UK-based independent
lessor 1pm has posted results for the six months ending 30 November
2011, headlined by a pre-tax profit figure of £214,293.
The figure not only
represents a 238% increase on the equivalent period in 2010, but
tops the company’s profit figure for the previous full year of
trading.
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The company’s interim
report also revealed revenue up 31% year-on-year to reach
£1,151,331, and a lease portfolio expanded from £9.2m to
£10.9m.
During the period 1pm
also relocated to new premises, giving it the potential to expand
its staff of 9 to a team of up to 16, should growth
continue.
The outlook for further
growth seems positive, with a recent £1m boost in facilities from
one of the company’s wholesale funders, and further increases under
discussion.
1pm has also begun
drawing funding from a SIP fund, which managing director Maria
Hampton said had been “very pleased” with the 8-9% return from
leasing investment.
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By GlobalDataThe hope for Hampton is
that this returns profile will appeal to private investors too,
with 1pm’s website now offering the means for high net worth
individuals to invest directly in the company.
Nevertheless, in
addition to its wholesale channels, 1pm has begun funding more and
more deals from its own surplus cash – a move that has driven
profitability in the last six months.
The sub-40k small ticket
specialist’s sights are now set on tackling the undersupplied
Northern Irish leasing market through expansion of its broker sales
network.
