1pm posts 17% increase in profit before tax
Ian Smith

1pm posts 17% increase in profit before tax

1pm PLC has reported strong levels of demand for finance as it announced a 17% increase in profit before tax for the year ended 31st May 2017.

The SME finance provider saw profit before tax and exceptional items grow to £4.3m, while revenue for the year increased by 35% to £16.9m.

The group is made up of subsidiaries including Onepm Finance, Academy Leasing and Bradgate Business Finance.

1pm also acquired asset finance provider and brokerage Bell Finance Limited in April and Intelligent Loans in March.

1pm has seen its combined gross lending portfolio grow to £89.5m (2016: £67.7m), a rise of 32%, while combined new business origination on a like-for-like basis increased 23% as the group provided or arranged lending for over 16,150 customers and end-users.

“Each of 1pm's trading subsidiaries has continued to experience robust levels of demand for finance from across the UK SME sector,” said Ian Smith, CEO of 1pm (pictured above).

“This has enabled the group to deliver another year of operational and strategic progress and strong underlying results.

“The range of products now offered, plus the flexibility to fund and broke-on, mean that the group is well positioned to build value for shareholders.”

John Newman, non-executive chairman of 1pm, added: "We are delighted that the group's strong financial results, delivered during another year of strategic change in line with our stated strategy, continue the trend in recent years of profitable organic growth.

“The board is optimistic in its pursuit of further growth in the current financial year, is very pleased with the performance of each of its acquisitions and is committed to delivering increasing value for its shareholders from the enlarged group of businesses."

Since 31st May, 1pm has also acquired Tracx Finance Limited – the holding company and 100% shareholder of invoice finance provider Gener8 Finance Limited – and Positive Cashflow Finance Limited.

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