Profits have soared by 84% at 1pm, the Bath-based firm providing finance to small and medium-sized businesses, after it signed up a record number of new customers.
Total revenue for the six months to November 30 rose by 37% to £1.95m compared with the same period last year with pre-profits reaching £609,000.
The firm, which is listed on the London Stock Exchange’s AIM market, provides asset-backed finance from £1,000 to £50,000 for periods between 12 and 60 months and £1,000 to £15,000 for business loans repaid over three to 36 months.
Chief executive Maria Hampton said: “I am very pleased to report that the group has made another excellent start to a trading year. The results for the first half demonstrate that the strong trading momentum gained during the year ended 31 May 2013 has continued into the current financial year.”
On current trading and prospects, she added: “The board is committed to delivering sustainable growth and value for its shareholders and has instigated a number of initiatives to further improve the group’s performance. Notwithstanding the continuing challenging economic climate, current levels of demand lead the group to anticipate further progress in the second half.”
Meanwhile 1pm has appointed a new non-executive from February 1. Ian Smith has 30 years’ experience in business as a board level finance director and chief executive following qualification as an accountant. He has worked in companies at all stages of the business cycle with experience of start-ups, R&D commercialisation, international expansion, flotations and successful exits, within both privately-held and quoted companies.
