TIME FINANCE PLC

Management Reports • Aug 16, 2013

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RNS Number : 8303L

1PM PLC

16 August 2013

16 August 2013

1pm plc

("1pm" or "the Company")

AGM Statement

"A Positive start to the New Financial Year"

1pm plc (AIM: OPM), the AIM listed specialist independent provider of asset finance facilities to the SME sector, will hold its AGM in Bath at 10.00am today. At the AGM, Chief Executive, Maria Hampton will make the following statement to shareholders:

"The results for the year ended 31 May 2013 demonstrated another excellent year of organic growth with new business written, profits before tax and earnings per share all achieving record levels.

"Taking into account the strong finish to the last financial year, I am particularly pleased to report that in the first two months of the current year your Company has again made a very positive start. New business written since the year-end has contributed to an increase in the Company's lease portfolio of more than 5 per cent, which stood at £15.6m as at 31st July 2012 (31 May 2013: £14.8m). The Company's continued profitability on a monthly basis is also enabling it to re-invest surplus cash generated from day to day trading back into the business, further expanding the lease portfolio. Since the year-end, further substantial capital has been raised for the business by way of a new Block Discounting facility of £1.5m and a £1.5m Placing of new Ordinary shares, subscribed by Henderson Global Investors, a leading institutional investor.    

Notwithstanding the challenging economic environment prevailing in the UK, 1pm is continuing to grow. We believe that with the continuing strong demand from the SME sector and our growing reputation both within the asset finance industry and amongst our UK wide customer base, we can view the current financial year  with considerable confidence."

For further information, please contact:

1pm plc
Mike Johnson, Chairman Maria Hampton, Managing Director	0844 967 0944 0844 967 0944
WH Ireland (NOMAD)
Mike Coe	0117 945 3470
Winningtons Financial PR	0117 985 8989
Paul Vann	07768 807 631
	[email protected]

About 1pm:

1pm plc is an established independent asset finance company focused on providing SMEs with accessible funding to add value to their businesses.  All customers must have good credit histories and proven ability to repay their finance commitments. 1pm currently lends from £1,000 to- £50,000 for a period of between 12 and 60 months. The Company was admitted to AIM in August 2006.

You can find more information on the Company website www.1pm.co.uk 

This information is provided by RNS

The company news service from the London Stock Exchange

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