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1PM PLC (OPM)

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Wednesday 15 January, 2020

1PM PLC

Interim Results

RNS Number : 8088Z
1PM PLC
15 January 2020
 

 

 

 

 

                                                                                                                      15 January 2020

 

1pm plc

(the "Group" or the "Company")

 

INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 NOVEMBER 2019

Record new business origination during half-year; Balance Sheet further strengthened; Investment in senior personnel and operations in line with stated plans;

Increased interim dividend declared

 

1pm plc, the AIM listed independent specialist finance provider of funding facilities to UK SMEs and consumers, is pleased to announce interim results for the six-month period ended 30 November 2019 ("Results" or "Interims").

 

The Interims reflect continued demand for finance from UK SMEs and consumers across a comprehensive range of products offered by the group. The results are underpinned by the Group's prudent underwriting and provisioning policies which are continuously under review, given the extended period of uncertainty experienced in the wider macro-economic environment.  The Group remains resilient and profitable thanks to its ability to offer a complete range of finance products (asset, vehicles, loan and invoice finance) to UK SMEs; its flexible business model which enables it to act as either a funder or a broker in order to maintain margins and manage credit risk, and its current focus on increasing Group synergies and operational efficiencies.

 

Highlights:

·   Deal origination increased 7% to £87.8m (H1 2018/19: £82.3m), 65% of which was brokered to other lenders for commissions (H1 2018/19 60%)

·    Group revenue of £15.6m (H1 2018/19: £16.0m), reflecting slight change in product mix

·    Group operating profit before exceptional items of £3.2m (H1 2018/19: £4.1m)

·    Fully Diluted EPS of 2.70 pence per share (H1 2018/19: 3.14 pence per share)

·    Net Assets increased 4% to £56.1m at 30 November 2019 (31 May 2019: £53.8m)

·    'Own-book' lending portfolio increased 1% to £143.5m at 30 November 2019 (31 May 2019: £141.7m)

·    Funding facilities increased to £170.7m at 30 November 2019 (31 May 2019: £167.1m)

·    The blended cost of borrowings in the period was 3.9% (year to 31 May 2019: 4.0%)

·    Bad debt provisions prudently increased to 2.2% (£2.7m) of the total net portfolio (31 May 2019:1.9% or £2.4m) 

·    Interim dividend declared up 29% to 0.36 pence per share (Interim 2019: 0.28 pence per share)

·   Significant investment in senior personnel and business functions in line with strategy; integration progressing as planned

 

Commenting on the Interim Results, John Newman, Non-Executive Chairman, said:

 

"Given the macro-economic and political uncertainty experienced in the UK throughout 2019, including the run-up to December's General Election, which clearly dampened business activity levels, we are satisfied with the trading momentum maintained across the Group during the first half.  The Board believes that the Group's strategy of being a multi-product provider of finance to UK SMEs and consumers, allied to the flexibility of our "hybrid" operating model of either funding or broking-on new business origination remains sound and will facilitate future growth as well as mitigating the risks associated with any future economic downturn.  This has enabled the Group to generate robust levels of demand whilst being able to maintain margin, control credit and spread risk. As a result, the Group remains strategically and operationally well positioned to deliver future growth.

 

I am also pleased to confirm that, in line with our progressive dividend policy, the Board is declaring an interim dividend of 0.36 pence per share for the half year period ended 30 November 2019.  The dividend will be paid on 12 May 2020 to shareholders on the register at 17 April 2020."

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.

 

 

For further information, please contact:

 

1pm plc

Ian Smith, Chief Executive Officer                                                                        01225 474 230

James Roberts, Chief Financial Officer                                                                01225 474 230

 

Cenkos (NOMAD)

Max Hartley / Ben Jeynes (NOMAD)                                                                    0207 397 8900

Julian Morse (Sales)

 

Walbrook PR                                                                                                       0207 933 8780

Paul Vann                                                                                                             07768 807631

 

 

About 1pm:

 

1pm's strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a "hybrid" lending and broking model enabling it to optimize business levels through market and economic cycles. 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 2019

 

Introduction

The 1pm group is a multi-product speciality finance business providing funding for UK SMEs as a lender and arranging funding for both UK SMEs and consumers as a broker.  The Group comprises four operating divisions, namely Asset Finance, Vehicle Finance, Loan Finance and Invoice Finance. Following the completion of a recent buy-and-build phase of expansion, the current strategic focus is on integration as a group and investment in order to lay the foundations for the next phase of organic and inorganic growth through to 2024.

