We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.25 | 0.60% | 41.75 | 41.00 | 42.50 | 41.75 | 41.75 | 41.75 | 114,403 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Electrical Machy, Equip, Nec | 27.57M | 3.45M | 0.0373 | 11.19 | 38.62M |
TIDMOPM
RNS Number : 8088Z
1PM PLC
15 January 2020
15 January 2020
1pm plc
(the "Group" or the "Company")
INTERIM RESULTS FOR THE SIX MONTHSED 30 NOVEMBER 2019
Record new business origination during half-year; Balance Sheet further strengthened; Investment in senior personnel and operations in line with stated plans;
Increased interim dividend declared
1pm plc, the AIM listed independent specialist finance provider of funding facilities to UK SMEs and consumers, is pleased to announce interim results for the six-month period ended 30 November 2019 ("Results" or "Interims").
The Interims reflect continued demand for finance from UK SMEs and consumers across a comprehensive range of products offered by the group. The results are underpinned by the Group's prudent underwriting and provisioning policies which are continuously under review, given the extended period of uncertainty experienced in the wider macro-economic environment. The Group remains resilient and profitable thanks to its ability to offer a complete range of finance products (asset, vehicles, loan and invoice finance) to UK SMEs; its flexible business model which enables it to act as either a funder or a broker in order to maintain margins and manage credit risk, and its current focus on increasing Group synergies and operational efficiencies.
Highlights:
-- Deal origination increased 7% to GBP87.8m (H1 2018/19: GBP82.3m), 65% of which was brokered to other lenders for commissions (H1 2018/19 60%)
-- Group revenue of GBP15.6m (H1 2018/19: GBP16.0m), reflecting slight change in product mix -- Group operating profit before exceptional items of GBP3.2m (H1 2018/19: GBP4.1m) -- Fully Diluted EPS of 2.70 pence per share (H1 2018/19: 3.14 pence per share) -- Net Assets increased 4% to GBP56.1m at 30 November 2019 (31 May 2019: GBP53.8m)
-- 'Own-book' lending portfolio increased 1% to GBP143.5m at 30 November 2019 (31 May 2019: GBP141.7m)
-- Funding facilities increased to GBP170.7m at 30 November 2019 (31 May 2019: GBP167.1m) -- The blended cost of borrowings in the period was 3.9% (year to 31 May 2019: 4.0%)
-- Bad debt provisions prudently increased to 2.2% (GBP2.7m) of the total net portfolio (31 May 2019:1.9% or GBP2.4m)
-- Interim dividend declared up 29% to 0.36 pence per share (Interim 2019: 0.28 pence per share)
-- Significant investment in senior personnel and business functions in line with strategy; integration progressing as planned
Commenting on the Interim Results, John Newman, Non-Executive Chairman, said:
"Given the macro-economic and political uncertainty experienced in the UK throughout 2019, including the run-up to December's General Election, which clearly dampened business activity levels, we are satisfied with the trading momentum maintained across the Group during the first half. The Board believes that the Group's strategy of being a multi-product provider of finance to UK SMEs and consumers, allied to the flexibility of our "hybrid" operating model of either funding or broking-on new business origination remains sound and will facilitate future growth as well as mitigating the risks associated with any future economic downturn. This has enabled the Group to generate robust levels of demand whilst being able to maintain margin, control credit and spread risk. As a result, the Group remains strategically and operationally well positioned to deliver future growth.
I am also pleased to confirm that, in line with our progressive dividend policy, the Board is declaring an interim dividend of 0.36 pence per share for the half year period ended 30 November 2019. The dividend will be paid on 12 May 2020 to shareholders on the register at 17 April 2020."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.
For further information, please contact:
1pm plc
Ian Smith, Chief Executive Officer 01225 474 230
James Roberts, Chief Financial Officer 01225 474 230
Cenkos (NOMAD)
Max Hartley / Ben Jeynes (NOMAD) 0207 397 8900
Julian Morse (Sales)
Walbrook PR 0207 933 8780
Paul Vann
07768 807631
About 1pm:
1pm's strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a "hybrid" lending and broking model enabling it to optimize business levels through market and economic cycles. More information is available on the Company website www.1pm.co.uk
CHIEF EXECUTIVE OFFICER'S STATEMENT
FOR THE SIX-MONTH PERIODED 30 NOVEMBER 2019
Introduction
The 1pm group is a multi-product speciality finance business providing funding for UK SMEs as a lender and arranging funding for both UK SMEs and consumers as a broker. The Group comprises four operating divisions, namely Asset Finance, Vehicle Finance, Loan Finance and Invoice Finance. Following the completion of a recent buy-and-build phase of expansion, the current strategic focus is on integration as a group and investment in order to lay the foundations for the next phase of organic and inorganic growth through to 2024.
