1pm Plc, the independent small ticket
lessor, reported a return to profit in its interim results
suggesting that its restructuring efforts are making progress.

For the six months ended 30 November 2007, 1pm posted a net
profit of £23,855 on revenue of £395,708. This compares with a net
profit of £72,715 and turnover of £488,255 in the previous
corresponding period.

The fiscal year ending 31 May 2008 is also the company’s first
year of reporting under EU adopted International Financial
Reporting Standards (IFRS).

In 2007, soaring defaults caused 1pm to write off bad debts
worth £482,518, resulting in a net loss of £330,907 (£140,469 under
IFRS). Since then 1pm took a strategic decision to exit the
sub-prime market to focus on small ticket leasing instead.

Commenting on the interim results, chairman Mike Johnson said
income was generated mostly from new customers which made it
difficult for meaningful comparison with results of the previous
year.

In October, 1pm issued new shares to raise an additional
£675,000 in capital and instituted some board changes. 1pm also
secured additional working capital of £350,000 in early February
from Handelsbanken.  In November, it received additional
funding commitment from three of its lenders, raising total funds
available for lending to £848,730.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As at November 1pm had total shareholders’ funds of £1.5m.