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1PM

  • BY: Andrew Hore |
  • POSTED: 15/12/2014 |

Small business finance provider 1PM has reassured its investors that it is trading in line with expectations. 

The share price has taken a dip since the beginning of December but 1PM continues to invest the cash it raised earlier this year. In October, 1PM raised £3.8m via a placing and open offer at 61p a share. The share price has risen 2p to 57p, which values the company at £21m.

1PM has also raised £5.7m of debt finance since the end of May 2014. The asset finance and loan portfolio has increased from £20.4m to £24.3m in six months to November 2014. The relocation to larger premises has been completed.

There are likely to be £800,000 of additional costs this year. House broker forecasts flat profit of £1.3m this year but the benefits of the investment should help to boost profit to £2m in 2015-16. Earnings per share will fall this year because of the additional shares in issue but they are still forecast to grow by 26% to 4.4p over the two years to May 2014. The shares are trading on 13 times 2015-16 prospective earnings.

The interim figures will be published on 19 January.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFDecember2014_63.pdf

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