Financial Results
Against a backdrop of uncertain macro-political and economic conditions, which have undoubtedly impacted UK business activity levels during the entire financial period under review, it is pleasing to report ongoing progress in the first half of the current financial year, with revenues delivered in line with budget. New business origination increased 7% to GBP87.8m in the half-year ended 30 November 2019, compared with GBP82.3 million for the same period in the prior year. Furthermore, new business origination in the 12-month period ended 30 November 2019 totalled GBP166.6m, compared with GBP153.1m in the preceding 12 months, an annualised increase of 9%.
Group revenue in the half-year ended 30 November 2019 amounted to GBP15.6m compared with GBP16.0m for the same period in the prior year, a marginal decrease of 2.5%. This reflects a slight change in the mix of revenue in the half-year, with less interest and related income from lending activities, and more income generated from broking activities, which has a lower margin, compared to the same period in the prior year. This, in turn, reflects the higher proportion of origination brokered-on, which was 65% of total new business in the half-year compared with 60% in the prior year. The Group's ability to choose between lending and broking-on, i.e. utilisation of the "hybrid" operating model, continues to be both a differentiator and a key business advantage, enabling the Group to robustly manage credit risk whilst maintaining net interest margin, which was a blended 12% in the first half, in line with 12% for the same period in the prior year.
Profit before tax and exceptional items in the half-year amounted to GBP3.2m compared with GBP4.1m in the prior period. This reflects the planned investment in both personnel and operations in the current financial year, highlighted in the Annual Report for the year ended 31 May 2019, together with the policy decision to further increase impairment provisions. At 30 November 2019, these provisions stood at GBP2.7m, or 2.2% of the receivables' portfolio, compared with GBP2.4m, or 1.9%, of the portfolio at 31 May 2019. The lending portfolio continued to grow and, at 30 November 2019, amounted to GBP143.5m compared with GBP141.7m at the prior year end. The Balance Sheet has also been strengthened with Net Assets at the period-end amounting to GBP56.1m compared with GBP53.8m at the prior year end and GBP50.8m at 30 November 2018.
Earnings per share and interim dividend
Earnings per share for the first half of the financial year were 2.76 pence compared with 3.62 pence per share in the comparable period for the previous year. Notwithstanding this reduction, the Board has determined to maintain its progressive dividend policy and is pleased to declare an interim dividend of 0.36 pence per share for the half-year ended 30 November 2019, an increase of 29% from 0.28 pence per share declared in the prior period. This will be paid on 12 May 2020 to shareholders on the register at 17 April 2020. The shares will be marked ex-dividend on the 16 April 2020. The Group paid a total dividend in respect of the financial year ended 31 May 2019 of 0.84 pence per share.
Funding
The Group's capital management objective is to maintain a strong capital base to support its current operations and planned growth whilst continuing to reduce the cost of capital in order to provide returns for shareholders and benefits for other stakeholders. The Group increased its funding facilities during the period to GBP170.7m at 30 November 2019 compared with GBP167.1m at the prior year end, 31 May 2019. The increase in facilities includes the renewal and extension of the Group's key block discounting facilities for leasing and the addition of a further loan note facility for funding secured business loans.
The Group's blended cost of borrowing in the first half marginally improved to 3.9% from 4.0% for the year ended 31 May 2019.
Strategy and Outlook
The Group remains committed to providing a comprehensive range of finance solutions to support the UK SME sector and UK consumers whilst aiming to deliver profitable growth in order to increase shareholder value. The Board is satisfied with the progress made during the first half, laying the operational foundations for delivering the next phase of its strategic development through to 2024.
Demand for business-critical asset, loan and invoice finance from UK SMEs and cost-effective vehicle and property finance for consumers continues to increase. The levels of demand the Group is able to generate is encouraging given an increasingly competitive market for bank and alternative finance and against the background of political and economic uncertainty which has prevailed for the past 12 months. The Board continues to see opportunities for further organic and strategic growth as certainty returns to UK markets.
