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OPM 1pm Plc

0.00 (0.00%)
26 Feb 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Stock Type
1pm Plc OPM London Ordinary Share
  Price Change Price Change % Share Price Last Trade
0.00 0.00% 24.00 00:00:00
Open Price Low Price High Price Close Price Previous Close
24.00 24.00
more quote information »

1pm OPM Dividends History

No dividends issued between 27 Feb 2014 and 27 Feb 2024

Top Dividend Posts

Top Posts
Posted at 07/12/2020 12:52 by speedsgh
Such an inspirational new name. I wonder how much they paid an agency to come up with that?!

Change of Name to Time Finance plc -

1pm plc, the AIM listed independent specialist finance provider to UK SME businesses is pleased to announce that the Company's name is changing to Time Finance plc with immediate effect. All subsidiary businesses within the 1pm Group will hereafter form part of the Time Finance brand. A resolution giving the Directors authority to change the Company's name was approved by shareholders at the Company's AGM held on 6 November 2019. The change of Company name has been formally registered at Companies House and a new certificate issued.

With effect from Tuesday 8 December 2020, trading in the Company's ordinary shares on AIM will commence under the new name and the new ticker will be TIME. The Company's ISIN (GB00BCDBXK43) and SEDOL remain unchanged. Shareholders should note that their shareholdings will be unaffected by the change of name and existing share certificates should be retained as no new share certificates will be issued. The Company's website will change to with effect from 8.00am today and all information pursuant to AIM Rule 26 will be available at this address.

The rebranding follows the recent completion of the "buy and build" phase of the Group's strategic expansion which has resulted in it being able to offer a comprehensive portfolio of financing solutions tailored for the UK SME market through its enhanced lending and broking operations. The Company is now simplifying its operating structure into a single nationally recognised, market-facing product offering under the new name.

Ian Smith, Chief Executive Officer, commented:

"The underlying strength of our market position, product offering, business model and robust operating structures have proven resilient, relevant and effective during the continuing economic and trading challenges presented by the Covid-19 pandemic. The rebranding of the business is designed to further consolidate and strengthen our offering, integrating and unifying 1pm (UK) Ltd, trading as Onepm Finance, Academy Leasing; Bradgate Business Finance; Intelligent Loans; Positive Cashflow Finance and Gener8 Finance under one consistent brand name and identity to deliver a more comprehensive solution to UK SME businesses."
Posted at 26/11/2020 18:44 by red ninja
In reality the management get a share option scheme with less risk than buying in the market :-

"The Company has established the Scheme as an unapproved (i.e. non tax-advantaged) share option scheme under which up to 4,756,537 nil-cost options over ordinary shares of 10 pence each in the capital of the Company ("ShareOptions") may be awarded in respect of shares representing up to 5.0 per cent. of the current fully diluted share capital of the Company.

The vesting of Share Options is subject to service-based and market-based conditions, as follows:

· 30 per cent. of Share Options awarded to each recipient vest in three equal annual tranches on 1 October 2021, 1 October 2022 and 1 October 2023 subject to the recipients' continued employment with the Group on those respective dates.

· 70 per cent. of Share Options awarded to each recipient vest at a quoted share price of 31 pence per share, which represents a market capitalisation equal to the unaudited consolidated Tangible Net Asset Value of the Group as at 31 August 2020."
Posted at 22/10/2020 07:15 by red ninja
OPM seems to be recovering well from the Covid-19 crisis.
Ok we don't know how long it will on for, but so far so good.

From todays AGM statement :-

"In the current economic environment the performance of the Group's lending book and the resilience of its balance sheet are paramount. The Group is therefore pleased to report that arrears have been reduced by more than £5m since its financial year end on 31 May 2020. Furthermore, the rate of new arrears has continued to reduce month on month, trending back towards the pre-Covid-19 levels from the peak experienced at 31 May 2020. The Group has also seen the level of write-offs in these four months remain relatively static and the historical rate of recoveries on amounts previously written-off being maintained at 70 to 80 per cent. of the impaired value. The Group's balance sheet continues to demonstrate its resilience with both net tangible assets ("NTA") and cash having increased from the 31 May 2020 levels with unaudited NTA as at 30 September 2020 now in excess of £28m and unaudited cash balances as at the same date in excess of £2m.

