UK independent lessor 1pm has reported a 77.8% increase in pre-tax profit in in the year to 31 May.
The company reported profit of £775,000 compared to £436,000 the previous year. The growth came on the back of a 57% increase in new business, up to £7.8m for the year, which led to a 34.5% rise in revenue to £3.1m.
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The company’s lease portfolio now stands at £14.8m compared t0 £11m in 2012, an increase of 34.6%.
1pm recently announced £1.5m in new equity capital raised through a share placing with Henderson Global Investors and raised £4.14m in new funding throughout the year from various sources to be used "solely for the purpose of writing new business", according to the firm.
The company added its network of brokers had also increased "significantly" during the year while bad debt was at an all-time low of 1.4%.
Maria Hampton, 1pm chief executive, said: "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.
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By GlobalData"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 and the Board anticipates further profitable growth in the current year."
