Shares in 1pm, the Bath-based specialist lender, climbed by more than 20% after it said its profits this year would be “significantly” above market expectations.
The firm, which offers asset-backed funding to small and medium-sized enterprises (SMEs), told shareholders in a trading update that it had experienced a fifth consecutive year of strong organic growth.
“The results for the year will show further increases in both revenue and profits compared to last year with profit before tax significantly above current market expectations and revenues slightly above expectations, thanks to continuing strong demand for finance from SMEs and lower costs than expected, in particular in relation to bad debts,” it said in its statement to the London Stock Exchange.
The firm, which moved to refurbished offices on Lower Bristol Road earlier this year to spur further growth, is quoted on the Stock Exchange’s AIM market.
It provides small business loans and asset finance up to £50,000.