While the economic outlook is extremely difficult to predict at the moment this continued de-risking of the lending book and steady progress back towards historic levels of performance is considered grounds for cautious optimism by the Board."
Posted at 22/9/2020 09:40 by red ninja
IMO reasonable result, but also largely in line with trading update :-

"Financial highlights:

-- Revenue for the year of GBP29.2 million (FY 2019: GBP31.8 million), of which 80 per cent. is from lending activities and 20 per cent. from broking activities. The year-on-year decrease in revenue is wholly attributable to the Covid-19 affected fourth quarter of the financial year.

-- Profit before tax and exceptional items for the year of GBP3.0 million (FY 2019: GBP8.1 million), stated after a 'one-off' increase in the bad debt provision of GBP2.1 million recorded in the fourth quarter of the financial year to mitigate any potential bad debts that may arise in the future from the impact of Covid-19.

-- A similar level of net portfolio write-offs to the prior year, representing under 1.0% of the gross lending portfolio, but provisions prudently increased to 5.2 per cent., or GBP5.1 million (31 May 2019 1.9 per cent., or GBP2.4 million).

-- Operating expenses of GBP12.8 million (2019: GBP13.3 million), a decrease of 4 per cent.
-- Fully diluted earnings per share of 1.74 pence per share (2019: 6.61 pence per share)
-- Consolidated net assets at 31 May 2020 of GBP55.2 million (31 May 2019: GBP53.8 million) and consolidated net tangible assets of GBP27.0 million (2019: GBP25.9 million).

-- Borrowing facilities as at 31 May 2020 of GBP174 million (31 May 2019: GBP167 million), of which GBP66.1 million drawn at year-end (2019: GBP89.3 million drawn). The continued support from the Group's funding partners through facility renewals and increases, together with the Group becoming an accredited CBILS lender, demonstrates the high regard in which the Group is held by other major financial institutions.

-- Net interest margin and the blended cost of borrowing maintained at approximately 12% and 4% respectively.
-- Good visibility of future revenue already secured with "unearned income" as at 31 May 2020 of over GBP15.2 million (2019: GBP17.6 million)

-- Unaudited cash balances of GBP2.3 million as at 31 August 2020, in addition to a currently unutilised overdraft facility of GBP1.0 million.

The payment of the interim dividend previously due be paid on 12 May 2020 and a decision on the amount and timing of any final dividend for the financial year ended 31 May 2020 were deferred and will continue to be deferred until the Group's financial performance for the first half of the current financial year is known. At that time, an assessment will also be made as to whether the Company is in a position to provi"

In reality the jury is still out on OPM.
Posted at 19/5/2020 08:26 by typo56
There could be more interest if Cloverleaf/Wellesley increase. It feels like Wellesley may be trying to take advantage of Covid and pick up OPM on the cheap. Look how they approached UEX with an offer worth over £120m. OPM market cap isn't quite £20m.
Posted at 18/5/2020 09:06 by yieldsearch
my guess is that it is related to CBILS. OPM has the platform to originate, the cbils origination is in effect 80% guaranteed by HM govt. Someone must have realised this opportunity and agreed to provide funding for the CBILS with a equity stake.
the above is not substantiated by anything, but logical. just cant wait for the next regulatory notice
Posted at 30/3/2020 10:40 by owenski
Was going to say they're likely to suspend the divi - then I notice that they already have.
Posted at 07/1/2020 14:27 by speedsgh
Includes brief mention of OPM from 15m36s...

Top AIM stocks to watch in 2020 (published 20/12/19) -

Chris Boxall, co-founder of specialist investment manager Fundamental Asset Management, considers the performance of AIM in 2019 and offers his thoughts for the coming year

Will AIM’s growth stocks continue to deliver in 2020 or could there be bigger returns to be made from recovery candidates?

