Listed SME lessor 1pm has returned to profit in the first
quarter of its financial year driven by a £1.1m (€1.3m) equity
issue in March, and is now looking for more funding.
Thanks to funds raised by the issue, new business volumes in the
quarter leading to end-August were 402% up on last year,
significantly ahead of management expectations.
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AIM-quoted 1pm has not released the profit
figure for its first quarter.
In total, the company wrote £1.7m of new leases in the quarter,
compared with £2.5m for the whole of the last financial year. Its
lease portfolio grew to £7.7m at the end of August from £6.6m at
the end of May.
If the company stays profitable in its second quarter,
ending in November, it is expected to gain more access to
block funding lines. 1pm also claimed that its return to
profitability would assist discussions with other providers of
finance, besides block discounters.
Commenting on the company’s increased business
volumes, 1pm chairman Michael Johnson said: “We are very encouraged
by the levels of business we are securing and given sufficient
resources we are confident this can continue.”
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By GlobalDataMarch’s equity issue was arranged via a new
stockbroker, WH Ireland, which was taken on in August
2009.
According to managing director Maria Hampton,
any decisions about further equity issues would depend upon the
outcome of discussions on other forms of funding following the
company’s first half results.