Ian Smith
Chief Executive Officer, 1pm plc
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE SIX MONTHS TO 30 NOVEMBER 2019 Unaudited Unaudited Audited 6 months to 6 months 12 months 30 November to 30 November to 2019 2018 31 May 2019 Note GBP'000 GBP'000 GBP'000 REVENUE 15,570 15,967 31,814 Cost of sales (5,537) (5,245) (10,271) ------------- ---------------- ----------- GROSS PROFIT 10,033 10,722 21,543 Administrative expenses (6,794) (6,634) (13,292) ------------- ---------------- ----------- OPERATING PROFIT BEFORE EXCEPTIONAL ITEMS 3,239 4,088 8,251 Exceptional items (122) (89) (221) Share-based payments (51) (110) (3) ------------- ---------------- ----------- OPERATING PROFIT AFTER EXCEPTIONAL ITEMS 3,066 3,889 8,027 Finance income 2 46 67 Finance expense (58) (79) (218) ------------- ---------------- ----------- PROFIT BEFORE TAXATION 3,010 3,856 7,876 Adjusted earnings before interest, tax, exceptional items and share-based payments 3,183 4,055 8,100 Exceptional items (122) (89) (221) Share-based payments (51) (110) (3) ------------- ---------------- ----------- PROFIT BEFORE TAXATION 3,010 3,856 7,876 ----------------------------------------------- ------- ------------- --- ---------------- --- ----------- Taxation (572) (728) (1,524) ------------- ---------------- ----------- PROFIT AND TOTAL COMPREHENSIVE INCOME 2,438 3,128 6,352 ============= ================ =========== Attributable to equity holders of the company 2,438 3,128 6,352 ============= ================ =========== Profit per share attributable to the equity holders of the company during the Period Pence per Pence per Pence per share share share - basic 6 2.76 3.62 7.30 ============= ================ =========== - diluted 6 2.70 3.14 6.61 ============= ================ =========== All of the above amounts are in respect of continuing operations. CONSOLIDATED STATEMENT OF FINANCIAL POSITION FOR THE SIX MONTHS TO 30 NOVEMBER 2019 Unaudited Audited 6 months to 12 months 30 November to 31 May 2019 2019 GBP'000 GBP'000 NON-CURRENT ASSETS Goodwill 27,847 27,847 Intangible assets 430 493 Property, plant and equipment 1,380 1,418 Trade and other receivables 43,599 50,710 Deferred tax 958 945 ------------- ----------- 74,214 81,413 ------------- ----------- CURRENT ASSETS Cash and cash equivalents 2,294 1,851 Trade and other receivables 87,291 74,432 ------------- ----------- 89,585 76,283 ------------- ----------- TOTAL ASSETS 163,799 157,696 ============= =========== EQUITY Called up share capital 8,899 8,760 Share premium account 25,360 25,134 Employee Shares 298 298 Treasury Shares (300) (300) Retained earnings 21,828 19,888 ------------- ----------- TOTAL EQUITY 56,085 53,780 LIABILITIES NON-CURRENT LIABILITIES Trade and other payables 30,744 29,805 Financial liabilities - borrowings - 469 Provisions - 801 ------------- ----------- 30,744 31,075 ------------- ----------- CURRENT LIABILITIES Trade and other payables 71,335 67,563 Financial liabilities - borrowings 3,425 3,278 Provisions 745 691 Dividends payable 498 - Tax payable 967 1,309 ------------- ----------- 76,970 72,841 ------------- ----------- TOTAL LIABILITIES 107,714 103,916 ------------- ----------- TOTAL EQUITY AND LIABILITIES 163,799 157,696 ============= =========== CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE SIX MONTHS TO 30 NOVEMBER 2019 Unaudited 6 months Unaudited to 6 months 30 November to 30 November 2019 2018 GBP'000 GBP'000 Cash generated from operations Profit before tax 3,010 3,856 Depreciation and amortisation charges 364 637 Finance costs 58 79 Finance income (2) (46) Decrease/(Increase) in inventory - (119) Decrease/(Increase) in trade and other receivables (5,748) (60)
(Decrease)/Increase in trade and other payables 4,711 (2,688) Movement in non-cash items 15 (42) -------------- ------------------ 2,408 1,617 Cash flows from operating activities Interest paid (58) (79) Tax paid (913) (759) -------------- ------------------ Net cash generated from operating activities 1,437 779 -------------- ------------------ Cash flows from investing activities Interest received 2 46 Contingent consideration paid (367) (536) Purchase of software, property, plant & equipment (261) (451) -------------- ------------------ Net cash generated from investing activities (626) (941) -------------- ------------------ Cash flows from financing activities Loan repayments in period (621) (651) Loans issued in period (inc overdrafts) 300 326 Dividends paid - (560) -------------- ------------------ Net cash generated from financing activities (321) (885) -------------- ------------------ Increase in cash and cash equivalents 490 (1,047) Cash and cash equivalents at the beginning of the period 331 2,070 -------------- ------------------ Cash and cash equivalents at the end of the period 821 1,023 ============== ================== CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE SIX MONTHS TO 30 NOVEMBER 2019 Share Share Retained Treasury Employee Total Capital Premium Earnings Shares Shares Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 31 May 2019 8,760 25,134 19,888 (300) 298 53,780 Total comprehensive income - - 2,438 - - 2,438 Transactions with owners Dividends - - (498) - - (498) Issue of share capital 139 226 - - - 365 Balance at 30 November 2019 8,899 25,360 21,828 (300) 298 56,085 ======== ======== ========= ========= ========= ======== Share Share Retained Treasury Employee Total Capital Premium Earnings Shares Shares Equity GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 GBP'000 Balance at 31 May 2018 8,621 24,721 14,342 (300) 295 47,679 Total comprehensive income - - 3,128 - - 3,128 Transactions with owners Dividends - - (560) - - (560) Issue of share capital 139 413 - - - 552 Balance at 30 November 2018 8,760 25,134 16,910 (300) 295 50,799 ======== ======== ========= ========= ========= ======== 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 2019 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 2019. 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 2018 and the six-month period to 30 November 2019 are unaudited and do not constitute the Group's 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. Recent Accounting developments IFRS 16, 'Leases' addresses the recognition of leases on the balance sheet. The standard is effective for accounting periods beginning on or after 1 January 2019. The standard eliminates the classification of leases as either operating or finance leases and results in operating leases being treated as finance leases. This has resulted in previously recognised operating leases being treated as property, plant and equipment and a finance lease creditor. The issue of the standard has increased the value of property, plant and equipment and the finance lease liability on the balance sheet, but the adoption of this standard has not had a material impact on the profit of the Group. 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 2019 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 4 September 2019 the Company issued 1,388,888 Ordinary GBP0.10 shares at GBP0.2625 per share, being deferred consideration to the vendors of Positive Cashflow (Holdings) Limited, as part of the Share Purchase Agreement entered into on 29 June 2017. 6 EARNINGS PER ORDINARY SHARE The earnings per ordinary share has been calculated using the profit for the period and the weighted 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 31 May 30 Nov 2019 2018 2019 GBP'000 GBP'000 GBP'000 Earnings attributable to ordinary shareholders 2,438 3,128 6,352 Basic EPS Weighted average number of shares 88,264,309 86,503,533 87,048,483 Per-share amount pence 2.76 3.62 7.30 Diluted EPS Weighted average number of shares 90,375,095 99,617,558 96,058,428
Per-share amount pence 2.70 3.14 6.46 7 DIVIDENDS
Dividends provided for or paid during the half year:
6 months 6 months 12 months to to to 30 Nov 31 May 30 Nov 2019 2018 2019 GBP'000 GBP'000 GBP'000 Ordinary shares of GBP0.10 each Final 498 561 561 Interim - - 245 ------------------------------------ ------------ --- ---------- --- ---------- Total 498 561 806 On 12 December 2019 the company paid a final dividend of GBP498,317 for the financial year ending 31 May 2019, being 0.56 pence per Ordinary GBP0.10 share. This was in addition to a maiden dividend for the year of GBP245,269 (0.28 pence per share) which was paid on 1 May 2019. Taken together the total dividend for the year ending 31 May 2019 was thus GBP743,586 (total 0.84 pence per share). GBP560,349 was paid by the company on 1 November 2018 being 0.65 pence per share for the financial year ending 31 May 2018. Since the end of the half-year the Board have recommended the payment of an interim dividend of 0.36 pence per share for the period ended 30 November 2019. This is expected to be paid on 12 May 2020. 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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
IR SFLEELESSEIF
(END) Dow Jones Newswires
January 15, 2020 02:00 ET (07:00 GMT)
1 Year Time Finance Chart |
1 Month Time Finance Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions