SME lessor 1pm said its group profits before tax were up 23% to £2.05m (H1 2016: £1.66m) and its revenue increased 52% to £7.99m (H1 2016: £5.25m) in the half year ending 30 November 2016.
Basic earnings per share increased 5.8% to 3.08 pence (H1 2016: 2.91 pence); net assets at 30 November 2016 increased 12.1% to £26.8m (31 May 2016: £23.9m), and bad debt write-offs in the period were £0.25m (H1 2016: £0.15m).
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Its results cover Onepm Finance, Academy Leasing Limited, and Bradgate Business Finance.
Total Group asset, loan and vehicles business origination in the six-month period to 30 November 2016 increased 82% to £36.4m (H1 2016: £20.0m). The lessor said that approximately 24% of new lease contracts were brokered for commission income at Academy and Bradgate.
John Newman, chairman, said: “These Interim Results demonstrate the continuing trend of profitable organic growth at Onepm finance, the original company within the Group and the anticipated strong growth from Academy and Bradgate, the acquired businesses. The Board is committed to increasing shareholder value by delivering sustainable growth and is actively pursuing further organic and strategic opportunities in the current financial year. Accordingly, the Board looks forward to the second half of the financial year with optimism and confidence.”
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