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.
-
Cash in on the growth prospects of Europe's companiesOpinion Marcel Stötzel, co-portfolio manager of the Fidelity European Trust, selects three stocks
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
