1pm, the Bath-based lender to small and medium-sized firms, is on target for another record financial performance as demand for its loans continues to grow.
In a trading update released to the London Stock Exchange, the firm said it had written new business worth more than £6.8m in the six months to November 30 – a 36% increase on the same period last year. This included £1.5m written in October, a new monthly record for the firm. 
1pm’s combined asset finance and loan portfolio stood at £24.3m on November 30, a 37% increase on the figure on the same day last year and a 19% increase since its year-end in May.
Since June, the firm has raised additional debt funding of £5.7m and a further £3.8m of equity finance was raised through a share placing in October, taking the total raised during the half year to £9.5m.
Part of the new funding paid for the firm’s move to a larger office in Bath, which will help it continue to expand and to recruit the staff it needs to meet its growth strategy over the next few years.
However, it expects profits and earnings to fall in the second half as a result of spending to prepare for further growth.
Chairman Ian Smith said: “The results for the first six months of the financial year continue the trend of profitable growth experienced over recent years. This strong performance underpins the board’s decision to invest in resources in the second half of the year to lay the foundations for further growth.
“Trading since the period end has continued in line with expectations, although as previously highlighted, we anticipate some reduction in profits and earnings for the second six months of the financial year compared with the first six months, reflecting the planned investment in people, premises and systems.”
Chief executive Maria Lewis added: “We are extremely pleased with the group’s performance during the first six months and demand for our products and services continues at a very high level.
“Whilst the current financial year is likely to be a transitional one, with approximately £800,000 of additional costs expected to be incurred over the next few months, the additional resources acquired will facilitate the delivery of our strategic aims over the next three to four years.”
