1pm Share Discussion Threads

[interceptor2] 09/7/2013 13:06

Great results and well done to all holders here. Not my best decision to sell a few weeks back, but hopefully I will still buy back in at some point.

ic2...

[abbey8] 09/7/2013 09:24

Very good news , I will be adding on weakens . This one for future pension .
I am not selling here . One company you could be proud of it is products and
operations. gllh

[showmethehoney] 09/7/2013 07:59

Good news. Look at where UFG are since reporting as well a 1.4m pre tax profit in March.

[the oak tree] 09/7/2013 07:53

1PM PLC
Excellent results. No wonder the shares went up yesterday. Particularly the mention of the big player moving out of the leasing sector last Nov. Fertile ground to really mop up alot of profitable business IMO.

===============================

("1pm" or the "Company" or the "Group")

FINAL RESULTS FOR THE YEAR ENDED 31 MAY 2013

Strong trading momentum maintained to produce another record financial performance

1pm plc (AIM: OPM), the AIM listed independent provider of asset finance facilities to the SME sector, announces final results for the year ended 31 May 2013.

Commenting on the results, Non-executive Chairman, Mike Johnson, said: "Against a challenging UK economic backdrop, I am very pleased to report that 1pm has produced another set of record results, achieving its highest ever levels of revenues and profits. This is proof positive of the success of its business model, its growing reputation within the industry and the appetite amongst SMEs for equipment leasing from specialist independent providers".
Financial Highlights:
· Revenues up 34.5 per cent. to £3.1m (FY12: £2.31m)
· Profit before tax up 77.8% to £775k (FY12: £436k)
· EPS up 70 per cent to 0.0178p (FY12: 0.0104p)
· Lease portfolio up 34.6 per cent. to £14.8m (FY12: £11.0m)
· Net assets increased by 15.2 per cent. to £4.56m (FY12: £3.96m) as at 31 May 2013
· £1.5m of new equity capital raised (before costs) through share placing with Henderson Global Investors after year-end

Operational Highlights:
· New business written during year up 57 per cent, to £7.8m (FY12: £4.96m)
· £4.14m of new funding raised (FY12: £4.1m)
· Customer numbers increased by 26.5 per cent to 2,380 (FY12: 1,881)
· UK-wide network of finance brokers increased significantly during the year
· Continued strict underwriting and credit management controls; bad debts and provisions at an all-time low of 1.4 per cent of Lease Portfolio

On current trading and prospects, Chief Executive, Maria Hampton added: "This is the sixth consecutive set of published results to show profit and revenue increases, and I am pleased to report that trading since the year end has remained buoyant. The Group is very well placed both strategically and financially to take further advantage of the significant growth opportunities which exist within the SME lease finance market. The Board anticipates further profitable growth in the current year".

Contacts:
1pm plc

Mike Johnson, Non-executive Chairman
Maria Hampton, Chief Executive Officer
0844 967 0944
0844 967 0944


WH Ireland (NOMAD)

Mike Coe
0117 945 3470


Winningtons Financial PR

Paul Vann/Tom Cooper
0117 985 8989

07768 807 631
About 1pm:
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 £1,000 to- £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.
Mission Statement - 'Helping the UK economy grow by supporting SMEs'

You can find more information on the Company website www.1pm.co.uk


CHIEF EXECUTIVE REVIEW

Financial Results
I am very pleased to report to shareholders that the financial year ended 31 May 2013 was the third consecutive year of increased profit and revenue; moreover, the Group out-performed revised market expectations and produced another set of record results, culminating in its highest ever monthly sales and profits in May 2013. The Group has delivered these results by continuing to focus on its core strengths. It combines a high quality customer service with a flexible approach to lending whilst maintaining strict underwriting and credit management controls to a market it knows well - the UK's SME market.

Total revenue for the year rose 34.5 per cent. to £3.1m (FY12: £2.31m), with profit before tax increasing by 77.8 per cent. to £0.775m (FY12: £0.436m). Earnings per share increased by 70 per cent. to 0.0178p (FY12: 0.0104p).

The Group's balance sheet has continued to strengthen during the year with net assets as at 31 May 2013 standing at £4.56m (FY12: £3.96m).

