Business
Trading Update: Strong Growth in Revenue & Profits
Trading Update: Strong Growth in Revenue & Profits.
About this update from Time Finance Plc
[{"type":"text","content":"\n \nRNS Number : 6163D 1PM PLC 08 July 2016 \n\n \n8 July 2016\n \n \n \n1pm plc\n(the \"Group\" or \"the Company\")\n \n \n Trading Update\n\"Strong trading momentum maintained; profitable organic and strategic growth\"\n \n1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to the SME sector, is pleased to announce the following trading update ahead of the publication of its final results for the year ended 31 May 2016, which are scheduled to be announced during the week commencing 5 September 2016. \n \nThe trading results for the year ended 31 May 2016 will show strong growth in revenue and profits compared with the prior year. Revenue for the Group will be in line with current market expectations and adjusted profit before tax for the Group will be materially above current market expectations.\n \nThe trading results reflect strong organic growth at 1pm (UK) Limited (\"1pm\") plus strong strategic growth from the acquisitions of Academy Leasing Limited (\"Academy\"), acquired on 25 August 2015 and Bradgate Business Finance Limited (\"Bradgate\"), acquired on 22 March 2016. \n \nEach of the Group's trading subsidiaries, 1pm, Academy and Bradgate, continued to experience high levels of demand for finance from the SME sector across the range of products offered, being asset finance (finance lease and hire purchase) for 'hard' and 'soft' assets, business loans and vehicles broking. The total value of asset finance and loan deals originated and funded by the Group in the year to 31 May 2016 amounted to £31.0m. In addition, since their respective dates of acquisition Academy and Bradgate generated commission income from broking-on a further £7.8m of asset finance deals.\n \nAs at 31 May 2016, the Group's combined asset finance and business loans portfolio stood at £66.5m. This comprised £41.8m (2015: £30.0m) at 1pm, an increase of 39 per cent.; £21.0m at Academy and £3.7m at Bradgate. \n \nThe Group is also pleased to report that operational progress at each of the Group's subsidiaries since the acquisitions is in line with management's expectations and consistent with its objectives.\n \nIan Smith, CEO, commented:\n \n\"We are delighted that the Group's results for the financial year continued the trend of profi...