Bath-based specialist funder of small firms 1pm today described the level of new business written during the first three months of its current financial year as encouraging.
It said the strong trading performance experienced towards the end of last year had continued and the first quarter’s operating 
profit was £171,000 against £109,000 last time. During the quarter, the lease portfolio rose by 9% to £12m.
In a trading update to the London Stock Exchange the firm, which specialises in providing asset finance facilities to the SME sector, said the first quarter results gave the board confidence for the trading outlook.
It also said it had agreed an increase in its overdraft facility from £350,000 to £500,000 which will provide it with additional working capital flexibility.
1pm managing director Maria Hampton said: “We have made a good start to the current financial year and the board is very encouraged both by the levels of new business enquiries and by the new business we are securing.
“We also believe the bank’s decision to increase our overdraft facility also reflects positively on the progress the company is making.”
