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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Time Finance Plc | LSE:TIME | London | Ordinary Share | GB00BCDBXK43 | ORD 10P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 41.25 | 40.50 | 42.00 | 41.25 | 41.25 | 41.25 | 133,629 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Electrical Machy, Equip, Nec | 27.57M | 3.45M | 0.0373 | 11.06 | 38.16M |
From Apr 2019 to Apr 2024
TIDMOPM
RNS Number : 5566U
1PM PLC
19 January 2017
19 January 2017
1pm plc
(the "Group" or the "Company")
INTERIM RESULTS
FOR THE SIX MONTHSED 30 NOVEMBER 2016
Further profitable organic and strategic growth delivered;
Revenue increased 52%; Profit before tax increased 23%;
Positive outlook for the full year
1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to the SME sector, announces financial results for the six month period ended 30 November 2016 ("Interim Results").
The Interim Results consolidate the results for 1pm (UK) Limited (trading as Onepm Finance ("Onepm")), Academy Leasing Limited ("Academy") and Bradgate Business Finance Limited ("Bradgate"). Each of the Group's three trading subsidiaries continue to experience high levels of demand for finance from the SME sector across the range of products offered, comprising asset finance (finance lease and hire purchase) for 'hard' and 'soft' assets, business loans and vehicles broking.
Financial Highlights:
-- Group revenue increased 52% to GBP7.99m (H1 2016: GBP5.25m) -- Group profit before tax increased 23% to GBP2.05m (H1 2016: GBP1.66m) -- Basic earnings per share increased 5.8% to 3.08 pence (H1 2016: 2.91 pence) -- Net Assets at 30 November 2016 increased 12.1% to GBP26.8m (31 May 2016: GBP23.9m) -- Bad debt write-offs in the period were GBP0.25m (H1 2016: GBP0.15m)
-- At period end, total bad debt provisions were GBP1.22m representing 1.64% of total receivables (H1 2016: GBP0.92m representing 1.57% of total receivables)
-- GBP15.1m of deferred income, i.e. future revenue, as at 30 November 2016 (31 May 2016: GBP14.3m)
Operational Highlights:
-- Total Group asset, loan and vehicles business origination in the six-month period to 30 November 2016 increased 82% to GBP36.4m (H1 2016: GBP20.0m)
-- Maintained flexibility to either fund on 'own-book' or generate cash commissions from broking; approximately 24% of new lease contracts brokered for commission income at Academy and Bradgate.
-- Combined 'own-book' assets and loans portfolio of GBP71.8m (31 May 2016: GBP66.5m),
-- Funding facilities available to the Group of GBP62.0m at 30 November 2016 (31 May 2016: GBP62.2m)
-- Operational progress at each subsidiary in line with management's expectations and objectives
Commenting on the Interim Results, John Newman, Chairman, said:
"These Interim Results demonstrate the continuing trend of profitable organic growth at Onepm finance, the original company within the Group and the anticipated strong growth from Academy and Bradgate, the acquired businesses. The Board is committed to increasing shareholder value by delivering sustainable growth and is actively pursuing further organic and strategic opportunities in the current financial year. Accordingly, the Board looks forward to the second half of the financial year with optimism and confidence."
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For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
Helen Walker, Chief Financial
Officer 01225 474230
Cenkos (NOMAD)
Max Hartley (NOMAD), Julian
Morse (Sales) 0207 397 8900
Walbrook PR 0117 985 8989
Paul Vann 07768 807631
paul.vann@walbrookpr.com
About 1pm:
The Company was admitted to AIM in August 2006.
1pm plc is a group of established independent finance companies 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.
Mission Statement - 'Helping the UK economy grow by supporting SMEs'
More information is available on the Company website www.1pm.co.uk
CHIEF EXECUTIVE OFFICER'S STATEMENT
FOR THE SIX-MONTH PERIODED 30 NOVEMBER 2016
Financial Results
I am pleased to report that the Group continued to make good progress during the first half of the current financial year. The financial results achieved for the six months ended 30 November 2016 ("the period") give cause for optimism in the outcome of the full year to 31 May 2017.
Group revenue amounted to GBP7.99m (H1 2016: GBP5.25m). This comprised GBP4.23m (H1 2016: GBP3.74) at Onepm Finance, an organic increase of 13.1% and GBP3.76m at the acquired subsidiaries, Academy and Bradgate (H1 2016: GBP1.51m). Included in revenue at Academy and Bradgate is GBP1.03m of commission income in respect of the broking-on of equipment and vehicle contracts.
