notes                   £             £              £


Profit for the financial year                          72,715        90,607        194,600
Equity dividends                                            -       (75,331)       (33,161)
Share Issue                                         1,003,254             -              -
Merger reserve                                        (48,972)            -              -
                                                      _______       _______        _______

Net addition to shareholders' fund                  1,026,997            15,276        161,439

Opening shareholders' funds                       264,400       102,961        102,961
                                                     ________       _______        _______
Closing shareholders' fund                      1,291,397       118,237        264,400
                                                     ========       =======        =======

9       COPIES OF THE INTERIM REPORT

Copies of the interim report will be sent to shareholders and are available from the company secretary at the Company's
registered office: 12 George Street, Bath, 2EH.