1pm grew its year-on-year profits 60% in the six months to November 2017, totalling £2.6m (€2.9m) after tax and exceptional items.
The growth was driven by a revenue increase of almost 75% in revenues, to £13.9m, which had already been announced by 1pm in a December trading statement.
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
£9.8m of revenues – a 23% year-on-year increase – were generated by Onepm, Academy and Bradgate. £4.1m, meanwhile, came from the newly-acquired businesses of personal loans provider iLoans and invoice finance providers Gener8 and Positive Cashflow.
The group also grew its available funding facilities to £137m, an 85% increase from the first half. Cost of borrowing, meanwhile, was reduced to 3.8%, from 5.3% in H1.
Default risks were expected to be “reasonably mitigated” for the future. 1pm said it aims to achieve a market capitalisation of £100m.
John Newman, non-executive chairman, said: “The interims demonstrate the successful implementation of our stated strategy of being a multi-product provider of finance to UK SMEs and continue the trend in recent years of profitable organic and strategic growth. The significant growth in the period has been achieved whilst holding our price, controlling credit and spreading risk.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataIan Smith, chief executive officer, added: ” Demand for finance from UK SMEs, whether for their business-critical assets, vehicles, loans, or funding against invoices, continues to be strong. This level of demand is encouraging given an increasingly competitive market for alternative, non-bank finance and against the background of economic uncertainty surrounding the Brexit process.
“The Board continues to see opportunities for further organic growth from cross-selling and new business origination. Additionally, there are opportunities for further strategic growth from new product introductions and the application of financial technology.”
