News blog

1PM

  • BY: Andrew Hore |
  • POSTED: 21/01/2013 |

Finance provider 1PM continues to grow strongly and it has enough facilities for this growth to be sustained. 

In the six months to November 2012, revenues increased 24% to £1.37m, while pre-tax profit was 55% higher at £332,000. The rate of profit growth reported in the first quarter has been maintained. Net receivables increased 22% to £12m. Bad debts are running at around 0.8% of receivables.

New business worth £3.9m was added during the first half. The lease portfolio is £13.2m.

1PM has raised £920,000 from individual investors by offering interest rates of up to 9% - which is half the 19% average yield of 1PM’s lending. The company’s overdraft has been raised from £350,000 to £500,000.

The number of leasing brokers has been increased from 44 to 65. The newer brokers will start to contribute more significantly in the second half. 1PM is considering offering new products, such as business loans, to customers.

Acquisitions of leasing books will be considered but it is difficult to find the right quality of business.

House broker WH Ireland has upgraded its 2012-13 profit forecast from £496,000 to £644,000. The shares are trading on eight times prospective earnings.

At 0.12p a share, up 0.01p, 1PM is valued at £4.16m. The company’s NAV is £4.23m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJanuary2013_40.pdf

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