Shares in Bath-based specialist lender 1pm climbed this week after it posted another strong set of annual financial results, driven by organic growth and strategic acquisitions.
Pre-tax profits at the group, which is listed on the London Stock Exchange’s AIM market, rose by 17% to £4.3m for the year to May 31 on revenue up 35% at £16.9m. 
1pm said it had continued to experience “strong levels of demand for finance from the SME sector across the growing range of products offered”.
Its services include asset finance – finance lease and hire purchase – for ‘hard’ and ‘soft’ assets, business loans and vehicles broking.
During the year it added invoice finance through the acquisitions of Gener8 Finance and Positive Cashflow Finance and the establishment of a commercial finance division in May.
Non-executive chairman John Newman said: “We are delighted that the group’s strong financial results, delivered during another year of strategic change in line with our stated strategy, continue the trend in recent years of profitable organic growth.
“The board is optimistic in its pursuit of further growth in the current financial year, is very pleased with the performance of each of its acquisitions and is committed to delivering increasing value for its shareholders from the enlarged group of businesses.”
Chief executive officer Ian Smith added: “Each of 1pm’s trading subsidiaries has continued to experience robust levels of demand for finance from across the UK SME sector. This has enabled the group to deliver another year of operational and strategic progress and strong underlying results.
“The range of products now offered, plus the flexibility to fund and broke-on, mean that the group is well positioned to build value for shareholders.”
1pm said its combined gross lending portfolio amounted to £89.5m at the close of its financial year – an increase of 32%.
