UK finance provider 1pm saw its profit more than double year-on-year to £1.66m (€2.19m) in the six months ended 30th November 2015.

Over the same period, lessor’s revenue soared from £2.56m to £5.25m, while its asset finance and business loan portfolio grew from £24.3m to £57m.

1pm’s bad debt write-off as a percentage of its total portfolio stood at 0.28% (£0.16m).

The results include a first contribution from the newly acquired Academy Leasing from 25th August 2015 to 30th November 2015.

Commenting on the results, chairman, Ian Smith, said: "1pm’s results for the first six months of the current financial year continue the trend of profitable growth delivered over recent years and, although only three months since its acquisition, the equally strong results of Academy Leasing clearly justify the decision to expand the Group. Investment in resources at 1pm earlier in 2015 and the Academy Leasing acquisition completed in August 2015 mark the first successful steps towards achieving our strategic aims. We look forward to the second half of the financial year with optimism and confidence".

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By GlobalData