Chris discusses several companies which made the headlines in 2019 as well as others who are struggling to attract investor’s attention. Could the laggards of 2019 be the stars of 2020?
Posted at 09/12/2019 08:13 by stevelauren23
I've been told there won't be a trading update because there isn't anything unexpected to add, and because of the other things going on in the country that didn't see the need for it.

The progressive interim dividend is going to be announced in January.

So overall I'm more than happy, they must be making enough profit to keep with the dividend agreement as planned.
Posted at 21/11/2018 19:27 by glasshalfull

Good evening folks,

I rarely post on ADVFN these days but looked in following the OPM shareprice hitting year lows today. That’s the shareprice down (-30%) in just over 2 months despite the reassuring AGM statement 3-weeks ago!

A delayed trade of 402k shares @38p appears responsible for today’s decline with much of the stock turned round as buyers emerged @42.5 - 43p to mop up much of it. However, the company don’t appear able to attract much in the way of institutional support, even though they are forecast to deliver 6.8p EPS in the current year & 7.7p next year. That’s a fairly derisory rating of PER 6.3 & 5.6 respectively after pencilling in 13% earnings growth.

While I’m here, courtesy to update that I enjoyed a meeting with the company in early November. Flagged a v brief update on Twitter at the time (link below).

The AGM statement didn’t mention provisioning so I clarified the current position. The company confirmed there had been NO change to their low level of impairment provision, emphasising that their approach had been validated through the application of IFRS 9 which highlighted a negligible impact and confirmed their cautious approach to provisioning.

I also confirmed the wording of the AGM statement & use of the phrase, “in aggregate” following a few emails I’d received that questioned whether this meant if some Divisions were performing better than others & therefore if this alluded to weakness elsewhere across some of the divisions.

(See extract below)

"Trading for the first four months of the current financial year shows further growth compared with the same period last year, with new business origination, revenue and profits all in line with the Board's expectations for each of the Group's operating divisions and, in aggregate, in line with market expectations.

In explanation, the company said they didn’t realise that this may be misinterpreted & confirmed ALL Divisions were performing per expectation & thus no other inference should be derived from this phraseology.

The AGM statement also confirmed,

"The continuing robust levels of demand experienced across the Group reflect the Board's strategy of being a multi-product provider of finance to UK SMEs (asset, vehicle, loan and invoice finance) and the effective, flexible business model of acting as both a funder and a broker.

"With early indications that the Group's strong trading has been maintained in October, the Board is optimistic of reporting further progress for the first half of the current financial year. The interim results and a proposed interim dividend will be announced in mid-January 2019."

Again, they confirmed that they were experiencing strong trading as per the statement & surprised at the value the market were attributing to the business...& this was when the share price was 10% higher than today’s!!!

As Davidosh mentions, the placing undertaken with institutions was deeply damaging. Cenkos failed to bring on-board institions with a long-term view. As far as I understand, most that came on-board in the placing have now departed & appear simply to have flipped the stock for short-term gain than helping OPM build for the future. This episode damaged investor sentiment considerably in the process & this has left a cloud over the shares for the last 18 months.

In conclusion, the acquisitions have bedded in well & the company have released a series of positive updates throughout 2018; delivered organic growth throughout the business; established a progressive dividend policy; mitigated risk through lending & broking. But current macro conditions aren’t helping the shareprice (nor stock being dumped @38p). Also the anticipation that M Nolan will be selling his holding down may also be acting as an overhang. I would contend though that if /when he is looking to sell it would be most certainly executed off-market rather than the perception of many PI’s that it could be drip-sold onto the market.

Ultimately I think that OPM are a sitting duck at the current price.

Consider for a moment the prospect of say a challenger bank looking to acquire a specialist finance provider. OPM now have £145m lending book & decent track record across each of their operating divisions. They are also marooned on a distressed rating. Any such acquirer could remove PLC costs & exploit synergistic benefits (remove further duplicate costs). Any such acquirer could also improve margins through lowering OPM’s current cost of borrowing through access to cheaper funds through its own retail deposits.

Just a thought 🤔

Kind regards,

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