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Hardman & Co Research (OPM)

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Wednesday 16 January, 2019

Hardman & Co Research

1pm Plc (OPM): Interim results 1H FY'19: geared up for growth

Hardman & Co Research
Hardman & Co Research: 1pm Plc (OPM): Interim results 1H FY'19: geared up for growth

16-Jan-2019 / 09:51 GMT/BST


Hardman & Co Research: Interim results 1H FY'19: geared up for growth

We had been looking for two key themes with the 1H FY'19 results: i) that any early signs of credit deterioration were modest; and ii) that the integrations were going well. 1pm delivered on both. On credit, the net bad debt write-off was down on last year. Management detailed the diversification of the business, and commented how its operating flexibility, small individual exposures, human underwriting and fixed-rate lending should limit losses in a downturn. On group synergies, we note cross referrals are ticking up each month and the cost of group funds is falling. 1H FY'19 saw good franchise and revenue growth. The valuation appears anomalous with the group's prospects.

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https://www.hardmanandco.com/research/corporate-research/interim-results-1h-fy19-geared-up-for-growth/

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About Hardman & Co: For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case.

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