1pm party time as new business levels grow
The specialist provider of asset finance facilities to the SME sector, 1pm, says trading has been good between June and August as new business has filtered through to revenues.
The specialist provider of asset finance facilities to the SME sector, 1pm, says trading has been good between June and August as new business has filtered through to revenues.
Operating profits for the first quarter were £171k versus £109k in the prior year while the lease portfolio gained 9% to hit £12m.
The figures are impressive and might suggest outperformance for the full year but today's statement makes clear how the company feels that, at this stage, "existing expectations remain appropriate."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
The group's overdraft has also been increased from £350,000 to £500,000.
Maria Hampton, Managing Director of 1pm, commented: "We have made a good start to the current financial year and the board is very encouraged both by the levels of new business enquiries and by the new business we are securing. We also believe the bank's decision to increase our overdraft facility also reflects positively on the progress the company is making."
1pm's shares had gained 5.3% in by 8:30.
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
Shein shifts IPO focus to Hong Kong
The development piles fresh pressure on London’s beleaguered stock market, which many had hoped would be boosted by Shein’s IPO
-
Scientists turn lead into gold – could it wreck the yellow metal's price?
Medieval alchemists have been vindicated after scientists turned lead into gold, but the results aren’t going to crash the gold price any time soon