Business
2018 Interim Results
2018 Interim Results.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 9467B 1PM PLC 16 January 2018 \n\n \n \n \n \n \n 16 January 2018\n \n \n1pm plc\n(the \"Group\" or the \"Company\")\n \nINTERIM RESULTS \nFOR THE SIX MONTHS ENDED 30 NOVEMBER 2017\nStrong trading momentum maintained. Further organic and strategic growth delivered. \nRevenues and profits both up by more than 70% in the first half.\nPositive outlook for the full year.\n \n1pm plc, the AIM listed independent specialist, non-bank provider of finance facilities to the UK SME sector is pleased to announce financial results for the six-month period ended 30 November 2017 (\"Interim Results or Interims\").\n \nThe Interim Results reflect the success of the Group's buy-and-build strategy providing financing products to UK SMEs, being asset finance (finance leases, operating leases and hire purchase) for hard and soft assets, vehicles finance (on a broked-on basis), commercial loans and invoice finance.\n \nFinancial Highlights:\n· Group revenue increased 74% to £13.9m (H1 2016/17: £8.0m), including organic growth of 23%\n· Group profit before tax and exceptional items increased 77% to £3.6m (H1 2016/17: £2.0m), including organic growth of 34%\n· Basic earnings per share increased 4.9% to 3.23 pence (H1 2016/17: 3.08 pence) despite a significant issue of shares in the period\n· Net Assets at 30 November 2017 increased 56% to £44.5m (31 May 2017: £28.5m)\n· Net bad debt write-offs in the period were £0.7m, representing 0.5% of total receivables at period end (H1 2016/17: £0.3m, representing 0.4%)\n· At period end, total bad debt provisions were £2.1m...