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.
-
Parental contributions to kids' university living costs could reach £14,000 a year
Parents helping kids with university living costs face contributions of up to £14,000 per year, according to a report from HEPI and TechnologyOne.
By Oojal Dhanjal Published
-
Rightmove: property asking prices hit record high
News Rising demand for top of the ladder home is boosting asking prices, Rightmove research shows. Is now a good time to sell a property?
By Marc Shoffman Published