1pm Share Discussion Threads

[energeticbacker] 23/10/2020 10:41

Bonkers Bargains: 1pm still looks ridiculously good value despite the challenging outlook according to Investor's Champion.

[wanttowin] 23/10/2020 09:37

Frustrating stock this one, been an absolute miserable hold for me.

Despite the upbeat RNS I think it's going to be a long time before buyers return.

[red ninja] 22/10/2020 08:15

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."

[red ninja] 06/10/2020 19:00

Looks like large buys going through today, I wonder if the directors are buying.

[red ninja] 22/9/2020 10:40

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.

[red ninja] 17/9/2020 09:24

Had a punt today at 16.65p, but evidently I am one of the few investors.

In their favour they have a very diversified loan book by company sector, they try and secure company loans so if the company goes bust they can in most cases recover the loan. The are providing loans to companies through the CBILs scheme.

However, it's risky given the fact we are coming to an end of furlough scheme and there is a real chance of further local, regional or national lockdowns although looks like these lockdowns will directed at particular activites eg households meeting each other indooors.

[red ninja] 16/9/2020 15:38

250k sell today, someone getting nervous about those results perhaps. Personally I'm tempted to have a punt, they seem to have tried to secure SME debts, but will it be pandemic proof ?

[owenski] 15/8/2020 10:54

That 18 month chart is telling what the market thinks.
High risk with likelihood of increasing bad debt provisions.

Bargepole

[scepticalinvestor] 15/8/2020 10:29

high risk this - once gov support to smes end, how many woukd be able to continue to pay back their loans?Could also be high reward of they are acquired.aimho gla

[red ninja] 20/7/2020 10:12

Looks like some buying around the 18p price presumably due to the Investor's Champion tip.

[yieldsearch] 08/7/2020 09:09

FCH reporting today: increased origination due to CBILS and PPP loans (US equivalent). Hopefully 1PM will also benefit from government scheme.

[yieldsearch] 28/6/2020 20:12

hxxps://www.verdict.co.uk/leasing-life/news/1pm-goes-live-with-cbils-lending-to-uk-smes/

[squarepeg86] 02/6/2020 10:30

Hi all, I've bought some here this morning but it wouldn't let me have what I wanted without going to a negotiated order. I then did some dummy trades to see what it will allow and it won't allow any more than £200 worth without negotiated order. Is this normal? I take it that means the mm's don't have many shares?

[stevelauren23] 19/5/2020 09:32

Would be a cheap purchase for them if they do. Even at 40p a share its a cheap business.

[typo56] 19/5/2020 09:26

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.

[stevelauren23] 19/5/2020 08:57

I think people are underestimating how important the CBILS will be, there could be millions of pounds revenue that will mostly be underwritten by the government. Any struggling company who have paused their payments will most likely use 1pm for this loan. I'm fully confident in it. Obviously the company who paid over the odds to get £4 million is also convinced.

The overall market seems to be bouncing back as well now which is good to see.

[strollingmolby] 18/5/2020 17:45

Interesting times...

[stevelauren23] 18/5/2020 17:08

I wonder what tomorrow holds for the price.