1pm – which is an AIM-listed, independent specialist provider of finance facilities to the SME sector – stated that the “significant” increase in revenues and profit were driven both by organic growth and by acquisitions.

The group has continued to experience high levels of demand for finance across its growing range of products, which include asset finance (finance lease and hire purchase) for hard and soft assets, business loans, vehicle broking and invoice finance.

•   GLI subsidiary increases stake in SME lender
•   SME fund secures £20m boost
•   SME lender enters commercial mortgage market

The highlights of 1pm’s trading results for the year include:

• Revenue for the year of approximately £16.7m (an increase of 34%)

• Profit before tax for the year of £4.3m (an increase of 28%)

• New lease and loan business originated and funded amount to £50.8m (an increase of 64%)

• New lease and loan business originated and ‘broked-on’ reached £17.7m (an increase of 124%)

•‘ Own-book’ asset and loan portfolio as of 31st May 2017 was £77.5m (an increase of 17%)

• Write-offs in the year continued to be less than 1% of the gross portfolio

• Prudent impairment provision of £1.2m, representing 2% of net portfolio outstanding.

The group has recently acquired a number of companies including Gener8 Finance Limited, Bell Finance Limited, Intelligent Financing Limited and Positive Cashflow Finance Limited.

The group reported that operational progress and integration at each of the group’s subsidiaries following their respective acquisitions was in line with management’s expectations and consistent with its objectives.

Ian Smith, chief executive officer at 1pm PLC (pictured above), said: “1pm PLC has enjoyed another year of progress and improved results.

“The figures demonstrate both the anticipated organic growth from our existing group companies and the expected growth from our strategic acquisitions.

“It is also encouraging that each of the groups trading subsidiaries have continued to experience robust levels of demand for finance from across the UK SME sector.”

1pm is due to announce the final results of its financial year during the week commencing 11th September 2017.