 

Financial Results

Against a backdrop of uncertain macro-political and economic conditions, which have undoubtedly impacted UK business activity levels during the entire financial period under review, it is pleasing to report ongoing progress in the first half of the current financial year, with revenues delivered in line with budget.  New business origination increased 7% to £87.8m in the half-year ended 30 November 2019, compared with £82.3 million for the same period in the prior year. Furthermore, new business origination in the 12-month period ended 30 November 2019 totalled £166.6m, compared with £153.1m in the preceding 12 months, an annualised increase of 9%.

 

Group revenue in the half-year ended 30 November 2019 amounted to £15.6m compared with £16.0m for the same period in the prior year, a marginal decrease of 2.5%. This reflects a slight change in the mix of revenue in the half-year, with less interest and related income from lending activities, and more income generated from broking activities, which has a lower margin, compared to the same period in the prior year. This, in turn, reflects the higher proportion of origination brokered-on, which was 65% of total new business in the half-year compared with 60% in the prior year. The Group's ability to choose between lending and broking-on, i.e. utilisation of the "hybrid" operating model, continues to be both a differentiator and a key business advantage, enabling the Group to robustly manage credit risk whilst maintaining net interest margin, which was a blended 12% in the first half, in line with 12% for the same period in the prior year.

 

Profit before tax and exceptional items in the half-year amounted to £3.2m compared with £4.1m in the prior period. This reflects the planned investment in both personnel and operations in the current financial year, highlighted in the Annual Report for the year ended 31 May 2019, together with the policy decision to further increase impairment provisions.  At 30 November 2019, these provisions stood at £2.7m, or 2.2% of the receivables' portfolio, compared with £2.4m, or 1.9%, of the portfolio at 31 May 2019. The lending portfolio continued to grow and, at 30 November 2019, amounted to £143.5m compared with £141.7m at the prior year end.  The Balance Sheet has also been strengthened with Net Assets at the period-end amounting to £56.1m compared with £53.8m at the prior year end and £50.8m at 30 November 2018.

 

Earnings per share and interim dividend

Earnings per share for the first half of the financial year were 2.76 pence compared with 3.62 pence per share in the comparable period for the previous year.  Notwithstanding this reduction, the Board has determined to maintain its progressive dividend policy and is pleased to declare an interim dividend of 0.36 pence per share for the half-year ended 30 November 2019, an increase of 29% from 0.28 pence per share declared in the prior period.  This will be paid on 12 May 2020 to shareholders on the register at 17 April 2020. The shares will be marked ex-dividend on the 16 April 2020.  The Group paid a total dividend in respect of the financial year ended 31 May 2019 of 0.84 pence per share.

 

Funding

The Group's capital management objective is to maintain a strong capital base to support its current operations and planned growth whilst continuing to reduce the cost of capital in order to provide returns for shareholders and benefits for other stakeholders. The Group increased its funding facilities during the period to £170.7m at 30 November 2019 compared with £167.1m at the prior year end, 31 May 2019.  The increase in facilities includes the renewal and extension of the Group's key block discounting facilities for leasing and the addition of a further loan note facility for funding secured business loans.

 

The Group's blended cost of borrowing in the first half marginally improved to 3.9% from 4.0% for the year ended 31 May 2019.

 

Strategy and Outlook

The Group remains committed to providing a comprehensive range of finance solutions to support the UK SME sector and UK consumers whilst aiming to deliver profitable growth in order to increase shareholder value.  The Board is satisfied with the progress made during the first half, laying the operational foundations for delivering the next phase of its strategic development through to 2024.

 

Demand for business-critical asset, loan and invoice finance from UK SMEs and cost-effective vehicle and property finance for consumers continues to increase.  The levels of demand the Group is able to generate is encouraging given an increasingly competitive market for bank and alternative finance and against the background of political and economic uncertainty which has prevailed for the past 12 months.  The Board continues to see opportunities for further organic and strategic growth as certainty returns to UK markets.

 

 

Ian Smith

Chief Executive Officer, 1pm plc

 

 

 

 

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

 

 

 

 

FOR THE SIX MONTHS TO 30 NOVEMBER 2019

 

 

 

 

 

 

 

Unaudited

6 months to

30 November

2019

 

Unaudited

6 months to   30 November 2018

 

Audited 12 months to

31 May 2019

 

Note

£'000

 

£'000

 

£'000

 

REVENUE

 

15,570

 

15,967

 

31,814

 

 

 

 

 

 

 

Cost of sales

 

(5,537)

 

(5,245)

 

(10,271)

 

 

 

 

 

 

 

GROSS PROFIT

 

10,033

 

10,722

 

21,543

 

 

 

 

 

 

 

Administrative expenses

 

(6,794)

 

(6,634)

 

(13,292)

 

 

 

 

 

 

 

 

OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS

 

3,239

 

4,088

 

8,251

 

 

 

 

 

 

 

Exceptional items

Share-based payments

 

(122)

(51)

 

(89)

(110)

 

 

(221)

     (3)

 

 

 

 

 

 

