full year
Year end results May 31 2008 for leasing finance company 1pm
revealed growth of 53.7 per cent compared with 2007. Showing an
operating profit of £86,061 compared with an operating loss of
£217,306 last year, chairman Mike Johnson attributed the turnaround
to “new management and a revised focus on small ticket
leasing”.
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During October 2007 the company raised £675,000 via a placings
with the board investing close to 50 per cent of total monies
raised. Deals written between June 1 2007 and May 31 2008 were
valued at £2,995,021, and consisted of 229 agreements.
Facilities are now in place via four funding partners of over
£3.5m as opposed to £750,000 for the previous comparable period.
“We recently announced, post period end, the securing of £900,000
of funding bringing a total of £1.65m of new debt finance being
raised,” said Johnson.
According to Johnson, the company’s current position can be
explained by its withdrawal from the sub-prime market and the
termination of all aligned broker relationships, and the subsequent
appointment of 30 new brokers personally known to the management
team.
Further to the financial restructuring, a new collections policy
has resulted in the recovery of £583,000 during the period under
review, compared with £413,000 for the respective 2007 period.
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By GlobalDataIn addition, 1pm’s arrears position is running at 1 per cent,
below the market average of 3 per cent. “This,” said Johnson,
“coupled with a new underwriting policy designed specifically to
exclude any form of adverse credit, is contributing significantly
to the strong performance of the company.”
Year end profit (op): £86,061
Deals written June 07 – May 08: £2,995,021
Year end growth: 53.7%
Paul Collett