The lease portfolio has also grown significantly during the year, increasing by 34.5 per cent to £14.8m (FY12: £11.0m). However, no single customer accounts for more than 0.53 per cent. of the total portfolio value. Notwithstanding the current economic climate, defaults are at an all-time low of less than 1.4 per cent. of the portfolio balance and bad debts and provisions as a percentage of the portfolio have decreased by 18.7 per cent. We believe these figures reflect our continued focus on credit management.

Strategic review
The Board has identified a number of significant growth opportunities which will complement the Group's current activities and business model. These include the provision of small business loans to the SME market which continues to experience its own "credit crunch" as a result of the mainstream banking sector's reluctance to provide sufficient funds to small businesses despite Government intervention.

Our unwavering commitment and focus on this much neglected sector of the UK economy will continue.

Operations and Business Development
During the year the Group enjoyed two record sales months; firstly during October 2012 which saw the Group write £840k of new business and most recently, in the final month of the financial year, in May 2013 where record sales of £920k were achieved.

New business written during the year amounted to £7.8m (FY12: £4.96m), an increase of 57 per cent., another record for the Group.

The management team continue to build upon the strong foundations which have been laid and have achieved consistent, continually improving results over the past three years. The policies and procedures in place are regularly reviewed and a responsible and prudent approach to lending has helped to deliver a robust portfolio.

The systems in place are also reviewed regularly to ensure 1pm is working as efficiently as possible. We have made improvements to our bespoke Customer Relationship Management system during the year to further improve production and reduce administration.

The Group's relationship with its network of over 70 finance brokers continues to be a priority. Management places great emphasis on building communication and trust within this network, developing existing relationships whilst growing the network to further improve the Group's geographical coverage of the UK SME market.

Staff
The results are a reflection of the quality and hard work of the people employed by the Group.

Investment within the business has continued and during the year 1pm recruited four additional members of staff; including two apprentices from the local college.

On behalf of the Board and Shareholders, I would like to thank all staff for their continued contribution and commitment to the Group.

Financing
I am pleased to report that the Group raised £4.14m of new funding (FY12: 4.1m) during the financial year from a variety of sources including commercial banking institutions and high net worth individuals. This funding is used solely for the purpose of writing new business. The Board will continue to seek additional funding sources in order to continue to support and satisfy growing demand from the UK SME market.

Shareholders
In June 2013, following the financial year end, the Group raised £1.5m before costs from Henderson Global Investors Ltd, ("Henderson") by way of a placing of new ordinary shares. The Board is very pleased to have an institution such as Henderson supporting the Group.

The Group is very grateful to all of its shareholders for their on-going support and the Board will continue its focus on increasing returns and building shareholder value.

Outlook
Over the past three years the Group has established a strong, stable platform upon which to continue to build its core business. This remains our priority; however the Board is aware of other opportunities that will complement its existing strategy, such as acquisitions and new product offerings.

The withdrawal from the leasing market of one of the UK's largest lenders, ING Lease last November, combined with the constraints placed on the UK mainstream banking sector has resulted in a dramatic increase in business levels, which triggered the need to increase staff numbers. 1pm will continue to monitor new business volumes and will recruit new staff accordingly.

Over the past three years the Group has established a strong, stable platform upon which to continue to further build its business.

The Board remains very positive about the opportunities to increase its market share and enhance further its reputation within the marketplace as a leading independent provider of finance to the SME market. The Group is well positioned to take advantage of the significant growth potential and anticipates further profitable growth in in the current financial year.

Maria Hampton
Chief Executive Officer

8 July 2013

[knigel] 09/7/2013 07:35

Seems like the share price is on a forward PE of 9-10 so still some mileage here to reach 0.30p imo. However there will be profit taking at some point gla

[cheshire man] 09/7/2013 07:25

Nothing wrong with that :-)

[davidcod] 09/7/2013 07:24

Hugely encouraging update!


