Annual profits at 1pm, the Bath-based specialist lending group, more than doubled in the year to the end of May as its strong organic growth continued and two acquisitions bedded in.
The group, which specialises in asset-backed loans to small and medium-sized businesses, chalked up pre-tax profits of £3.7m in the 12 months to May 31 against £1.6m last time on group revenue of £12.5m.
Some £4.5m of its sales came from its two acquisitions made during the year as it looked build a significant asset finance and business loans group.
1pm took over Lancashire-based MHH Holdings, which provides equipment finance and equipment and vehicles brokering to the SME market under the Academy Leasing name, in August last year, and Bradgate Business Finance in March. Leicestershire-based Bradgate provides ‘hard’ asset finance to clients buying business critical equipment.
Academy and Bradgate now operate as trading subsidiaries of 1pm, along with its core business, which has been branded as Onepm Finance.
Chairman John Newman said: “We are delighted that the group’s results for the financial year continued the trend of profitable organic growth over recent years at Onepm and delivered the anticipated benefits of strategic growth through selective acquisitions.
“The board is committed to delivering sustainable growth and building value for its shareholders.
“In spite of recent economic uncertainties, the board remains optimistic in its pursuit of further organic and strategic growth in the current financial year.”
CEO Ian Smith, pictured, added: “Investment in resources at Onepm early in 2015 to enable the organic growth delivered in 2016, together with the acquisitions of Academy and Bradgate completed during the financial year, marked the first successful steps towards achieving our stated strategic objectives.”
He said trading in the first quarter of the current financial year to August 31 had been in line with management expectations.
1pm, which was admitted to the London Stock Exchange’s AIM market in 2006, provides assets finance from £1,000 to £50,000 for a period of between 12 and 60 months and £1,000 to £50,000 for business loans (repaid over 3-36 months).
1pm’s shares rose by more than 9% to to 71.5p today as investors welcomed the results and confident outlook.
