RNS Number : 0495F
11 June 2012
For Immediate release 11(th) June 2012
("1pm" or "the Company")
Pre-close trading update
1pm plc (AIM: OPM), the AIM listed specialist independent provider of asset finance facilities to the SME sector, is pleased to announce the following trading update ahead of its final results for the year ended 31 May 2012 which are scheduled to be released on 16 July 2012.
The Company has achieved another year of growth and expects to report a significant improvement in its trading performance for the year ended 31 May 2012. Levels of new business written in May were in excess of GBP700,000, the highest monthly amount achieved by the Company to date. The lease portfolio continues to grow and as at 31 May 2012 was GBP11.0m (FY11: GBP10.1m).
The year-end results are now expected to exceed market expectations.
Maria Hampton, Managing Director of 1pm, said:
"1pm's strategy is to provide support to SMEs across Great Britain and Northern Ireland, by offering access to funding which currently is not being provided by the mainstream banking sector. The success of this strategy is reflected in the Company's continued growth and confidence in the model is further evidenced by the agreement of a GBP2million Block Discounting facility announced in May.
Recent marketing initiatives, designed to increase lending levels, are proving to be very successful and have been positively received by our industry partners. We will continue to develop funding relationships to maximise lending opportunities."
For further information, please contact:
Mike Johnson, Chairman 0844 967 0944
Maria Hampton, Managing Director 0844 967 0944
WH Ireland (NOMAD)
Marc Davies 0117 945 3470
Winningtons Financial PR 0117 985 8989
Paul Vann/Tom Cooper 07768 807 631
1pm plc is an established independent asset finance company focused on providing SMEs with accessible funding to add value to their businesses. All customers must have good credit histories and proven ability to repay their finance commitments. 1pm currently lends from GBP1,000 to- GBP50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.
You can find more information on the Company website www.1pm.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange