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Trading statements

1PM Plc sees strong growth in FY revenue, profits

08 July 2016 07:19

1pm Plc said its FY trading results will show strong growth in revenue and profits compared with the prior year.

"Revenue for the Group will be in line with current market expectations and adjusted profit before tax for the Group will be materially above current market expectations," the company said.

The trading results reflect strong organic growth at 1pm (UK) Limited ("1pm") plus strong strategic growth from the acquisitions of Academy Leasing Limited ("Academy"), acquired on 25 August 2015 and Bradgate Business Finance Limited ("Bradgate"), acquired on 22 March 2016.

Each of the Group's trading subsidiaries, 1pm, Academy and Bradgate, continued to experience high levels of demand for finance from the SME sector across the range of products offered, being asset finance (finance lease and hire purchase) for 'hard' and 'soft' assets, business loans and vehicles broking.

The total value of asset finance and loan deals originated and funded by the Group in the year to 31 May 2016 amounted to £31.0m. In addition, since their respective dates of acquisition Academy and Bradgate generated commission income from broking-on a further £7.8m of asset finance deals.

As at 31 May 2016, the Group's combined asset finance and business loans portfolio stood at £66.5m. This comprised £41.8m (2015: £30.0m) at 1pm, an increase of 39 per cent.; £21.0m at Academy and £3.7m at Bradgate.

The Group is also pleased to report that operational progress at each of the Group's subsidiaries since the acquisitions is in line with management's expectations and consistent with its objectives.

Story provided by StockMarketWire.com

Related Company: OPM

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