Profit before tax increased to GBP2.05m (H1 2016: GBP1.66m). Profit after tax in the period rose to GBP1.64m (H1 2016: GBP1.31m). Earnings per share ("EPS") increased 5.8% to 3.08p (H1 2016: 2.91p). EPS has been calculated on a weighted average basis taking into account the issue of 1,960,270 new ordinary shares on 6 October 2016 in connection with the earn-out arrangements relating to the acquisition of Academy Leasing Limited in 2015. At the period end a total of 54,523,771 ordinary shares were in issue.
The Group paid a single final dividend in respect of the financial year ended 31 May 2016. It is the Board's intention to continue this policy in the current financial year with one dividend payment, being a final dividend, in respect of the current financial year ending 31 May 2017.
At the period end, the Group's consolidated net assets stood at GBP26.8m (31 May 2016: GBP23.9m), an increase of 12.1%.
Operations
In the period, the Group continued to experience strong demand across its product range from its core SME customer base. It originated GBP36.4m of new lease, hire purchase, loan and vehicles contracts, an 82% increase over the same period last year (H1 2016: GBP20.0m). This comprises the net effect of increases in lease and vehicles contracts and the anticipated reduction in loan contracts origination, which amounted to GBP1.7m. All of the vehicles contracts and approximately 24% of new lease and hire purchase contracts originated in the period by the Group were broked-on to generate commission income at Academy and Bradgate.
At the period-end the Group's combined 'own-book' lease and loan portfolios stood at GBP71.8m, comprising GBP42.0m at Onepm Finance, GBP20.5m at Academy and GBP9.3m at Bradgate. The average contract value in the portfolio in the period was GBP14.2k (H1 2016: GBP10.8k) with no single customer representing more than 0.35% of the total portfolio value (H1 2016: 0.21%). During the period, the Group's strict credit and underwriting controls were maintained, with GBP0.25m written off as bad debt (H1 2016: GBP0.15m). Total provisions at 30 November 2016 were GBP1.22m, representing 1.64% of total receivables (H1 2016: GBP0.92m representing 1.57% of total receivables).
Strategy
The stated goal of the Group's current strategic plan formulated in late 2014 is to achieve a market capitalisation of GBP100m. The objectives that will enable this goal to be achieved and which shape the strategic plan are:
- operating a model of distributed separate subsidiary entities
- having a multi-channel and multi-product offering for business lending to SMEs
- maintaining risk mitigation through having both funding and broking capability
- being 'digitally capable'
- strictly adhering to underwriting policies and credit control procedures
- being geared appropriately with cost-effective funding facilities
Current levels of business activity throughout the Group give the Board confidence in pursuing its further strategic growth plans. These will include the addition of complementary products, further development of financial technology, an expanded funding mix to include a wider range of borrowing facilities and consideration of potential further acquisitions.
In summary, the Board is maintaining an unwavering commitment to support the SME sector, whilst pursuing ambitious, but risk-assessed growth plans to deliver increased shareholder value.
Board Changes
As announced on 22 June 2016, Helen Walker will be leaving the Company's employment on 31 May 2017. The Company has made significant progress towards the recruitment of a Chief Financial Officer to replace Helen and anticipates being able to provide a specific market update in the near future.
Risks and uncertainties
There are a number of potential risks and uncertainties which could have a material impact on the Group's performance over the remaining six months of the financial year and could cause actual results to differ materially from expected and historical results. The directors do not consider that the principal risks and uncertainties have changed since the publication of the annual report for the year ended 31 May 2016. A detailed explanation of the risks summarised below, and how the Group seeks to mitigate the risks, can be found on page 37 of the annual report which is available at www.onepmfinance.co.uk.
Credit Risk:
The directors believe that credit risk is limited due to debts being spread over a large number of receivables contracts.
Interest rate and liquidity risk:
No liabilities are subject to variable rates of interest.
Going Concern
As stated in note 1 to the condensed financial statements, the directors are satisfied that the Group has sufficient resources to continue in operation for the foreseeable future, a period of not less than 12 months from the date of this report. Accordingly, they continue to adopt the going concern basis in preparing the condensed financial statements.
