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September 12, 2018updated 20 Sep 2018 12:28pm

1pm year results: revenues increase 78% to £30m

1pm group results for the year to May 2018 have shown significant gains across finance categories, leading to a year-on-year revenue increase of 78% to £30m.

By Christopher Marchant

1pm group results for the year ending May 2018 have shown significant gains across finance categories, leading to a year-on-year revenue increase of 78% to £30m.

The group saw 31% organic growth in revenue across its units. Funding facilities available to lend were £162.6m, a more than twofold year-on-year increase from £74.5m. This includes a £35m facility backed by the British Business Bank, agreed in March.

Profit before tax for the year was £7.9m, an increase of 93%. The group highlighted an acceleration in cross-selling across its businesses, which include the One pm asset finance brand and vehicle finance broker Car Finance 2U.

John Newman, non-executive chairman at 1pm, said: “We are delighted that the Group’s focus on organic growth and further strategic expansion has delivered another set of excellent annual financial results. The results demonstrate that the foundations have been laid for further growth in the current financial year and the Board is optimistic of continuing to increase value and returns for its shareholders.”

Origination of new lease, loan, vehicle and invoice finance agreements in the year amounted to £142.9m, comprising almost 20,000 total customers across the group, an increase of 72%. Approximately 56% of all origination brokered to other lenders for cash commissions and 44% added to own- book lending, a similar proportion to the prior year.

Ian Smith, chief executive officer, said: “Our strategy of being a multi-product provider to SMEs and consumers, plus the flexibility to either fund, or broke-on, has enabled the Group to generate robust levels of demand and hence these strong results. Improving risk management, operational efficiency and further strategic expansion, together with increased funding facilities, mean the Group is well positioned to deliver great outcomes for customers and further growth for shareholders”.

In April 1pm negotiated increased block discounting facilities totalling £62m with six of its existing funders. £14.5m of these facilities are increases to existing arrangements, and £49.5m was additional funding.

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