1pm posts 93% surge in pre-tax profit

1pm PLC has reported a profit before tax of £7.9m for the year to 31st May 2018, up 93% on the £4.1m recorded in 2017.

The announcement was made in the specialist SME lender’s final results for the year.

The group saw revenue for the period hit £30m, up 78% on the previous period (2017: £16.9m), of which organic growth was 31%.

Its combined gross lending portfolio amounted to £142.1m at 31st May 2018, an increase of 59% compared with the £89.5m registered in 2017.

1pm attributed this to the addition of its commercial finance division earlier in the period.

"Our strategy of being a multi-product provider to SMEs and consumers, plus the flexibility to either fund, or broke-on, has enabled the group to generate robust levels of demand and hence these strong results,” said Ian Smith, CEO at 1pm (pictured above).

“Improving risk management, operational efficiency and further strategic expansion, together with increased funding facilities, mean the group is well positioned to deliver great outcomes for customers and further growth for shareholders.”

John Newman, non-executive chairman at 1pm PLC, said that it was delighted that the group's focus on organic growth and further strategic expansion had delivered another set of excellent annual financial results.

“The results demonstrate that the foundations have been laid for further growth in the current financial year and the board is optimistic of continuing to increase value and returns for its shareholders.”

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