A spate of strategic acquisitions and organic growth have helped Bath-based specialist lender 1pm achieve significant increases in revenues.
In a trading update to the London Stock Exchange, the group said it had continued to experience strong levels of demand for finance from SMEs across its growing product range. 
This includes asset finance – finance lease and hire purchase – for ‘hard’ and ‘soft’ assets, business loans and vehicles broking. It recently added invoice finance following the acquisitions of Gener8 Finance and Positive Cashflow Finance and the establishment of its commercial finance division in May.
1pm said the trading results for the year would demonstrate further strong growth in both revenue and profits compared with the prior year.
Group revenue would be up 34% to £16.7m – “marginally” ahead of market expectations – and profit before tax, after exceptional items, of £4.3m, an increase of 28% and in line with market expectations.
1pm also said the trading figures showed new lease and loan business originated and funded amounted to £50.8m, up 64%, new lease and loan business originated and ‘broked-on’ reached £17.7m, up 124%, and ‘own-book’ asset and loan portfolio May 31 stood at £77.5m, up 17%.
The results reflect significant growth in the group’s asset finance division, which includes the lease portfolios at Onepm Finance, Academy Leasing and Bradgate Business Finance, a positive contribution from Bell Finance, the Warwickshire specialist acquired for £2.3m in April, and from continued growth in its loans division, which takes Onepm Finance’s loan portfolio. Intelligent Financing, acquired by 1pm in March, made a positive contribution, according to the trading update.
Chief Executive Officer Ian Smith said: “1pm has enjoyed another year of progress and improved results. The figures demonstrate both the anticipated organic growth from our existing group companies and the expected growth from our strategic acquisitions.
“It is also encouraging that each of the group’s trading subsidiaries have continued to experience robust levels of demand for finance from across the UK SME sector.
“Our varied and expanding product offering combined with our flexibility to fund and broke-on, plus our focus on excellent customer service, have enabled the group to deliver these results.
“Looking ahead, these core elements of our business, when allied to the successful acquisition strategy we have implemented, mean that we are well positioned to build value for our shareholders.”