 

OPERATING PROFIT AFTER    EXCEPTIONAL ITEMS

 

3,066

 

3,889

 

8,027

 

 

 

 

 

 

 

Finance income

 

2

 

46

 

67

Finance expense

 

(58)

 

(79)

 

(218)

 

 

 

 

 

 

 

PROFIT BEFORE TAXATION

 

3,010

 

3,856

 

7,876

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted earnings before interest, tax, exceptional items and share-based payments

 

3,183

 

4,055

 

8,100

Exceptional items

 

(122)

 

(89)

 

(221)

Share-based payments

 

(51)

 

(110)

 

(3)

PROFIT BEFORE TAXATION

 

3,010

 

3,856

 

7,876

 

 

 

 

 

 

 

Taxation

 

(572)

 

(728)

 

(1,524)

 

 

 

 

 

 

 

PROFIT AND TOTAL COMPREHENSIVE INCOME

 

2,438

 

3,128

 

6,352

 

 

 

 

 

 

 

 

Attributable to equity holders of the company

 

2,438

 

3,128

 

6,352

 

 

 

 

 

 

 

 

 

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

2.76

 

3.62

 

7.30

- diluted

6

2.70

 

3.14

 

6.61

 

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

 

 

 

 

                   

 

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

FOR THE SIX MONTHS TO 30 NOVEMBER 2019

 

 

 

 

 

 

 

Unaudited

6 months to  

30 November

 

 

Audited 12 months to

31 May

 

 

 

2019

 

 

2019

 

 

 

NON-CURRENT ASSETS

 

£'000

 

 

£'000

 

Goodwill

 

27,847

 

 

27,847

 

Intangible assets

 

430

 

 

493

 

Property, plant and equipment

 

1,380

 

 

1,418

 

Trade and other receivables

 

43,599

 

 

50,710

 

Deferred tax

 

958

 

 

945

 

 

 

74,214

 

 

81,413

 

CURRENT ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

2,294

 

 

1,851

 

Trade and other receivables

 

87,291

 

 

74,432

 

 

 

89,585

 

 

76,283

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

163,799

 

 

157,696

 

 

 

 

 

 

 

 

 

EQUITY

 

 

 

 

 

 

Called up share capital

 

8,899

 

 

8,760

 

Share premium account

 

25,360

 

 

25,134

 

Employee Shares

 

298

 

 

298

 

Treasury Shares

 

(300)

 

 

(300)

 

Retained earnings

 

21,828

 

 

19,888

 

TOTAL EQUITY

 

56,085

 

 

53,780

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

NON-CURRENT LIABILITIES

 

 

 

 

 

 

Trade and other payables

 

30,744

 

 

29,805

 

Financial liabilities - borrowings

 

-

 

 

469

 

Provisions

 

-

 

 

801

 

 

 

30,744

 

 

31,075

 

CURRENT LIABILITIES

 

 

 

 

 

 

Trade and other payables

 

71,335

 

 

67,563

 

Financial liabilities - borrowings

 

3,425

 

 

3,278

 

Provisions

 

745

 

 

691

 

Dividends payable

 

498

 

 

-

 

Tax payable

 

967

 

 

1,309

 

 

 

76,970

 

 

72,841

 

TOTAL LIABILITIES

 

107,714

 

 

103,916

 

 

 

 

 

 

 

 

TOTAL EQUITY AND LIABILITIES

 

163,799

 

 

157,696

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS TO 30 NOVEMBER 2019

 

 

 

 

 

 

 

 

Unaudited

6 months to

30 November

 

  

Unaudited

6 months to  30 November

 

 

 

 

2019

 

2018

 

 

 

 

 

£'000

 

£'000

 

 

Cash generated from operations

 

 

 

 

 

 

Profit before tax

 

3,010

 

3,856

 

 

Depreciation and amortisation charges

 

364

 

637

 

 

Finance costs

 

58

 

79

 

 

Finance income

 

(2)

 

(46)

 

 

Decrease/(Increase) in inventory

 

-

 

(119)

 

 

Decrease/(Increase) in trade and other receivables

 

(5,748)

 

(60)

 

 

(Decrease)/Increase in trade and other payables

 

4,711

 

(2,688)

 

 

Movement in non-cash items

 

15

 

(42)

 

 

 

 

2,408

 

1,617

 

 

Cash flows from operating activities

 

 

 

 

 

 

Interest paid

 

(58)

 

(79)

 

 

Tax paid

 

(913)

 

(759)

 

 

 

Net cash generated from operating activities

 

1,437

 

779

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities

 

 

 

 

 

 

Interest received

 

2

 

46

 

 

Contingent consideration paid

 

(367)

 

(536)

 

 

Purchase of software, property, plant & equipment

 

(261)

 

(451)

 

 

