Profit at the UK independent lessor 1pm has
more than doubled from last year.
The AIM-listed firm posted pre-tax profit of
£436,027 for the year to 31 May 2012, up 116% from £202,330
year-on-year.
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Revenues at the SME lender grew 21% to £2.31m,
from £1.91m in 2011, and the company announced it has grown its
lease book by 8.9% to £11m.
New business for the year was down at £4.96m
compared to £6.1m in 2011, which Maria Hampton, the company’s chief
executive, attributed to a noticeable slowdown in the market
between January and March of this year caused by increased
uncertainty over the future of the eurozone and concerns over the
content of the March Budget.
Hampton added sales recovered strongly in the
last two months of the year including a record new business volume in May of
£700,000.
Partnerships and funding
increase
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By GlobalDataThe lessor increased the number of brokers
with which it works; adding a further 15 during
the year, to total more than 50 broker partnerships and Hampton
said the company sees the development of these relationships as a
key driver for growth.
In the 12 months to 31 May, 1pm also raised
£4.1m in funding compared to £2.2m in the previous year.
Hampton said the group’s financial stability
and strengthened balance sheet should help to facilitate the
agreement of additional funding lines and controlled but
significant expansion of the business.
“The board also believes that 1pm is in an
excellent position to take full advantage of the commercial lending
constraints currently placed on the UK banking industry,” she
said.
Mike Johnson, non-executive chairman said the
results were a demonstration of the growing success of 1pm’s
business model and the appetite amongst SMEs for equipment leasing
from specialist providers.
grant.collinson@vrlfinancialnews.com
