News blog

1PM

BY: Andrew Hore |
POSTED: 09/02/2012 |
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Asset finance provider 1PM has secured £700,000 of additional funding from two separate loans.

Funding has been the main constraint on growth but 1PM now has plenty of scope to grow its lease portfolio. 1PM has been profitable for 18 months and the profit is growing strongly. The maximum amount lent to existing customers has increased from £30,000 to £40,000.

The total lease portfolio has increased to £10.9m. Revenues rose 31% to £1.15m in the six months to November 2011 and overheads have been kept down which helped pre-tax profit to jump from £63,000 to £214,000. Bad debts are modest. The business is first half weighted so the second half profit is unlikely to be as high.

1PM has moved to a new office in Bath and this will provide room to grow employee numbers although that is not likely to happen in the short-term because there is enough capacity for growth over the coming months.

At 0.1p a share, 1PM is valued at £3.44m.

1PM is offering high net worth individuals the chance to lend it money and receive an attractive interest rate. The minimum investment is £50,000. This will provide additional cash to help to further increase the lending capacity of 1PM.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2012_28.pdf