Annual profits at 1pm, the Bath-based specialist asset finance provider, are expected to be “significantly ahead” of market expectations, it said today as it unveiled a strong set of half-year results.
Pre-tax profits at the firm, which finances small and medium-sized businesses through asset-backed deals, climbed by 55% to £330,000 during the period on revenue up 24% to £1.42m.
Its total lease portfolio increased from £10.85m to £13.20m and its overdraft facility increased from £350,000 to £500,000 for additional working capital flexibility
During the half year it established relationships with 21 more leasing brokers across the UK, taking its total to 65.
Chief executive Maria Hampton said: “I am pleased to report that the group has made an excellent start to the year. The interim results demonstrate that the strong trading momentum delivered in the group’s year end to May 31, 2012 has continued into the current year.”
On current trading and prospects, Ms Hampton added: “Notwithstanding the continuing challenging economic backdrop in the UK, the group is on track to deliver its strategic aims and the board is confident that the positive trading momentum experienced in the first six months of this trading year will continue.
“As a result, the board now expects 1pm’s profit before tax for the year ending May 31 to be significantly ahead of current market expectations.”
