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1PM H1 pretax profit up 73%, to raise up to c.£4m

By BFN News | 08:05 AM | Monday 22 September, 2014


1PM has booked an H1 pretax profit up 73% to £1.35m, from £0.7m a year ago. Revenues rose 35.6% to £4.2m, from £3.1m. The company described the results as "strong". Bad debts and provisions as a percentage of the portfolio stood at 6.6 % (FY13: 8.97%). Separately, 1pm confirmed a share issue to raise a total of up to c.£4.016 million (before expenses). This would be by way of an oversubscribed Placing of c.4.9m new shares at 61p each to the places to raise £3m, and a further issue of up to 1.7m new shares at 61p each to qualifying shareholders pursuant to the Open Offer to raise up to £1.016m. The issue price of 61p represents a discount of 15.3% against the mid-market price of 72p at which the shares closed on Sept. 19. Meantime, referring to the H1 performance, CEO Maria Hampton said: "The Company has now been profitable on a monthly basis for 50 consecutive months; a reflection of the hard work and dedication from the staff and the Board. "Demand for finance from SMEs continues to grow and the £11.3m of new funds raised during the year has helped the Company to provide a record amount of funding to new customers. "1pm is in an excellent position to continue to grow against the backdrop of the prevailing commercial lending environment within the UK banking industry." Operational Highlights: · Number of customers increased by 24.2% to 2,995 (FY13: 2,380) · New business written during the year increased 58.4% to £10.8m (FY13: £7.8m) · Increased number of partnerships formed with finance brokers · Introduced two new products (HP and Business Loans) At 8:05am: (LON:OPM) 1pm PLC share price was -10p at 62p Story provided by StockMarketWire.com

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