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25 Jun 2019 | 09:30

1pm seed adjusted profit rising 4% amid revenue boost

Specialist finance provider 1pm said its annual adjusted profit had risen 4% on the back of a 6% rise in revenue.

Deal origination for the year through May rose to £161m, representing an organic increase of over 12%.

Revenue was seen rising 6% to £31.8m, helping profit before tax, exceptional items and share based payments rise 4% to £8.2m.

1pm said its net interest margin had been maintained at around 12%.

The company said a maiden interim dividend would be paid in accordance with stated progressive dividend policy.

'In current uncertain business conditions, we are delighted to be reporting year-on-year growth in revenue and underlying profits,' chief executive Ian Smith said.

'The unaudited results for the year ending 31 May 2019 demonstrate the strength of our market position, our multi-product offering and operating model.'

'We are determined to deliver our planned further strategic growth in order to increase shareholder value over the next five years and now is the time to lay the foundations for that further growth.'

At 9:30am: (LON:OPM) 1pm PLC share price was -7.25p at 34.75p

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