SME finance provider 1pm has seen the value of its portfolio of business and finance loans grow 39%. In its trading report, 1pm reported £31m (€36.31m) worth of new business in the year leading to 31 May 2016.

"We are delighted that the Group’s results for the financial year continued the trend of profitable organic growth over recent years," said Ian Smith, chief executive officer at 1pm.

The growth of 1pm has been due in part to its acquisitions, with Academy Leasing joining the group in August 2015, and Bradgate Business Finance in March 2016.

Both subsidiaries experienced high demand for asset finance, with Academy contributing £21m and Bradgate £3.7m to the group’s portfolio.

They also generated addition income in the form of commission through brokering £7.8m of asset finance deals.

"[The results] delivered the anticipated benefits of strategic growth through selective acquisitions," Smith continued.

"Investment…together with the Academy and Broadgate acquisitions completed during the financial year mark the first successful steps towards achieving our stated strategic aims."