Business
Final Results for the Year ended 31 May 2011
Final Results for the Year ended 31 May 2011.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 6953K 1PM PLC 20 July 2011 \n \n\n \n20 July 2011 AIM: OPM\n1PM PLC\n(\"1pm\" or the \"Company\")\n \nFINAL RESULTS FOR THE YEAR ENDED 31 MAY 2011\n \n1pm plc (AIM: OPM), the AIM listed independent provider of asset finance facilities to the SME sector, announces final results for the year ended 31 May 2011.\nFinancial Highlights:\n· Revenues up 43% to £1.91m (FY10: £1.33m)\n· Profit before tax of £0.20m (FY10: £0.40m loss)\n· Bad Debts and Provisions down 46% to £0.19m (FY10: £0.35m)\n· Lease portfolio up 66% to £10.10m from £6.10m\n \nOperations Highlights:\n· 64% of lease portfolio now under £10,000\n· Number of unique customers up 79%\n· Robust lending and collection criteria\n· Improved relationships with broking partners \n· Reduced exposure to individual bad debts\n \nRegarding outlook, Michael Johnson, Chairman, said:\n\"The board believes that an increasing amount of good quality business is available to be written, especially as larger banks continue to restrict lending to our customer base. This is evident from the quantity of business the company is processing month on month.\n \n\"We have str...