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.

MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free

https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

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

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.

MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.