Growing demand for funding from small firms is benefiting Bath-based specialist finance firm 1pm.
The firm, which stages its annual meeting in the city today, said it remains confident that it can continue to grow its lease portfolio further, despite the tough market conditions.
The firm focuses on providing finance small and medium-sized businesses. Its customers have clear credit histories and an ability to pay their commitments and the firm typically lends between £1,000 and £30,000 for between 12 and 60 months.
Managing director Maria Hampton will give a trading update at today’s meeting in which she will say the firm has had a “pleasing” start to the trading year.
In the quarter to August 31 the business generated revenue of £567,000, up on the £397,000 in the equivalent period last year while pre-tax profits climbed from £12,000 to £97,000.
Maria Hampton added: “We continue to write levels of new business that grow the lease portfolio which as at August 31 was £10.6m.” It was £10.1m on May 31.
“Looking ahead, management is confident that with the right support it can grow the lease portfolio further,” she said.