Responsibility Statement
We confirm that to the best of our knowledge:
a) the condensed set of financial statements has been prepared in accordance with IAS 34 'Interim Financial Reporting';
b) the interim management report includes a fair view of the information required by Disclosure and Transparency Rules ("DTR") 4.2.7R (indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year); and
c) the interim management report includes a fair view of the information required by DTR 4.2.8R (disclosure of related parties' transactions and changes therein).
Outlook
Demand for finance from SMEs, whether it is for their business-critical assets, vehicles or general purpose loans, continues to be strong. The Board sees opportunities for further organic growth, both from cross-selling its products into its expanding customer base, and from new business origination. There are also opportunities for further strategic growth from new product introductions, the application of financial technology and value enhancing acquisitions. Your Board looks forward with confidence to the continued success of the business in the remainder of the current financial year.
By order of the Board,
Ian Smith
Chief Executive Officer, 1pm plc
Independent Review Report to 1pm PLC
Introduction
We have been engaged by the company to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2016 which comprises the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Consolidated Cash Flow Statement, the Consolidated Statement of Changes in Equity and related notes 1 to 8. We have read the other information contained in the half-yearly report and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed set of financial statements.
This report is made solely to the company in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Auditing Practices Board. Our work has been undertaken so that we might state to the company those matters we are required to state in an independent review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company, for our review work, for this report, or for the conclusions we have formed.
Directors' responsibilities
The half-yearly financial report is the responsibility of, and has been approved by, the directors. The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure and Transparency Rules of the United Kingdom's Financial Services Authority.
As disclosed in note 1, the annual financial statements of the group are prepared in accordance with IFRSs as adopted by the European Union. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with International Accounting Standard 34, "Interim Financial Reporting", as adopted by the European Union.
Our responsibility
Our responsibility is to express to the company a conclusion on the condensed set of financial statements in the half-yearly financial report based on our review.
Scope of review
We conducted our review in accordance with International Standard on Review Engagements (UK and Ireland) 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity" issued by the Auditing Practices Board for use in the United Kingdom. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK and Ireland) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 November 2016 is not prepared, in all material respects, in accordance with International Accounting Standard 34 as adopted by the European Union and the Disclosure and Transparency Rules of the United Kingdom's Financial Conduct Authority.
Moore Stephens
Chartered Accountants and Statutory Auditor
30 Gay Street
Bath
Somerset
BA1 2PA
18 January 2017
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
FOR THE SIX MONTHS TO 30
NOVEMBER 2016
Independently Independently Audited
Reviewed Reviewed 12 months
6 months 6 months to
to to 31 May
30 November 30 November
2016 2015 2016
Note GBP'000 GBP'000 GBP'000
REVENUE 7,988 5,253 12,554
Cost of sales (2,924) (1,860) (4,480)
-------------- -------------- -----------
GROSS PROFIT 5,064 3,393 8,074
Other operating income - - 2
Administrative expenses (2,990) (1,604) (4,290)
-------------- -------------- -----------
OPERATING PROFIT BEFORE
EXCEPTIONAL ITEM 2,074 1,789 3,786
Exceptional items - (99) (368)
-------------- -------------- -----------
OPERATING PROFIT AFTER
EXCEPTIONAL ITEM 2,074 1,690 3,418
Finance income 13 1 2
Finance expense (40) (32) (74)
-------------- -------------- -----------
PROFIT BEFORE TAXATION 2,047 1,659 3,346
Taxation (412) (344) (480)
-------------- -------------- -----------
PROFIT AND TOTAL COMPREHENSIVE
INCOME 1,635 1,315 2,866
============== ============== ===========
Attributable to equity
holders of the company 1,635 1,315 2,866
============== ============== ===========
Profit per share attributable
to the equity holders
of the company during
the Period
Pence per Pence Pence
share per share per share
- basic 6 3.08 2.91 5.87
============== ============== ===========
- diluted 6 2.84 2.91 5.50
============== ============== ===========
All of the above amounts are in
respect of continuing operations.
