SME finance provider 1pm saw its profits more than double for the year ended 31 May compared to the same period in 2015.

The group reported group pre-tax profits of £3.7m (€4.4m) in the period, up from £1.6m in 2015 for a 231% increase, due in part to two acquisitions.

During the financial year, Academy and Bradgate were acquired by the group, and these two subsidiaries also added to the group’s combined assets and loans portfolio, contributing £21m and £4.6m to the £67.4m total respectively.

1pm recorded group revenue of £12.5m, underpinned by the strong performance of its subsidiary Onepm, which accounted for £8m of the total. Onepm also increased new lease and loan originations by 47% to £23.7m.

Basic earnings per share also rose for the 1pm group, reaching 5.87p for a 58% increase on the 3.72p last year. Declared dividend also increased, rising 43% to 0.5p.

1pm also experienced a 10% fall in the cost of funds, and management reported that the progress in their subsidiaries is in line with expectations and objectives.

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John Newman, non-executive chairman at 1pm, said: “We are delighted that the Group’s results for the financial year continued the trend of profitable organic growth over recent years at Onepm.

“In spite of economic uncertainties, the Board remains optimistic in its pursuit of further organic and strategic growth in the current financial year.”

Ian Smith, chief executive officer, added: “Investment in resources a Onepm early in 2015 to enable the organic growth delivered in 2016, together with the acquisitions of Academy and Broadgate completed during the financial year, marked the first successful steps towards achieving our stated strategic objectives.

“Given current economic uncertainties, it is also pleasing to report that trading in the first quarter of the current financial year to 31 August 2016 is in line with management’s expectations.”