 

Net cash generated from investing activities

 

(626)

 

(941)

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

Loan repayments in period

 

(621)

 

(651)

 

 

Loans issued in period (inc overdrafts)

 

300

 

326

 

 

Dividends paid

 

-

 

(560)

 

 

 

Net cash generated from financing activities

 

(321)

 

(885)

 

 

 

 

 

 

 

 

 

Increase in cash and cash equivalents

 

490

 

(1,047)

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at the beginning of the period

 

331

 

2,070

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at the end of the period

 

821

 

1,023

 

 

                     

 

 

  

 

 

 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS TO 30 NOVEMBER 2019

 

 

 

 

 

Share Capital

 

Share

Premium

 

Retained

Earnings

 

Treasury

Shares

 

Employee Shares

 

Total Equity

 

 

£'000

 

£'000

 

£'000

 

£'000

 

£'000

 

  £'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 May 2019

8,760

 

25,134

 

19,888

 

(300)

 

298

 

53,780

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

 

-

 

2,438

 

-

 

-

 

2,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

Issue of share capital

-

 

139

 

-

 

226

 

(498)

 

-

 

-

 

-

 

-

 

-

 

(498)

 

365

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 November 2019

8,899

 

25,360

 

21,828

 

(300)

 

298

 

56,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

Share Capital

 

Share

Premium

 

Retained

Earnings

 

Treasury

Shares

 

Employee Shares

 

Total Equity

 

 

£'000

 

£'000

 

£'000

 

£'000

 

£'000

 

  £'000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 31 May 2018

8,621

 

24,721

 

14,342

 

(300)

 

295

 

47,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total comprehensive income

-

 

-

 

3,128

 

-

 

-

 

3,128

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Transactions with owners

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends

 

Issue of share capital

-

 

139

 

-

 

413

 

(560)

 

-

 

-

 

-

 

-

 

-

 

(560)

 

552

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at 30 November 2018

8,760

 

25,134

 

16,910

 

(300)

 

295

 

50,799

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

                           

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2019 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 2019.  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 2018 and the six-month period to 30 November 2019 are unaudited and do not constitute the Group's 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.

 

Recent Accounting developments

IFRS 16, 'Leases' addresses the recognition of leases on the balance sheet.  The standard is effective for accounting periods beginning on or after 1 January 2019.  The standard eliminates the classification of leases as either operating or finance leases and results in operating leases being treated as finance leases. This has resulted in previously recognised operating leases being treated as property, plant and equipment and a finance lease creditor. The issue of the standard has increased the value of property, plant and equipment and the finance lease liability on the balance sheet, but the adoption of this standard has not had a material impact on the profit of the Group.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 2019 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 4 September 2019 the Company issued 1,388,888 Ordinary £0.10 shares at £0.2625 per share, being deferred consideration to the vendors of Positive Cashflow (Holdings) Limited, as part of the Share Purchase Agreement entered into on 29 June 2017.

 

 

 

                         

 

 

6

EARNINGS PER ORDINARY SHARE

 

 

 

The earnings per ordinary share has been calculated using the profit for the period and the weighted

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 2019

 

  30 Nov 2018

 

31 May 2019

 

 

 

£'000

 

£'000

 

£'000

 

 

 

 

 

 

 

 

Earnings attributable to ordinary shareholders

2,438

 

3,128

 

6,352

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

Weighted average number of shares

88,264,309

 

86,503,533

 

87,048,483

Per-share amount pence

2.76

 

3.62

 

7.30

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

Weighted average number of shares

90,375,095

 

99,617,558

 

96,058,428

Per-share amount pence

2.70

 

3.14

 

6.46

 

 

7

DIVIDENDS

Dividends provided for or paid during the half year:

 

 

 

 

6 months to

 

 6 months to

 

12 months to

 

 

 

30 Nov 2019

 

  30 Nov 2018

 

 

31 May 2019

 

 

 

£'000

 

£'000

 

 

£'000

Ordinary shares of £0.10 each

Final

Interim

498

-

 

561

-

 

561

245

Total

498

 

561

 

806

 

 

 

 

 

 

 

 

On 12 December 2019 the company paid a final dividend of £498,317 for the financial year ending 31 May 2019, being 0.56 pence per Ordinary £0.10 share. This was in addition to a maiden dividend for the year of £245,269 (0.28 pence per share) which was paid on 1 May 2019. Taken together the total dividend for the year ending 31 May 2019 was thus £743,586 (total 0.84 pence per share). £560,349 was paid by the company on 1 November 2018 being 0.65 pence per share for the financial year ending 31 May 2018. Since the end of the half-year the Board have recommended the payment of an interim dividend of 0.36 pence per share for the period ended 30 November 2019.  This is expected to be paid on 12 May 2020.

 

 

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


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