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
FOR THE SIX MONTHS TO 30
NOVEMBER 2016
Independently Independently Audited
Reviewed Reviewed 12 months
6 months 6 months to
to to 30 31 May
30 November November
2016 2015 2016
GBP'000 GBP'000 GBP'000
NON CURRENT ASSETS
Intangible assets - goodwill 10,289 8,805 10,289
Property, plant and equipment 1,325 1,052 1,251
Trade and other receivables 43,555 28,517 33,166
Deferred tax 363 244 208
-------------- -------------- -----------
55,532 38,618 44,914
-------------- -------------- -----------
CURRENT ASSETS
Inventories 45 - 81
Cash and cash equivalents 1,052 470 910
Trade and other receivables 17,392 19,175 22,895
-------------- -------------- -----------
18,489 19,645 23,886
-------------- -------------- -----------
TOTAL ASSETS 74,021 58,263 68,800
============== ============== ===========
EQUITY
Called up share capital 5,452 5,253 5,253
Share premium account 14,128 13,064 13,077
Employee shares 95 133 90
Retained earnings 7,104 4,181 5,469
-------------- -------------- -----------
TOTAL EQUITY 26,779 22,631 23,889
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 22,030 15,777 19,664
Financial liabilities -
borrowings:
Interest bearing loans
and borrowings 484 533 399
Provisions - contingent
consideration - 1,307 1,833
-------------- -------------- -----------
22,514 17,617 21,896
-------------- -------------- -----------
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION
FOR THE SIX MONTHS TO 30
NOVEMBER 2016
(CONTINUED)
Audited
Independently Independently 12
Months
Reviewed Reviewed to
6 months 6 months
to to 31 May
30 November 30 November
2016 2015 2016
GBP'000 GBP'000 GBP'000
CURRENT LIABILITIES
Trade and other payables 21,267 15,386 19,979
Financial liabilities -
borrowings:
Bank overdrafts 584 - 519
Interest bearing loans
and borrowings 633 614 729
Provisions - contingent
consideration 1,833 1,307 1,245
Tax payable 411 708 543
-------------- -------------- -----------
24,728 18,015 23,015
-------------- -------------- -----------
TOTAL LIABILITIES 47,242 35,632 44,911
-------------- -------------- -----------
TOTAL EQUITY AND LIABILITIES 74,021 58,263 68,800
============== ============== ===========
CONSOLIDATED INTERIM CASH FLOW STATEMENT FOR
THE SIX MONTHS TO 30 NOVEMBER 2016
Independently Independently Audited
Reviewed Reviewed 12 months
6 months 6 months to
to to 31 May
30 November 30 November
2016 2015 2016
GBP'000 GBP'000 GBP'000
Cash generated from operations
Profit before tax 2,047 1,659 3,346
Depreciation charges 249 125 354
Finance costs 40 32 74
Finance income (13) (1) (3)
Increase in trade and
other receivables (4,850) (7,934) (12,649)
Increase in trade and
other payables 3,548 6,910 11,996
-------------- -------------- -----------
1,021 791 3,118
Cash flows from operating
activities
Interest Paid (40) (32) (74)
Tax paid (325) - (637)
-------------- -------------- -----------
Net cash generated from
operating activities 656 759 2,407
-------------- -------------- -----------
Cash flows from investing
activities
Interest received 13 1 3
Acquisition of subsidiaries - (6,099) (7,588)
Purchase of tangible
fixed assets (318) (82) (547)
-------------- -------------- -----------
Net cash generated from
investing activities (305) (6,180) (8,132)
-------------- -------------- -----------
Cash flows from financing
activities
Repayment of loans (11) - (179)
Issue of shares net of
costs - 6,365 6,769
Dividends paid (263) (129) (129)
-------------- -------------- -----------
Net cash generated from
financing activities (274) 6,236 6,461
-------------- -------------- -----------
Increase in cash and
cash
equivalents 77 815 736
Cash and cash equivalents
at the beginning of the
period 391 (345) (345)
-------------- -------------- -----------
Cash and cash equivalents
at the end of the period 468 470 391
============== ============== ===========
CONSOLIDATED STATEMENT OF CHANGES IN
EQUITY
FOR THE SIX MONTHS TO 30 NOVEMBER
2016
Share Share Retained Employee Total
Capital Premium Earnings Shares Equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
Balance at 31 May
2016 5,253 13,077 5,469 90 23,889
Issue of share
capital 199 1,051 (18) 1,232
Credit to equity - - - 23 23
Total comprehensive
income - - 1,635 - 1,635
Balance at 30 November
2016 5,452 14,128 7,104 95 26,779
========= ========= ========== ========= =========
Balance at 31 May
2015 3,685 5,606 2,995 83 12,369
Issue of share
capital 1,568 7,458 - - 9,026
Credit to equity - - - 50 50
Total comprehensive
income - - 1,315 - 1,315
Dividend paid - - (129) - (129)
Balance at 30 November
2015 5,253 13,064 4,181 133 22,631
========= ========= ========== ========= =========
1 BASIS OF PREPARATION
The financial information set out in the interim
report does not constitute statutory accounts as
defined in section 434(3) and 435(3) of the Companies
Act 2006. The Group's statutory financial statements
for the year ended 31 May 2016 prepared in accordance
with IFRS as adopted by the European Union and
with the Companies Act 2006 have been filed with
the Registrar of Companies. The auditor's report
on those financial statements was unqualified and
did not contain a statement under Section 498(2)
of the Companies Act 2006. These interim financial
statements have been prepared under the historical
cost convention.
