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.

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."

Try 6 free issues of MoneyWeek today

Get unparalleled financial insight, analysis and expert opinion you can profit from.

Start your trial

Sign up for MoneyWeek’s free twice-daily newsletter.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Join more than 165,000 subscribers and keep yourself informed with latest financial news, insights and expert analysis to help you understand what really matters when it comes to your finances.

Sign up

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.