1pm and Academy Leasing reported that their combined asset finance and business loans portfolio stood at £57m (78.5m), as of 30th of November 2015.
This comprised of £39.4m at 1 pm, a 62% rise year-on-year, and £17.6m at Academy.
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In the six months ended 30th of November 2015, the group originated £9.7m of new lease and hire purchase contracts (H1 2015: £5.8m) and £6.1m of business loans (H1 2015: £1.0m), a six-fold increase over the corresponding period last year.
Since the acquisition of Academy, the group also earned £0.2m of commission from broked-on lease and hire purchase contracts and £0.3m of commission from broked-on vehicle leases, both new revenue streams for 1pm.
To fund this organic growth in the half year to 30th November 2015, the group increased its use of the headroom in its existing block funding facilities, raised additional debt funding of £2.5m (H1 2015: £5.7m) and reinvested £4.5m of cash flow generated from operations (H1 2015: £0.8m).
To fund the cash element of the Academy acquisition consideration, 1pm raised £6.9m of equity finance (net of expenses) by means of an oversubscribed share placing and open offer at 60 pence per share.
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By GlobalDataIan Smith – currently chairman at 1pm – has been appointed as chief executive officer, effective from 1st February 2016. John Newman will succeed him as non-executive chairman.
Ian Smith, chairman of 1pm, said: "1pm’s results for the first six months of the current financial year continue the trend of profitable growth delivered over recent years and, although only three months since its acquisition, the equally strong results of Academy clearly justify the decision to expand the Group. Investment in resources at 1pm earlier in 2015 together with the Academy acquisition completed in August mark the first successful steps towards achieving our strategic aims. The Board is committed to delivering sustainable growth and building value for its shareholders and we look forward to the second half of the financial year with optimism and confidence".
