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1PM Plc sees further growth in FY revenue, profits

By BFN News | 07:48 AM | Wednesday 10 June, 2015


1pm has experienced a fifth consecutive year of strong organic growth. It said FY results will show further increases in both revenue and profits compared to last year. Pretax profit would be significantly above current market expectations and revenues slightly above expectations, thanks to continuing strong demand for finance from SMEs and lower costs than expected, in particular in relation to bad debts. The asset finance and loan portfolios have both continued to grow, with over £9.2m of new business written during the second half (2014 H2:£5.7m), making in aggregate £16.1m of new business written during the year as a whole (2014: £10.8m). As at 31 May 2015, the total Portfolio amounted to £30.0m which represents a 47% increase over last year (FY14: £20.4m). Chairman Ian Smith commented: "This is a strong financial performance for the financial year and all the more pleasing given that it has been a year of investment for the future and expansion of resources. "The relocation to new offices is complete, recruitment is on-track and additional expenditure has been incurred in business development. "All of these initiatives are beginning to yield anticipated growth, as shown in the fact that new business origination of £5.5m over the last quarter of the year was a record achievement." Story provided by StockMarketWire.com

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