OPM - 1PM PLC Final Results: A Record Financial Performance




Financial Highlights:

-- Revenues up 34.5 per cent. to GBP3.1m (FY12: GBP2.31m)
-- Profit before tax up 77.8% to GBP775k (FY12: GBP436k)
-- EPS up 70 per cent to 0.0178p (FY12: 0.0104p)
-- Lease portfolio up 34.6 per cent. to GBP14.8m (FY12: GBP11.0m)
-- Net assets increased by 15.2 per cent. to GBP4.56m (FY12: GBP3.96m) as at 31 May 2013

Operational Highlights:

-- New business written during year up 57 per cent, to GBP7.8m (FY12: GBP4.96m)
-- GBP4.14m of new funding raised (FY12: GBP4.1m)
-- Customer numbers increased by 26.5 per cent to 2,380 (FY12: 1,881)
-- UK-wide network of finance brokers increased significantly during the year

[showmethehoney] 08/7/2013 20:17

self ramping this one!

PCF finals make interesting reading. Mentions large lease co. which withdrew from the market recently.

[grlz] 05/7/2013 10:22

Wifey has her beady little eye on a new car so c'mon rampers pump opm higher I need .30p

[abbey8] 04/7/2013 11:47

the demand for their products is on the rise. no worries and july will be our best
month.

[showmethehoney] 04/7/2013 11:07

RNS Number : 9400V

in November 2012, a major competitor within the industry, operating across the UK, also withdrew from the leasing market.

This withdrawal paves the way for the remaining lease providers to fill the estimated GBP1bn per year gap it has left.


RNS Number : 6500H

However, whilst the Board is seeking to accelerate sales over the next 12 months, it will not compromise the quality of the lease portfolio by taking on undue risk.

[davidosh] 04/7/2013 10:25

Why would it need to crash ? They have just raised pots of money and debt funding is piling in too. The growth is there to go for and they are very efficiently run. So long as bad debts do not increase earnings will grow exponentially here as the operational gearing is excellent. The new money does have to find a home in good business first though of course !

[pfreeman] 04/7/2013 10:13

this share is beginning to spike,is it getting ready to crash

[abbey8] 04/7/2013 08:19

It has been doing well , good solid results soon. gla

[cfro] 03/7/2013 16:12

Yes this has been ticking up rather well.

[cheshire man] 03/7/2013 15:30

Nice move up here I see :-)

[grlz] 02/7/2013 12:54

.25 on results day easy... maybe even .30 if the rampers over on lse can give it a shove.

[the oak tree] 01/7/2013 20:24

It is very quiet. Probably too small and price too small as well for many. Do like it though as feel its in the right sector and an easy one to ramp up profits with little additional infrastructure needed.

Very difficult to buy in any size. Ended up buying 5m today but had to pay 0.20p to get even this amount. It doesn't take that much before you feel getting out of this one in a hurry would be very difficult! Hopefully though that won't be needed till better times emerge.

[saucepan] 01/7/2013 16:27

It is reassuring this is still such a quite thread. OPM ready to break to new highs?

[showmethehoney] 25/6/2013 11:43

MM's filling a big order perhaps? Seems like they want sellers?

[showmethehoney] 24/6/2013 20:01

Non Executive director has a few shares though!

RONALD RUSSELL 22.60% 993,323,335

hxxp://www.1pm.co.uk/Shareholder-Information

Ron Russell

Non-executive Director

Ronald Russell has been a strong supporter of the Company since floatation. He has an extensive background in both investing and advising smaller businesses. Ronald Russell is currently a director of UK Private Healthcare Limited, Scot-Leasing Limited, Polish Private Healthcare Limited, and a partner of Delron LLP.

hxxp://www.1pm.co.uk/Board-of-Directors

[abbey8] 24/6/2013 16:34

It is looking good here now , It could go as far as .4/.5 with some more
good news.Gla

[the oak tree] 22/6/2013 13:23

The more I look at this company the more I like it. My main concern is the Chair, MD and Finance Director in the company don't have many shares it seams. If anyone has info that says otherwise do let us know.

Do think the latest broker forecast will be beaten. Its as if they don't expect the extra capital to be used. On the one hand it will probably take a while to have it farmed out in leases, but on the other I'd expect alot of this extra to hit the bottom line as their fixed costs should be covered.

Note we are in the FY14 year already ofcourse so a reasonable PE of that number would make sense for the time being.