Business
Trading update and appointment to the board
Trading update and appointment to the board.
About this update from Time Finance Plc
[{"type":"text","content":"\n 1 pm plc (\"1pm\" or the \"Company\")\n\n Trading update and appointment to the board\n\n12 February 2007\n\n1pm, the AIM quoted leasing company specialising in small business finance,\nannounces today a trading update and the appointment of Mike Johnson as non-\nexecutive chairman of 1pm.\n\nTrading Update\n\nFollowing flotation, a wide ranging and detailed business review was embarked\nupon which led to an examination of every element of the operation necessary to\ntake the company forward in the most efficient way. As part of this process,\nthe Company visited a large number of brokers who were keen to refer business to\n1pm; consequently there is significant demand for the Company's services.\nHowever, as is often the case when dealing with large financial institutions, it\nhas taken more time to arrange additional borrowing facilities to meet this\ndemand than originally anticipated. As a result, revenues and profits will be\nlower than market expectations in the current financial year. The Directors are\nconfident that new facilities will be put in place and that new business levels\nwill rise significantly during 2007.\n\nThe first new facility that 1pm has secured is with Siemens Financial Services\nblock discounting division. This facility is of £0.5m. The Company is in\nprocess of securing new facilities with other lending banks and will keep the\nmarket informed of progress.\n\nAndrew Dearden, Block Discounting Manager, Siemens Financial Services, said,\n\"1pm is an extremely well run and professional outfit with some excellent\ncustomers. They are exactly the type of service orientated organisation we want\nto be associated with and we look forward to cementing the relationship over the\ncoming months and years. \"\n\nAppointment of Mike Johnson as Non-Executive Chairman\n\nThe Company is also delighted to welcome Michael Richard Johnson, aged 63, as\nNon-Executive Chairman to the board of 1pm. Mr Johnson was appointed as Non-\nExecutive Chairman to the board on Friday 9 February 2007. Mike, a successful\nentrepreneur with over 30 years' experience in the asset finance industry, has\nbeen brought in to help accelerate the growth of the business. His appointment\nwill greatly strengthen the management team of 1pm and represents a major coup\nfor the company.\n\nMike, was managing director and founder of Suffolk Str...