These interim financial statements have been prepared
in accordance with the accounting policies set
out in the most recently available public information,
which are based on the recognition and measurement
principles of IFRS in issue as adopted by the European
Union (EU) and are effective at 31 May 2016.
The condensed set of financial statements included
in this half-yearly financial report has been prepared
in accordance with International Accounting Standard
34 'Interim Financial Reporting', as adopted by
the European Union.
The financial information for the six months ended
30 November 2015 and the six month period 30 November
2016 are unaudited and do not constitute the Groups
statutory financial statements for these periods.
The accounting policies have been applied consistently
throughout the Group for the purposes of preparation
of these interim financial statements.
Going Concern
The directors are satisfied that the Group has
sufficient resources to continue in operation for
the foreseeable future, a period of not less than
12 months from the date of this report. Accordingly,
they continue to adopt the going concern basis
in preparing the condensed financial statements.
2 SEGMENTAL REPORTING
The Group has one business segment to which all
revenue, expenditure, assets and liabilities relate.
3 BASIS OF CONSOLIDATION
The consolidated financial statements incorporate
the financial statements of the Company and entities
controlled by the Company (its subsidiaries). Control
is achieved where the Company has the power to
govern the financial and operating policies of
an entity so as to obtain benefit from its activities.
All intra-group transactions, balances, income
and expenses are eliminated on consolidation.
4 TAXATION
Taxation charged for the period ended 30 November
2016 is calculated by applying the directors' best
estimate of the annual tax rate to the result for
the period.
5 SHARE CAPITAL
The Articles of Association of the company state
that there is an unlimited authorised share capital.
Each share carries the entitlement to one vote.
On 6 October 2016 the Company issued 1,960,270
ordinary shares of nominal value 0.10p at 0.635p
per share in deferred consideration for the acquisition
of MH Holdings (UK) Limited.
On 15 November 2016 the Company issued 29,038 ordinary
shares of nominal value 0.10p at 0.61p per share
in relation to the employee share scheme.
6 EARNINGS PER ORDINARY SHARE
The earnings per ordinary share has been calculated using the profit for the period and the
weighted
average number of ordinary shares in issue during the period. For diluted earnings per share,
the weighted average number of shares is adjusted to assume conversion of all dilutive potential
ordinary shares.
6 months 6 months 12 months
to to to
30-Nov-16 30-Nov-15 31-May-16
GBP'000 GBP'000 GBP'000
Earnings attributable
to ordinary shareholders 1,635 1,315 2,866
Basic
EPS
Weighted average number
of shares 53,137,025 45,165,770 48,850,117
Per-share amount pence 3.08 2.91 5.87
Diluted EPS
Weighted average number
of shares 57,662,332 45,193,568 52,132,369
Per- share amount pence 2.84 2.91 5.50
7 DIVIDENDS
6 months 6 months 12 months
to to to
30-Nov-16 30-Nov-15 31-May-16
GBP'000 GBP'000 GBP'000
Ordinary shares of GBP0.10
each
Final - - 391
The company paid a final dividend of GBP128,990
being 0.35 pence per Ordinary GBP0.10 share relating
to the financial year ending 31 May 2015.
The company paid a final dividend of GBP262,672
being 0.50 pence per Ordinary GBP0.10 share for
the financial year ending 31 May 2016.
8 COPIES OF THE INTERIM REPORT
Copies of the Interim Report are available from www.onepmfinance.co.uk and the Company
Secretary at the
registered office: 2(nd) Floor, St James House, The Square, Lower Bristol Road, Bath BA2
3BH
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR OKFDDNBKBFDD
(END) Dow Jones Newswires
January 19, 2017 02:00 ET (07:00 GMT)
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