Bath-based specialist lending group 1pm has said the “positive trading momentum” of its last financial year has continued while the EU referendum result has had no impact on its growth.
The group, which specialises in asset-backed loans to small and medium-sized businesses, doubled its pre-tax profits to £3.7m in the year to May 31.
Chairman John Newman, pictured, told shareholders at its annual general meeting in Bath that last year’s “good organic and strategic growth” had continued into the current financial year, with trading and financial results for the first quarter to August 31 were in line with management’s expectations.
“This period included the Brexit referendum decision, which has in fact had no overall impact on business activity to date,” he said.
This was a reflection of the broad spectrum of SME sectors it served through its three subsidiaries, Onepm Finance, Academy Leasing and Bradgate Business Finance Limited.
1pm took over Lancashire-based Academy Leasing, which provides equipment finance and equipment and vehicles brokering to the SME market, in August last year and Bradgate Business Finance in March. Leicestershire-based Bradgate provides ‘hard’ asset finance to clients buying business critical equipment. Its core 1pm business has been rebranded as Onepm Finance.
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).
