16th Jan 2019 11:18
LONDON (Alliance News) - 1PM PLC on Wednesday said it is well positioned to deliver further growth after its earnings grew in the first half of its current financial year.
The AIM-listed finance provider said pretax profit increased in the six months to the end of November to GBP3.9 million from GBP3.5 million reported for the same period in 2017, as revenue rose to GBP16.0 million from GBP13.9 million.
The results reflect continued strong demand for finance from UK small and medium-sized enterprises and consumers across the wide range of products offered.
Combined own-book assets, loans and invoice finance portfolio increased by 9% in the period to GBP142.1 million from GBP130.1 million year-on-year.
Operating and administrative costs, principally comprising staff and premises costs, amounted to GBP6.6 million, 1PM said, up 20% from GBP5.5 million the year before.
The company declared an interim dividend of 0.28 pence a share. The prior year, the company paid single annual dividend of 0.65p.
"We are pleased these interims show that the recent focus on organic growth has delivered another set of strong results," said Non-Executive Chair John Newman.
"This strategic and market positioning has enabled the group to generate robust levels of demand whilst being able to maintain margin, control credit and spread risk. The group is strategically and operationally well positioned to deliver further growth," added Newman.
1PM shares were trading 2.1% lower on Wednesday at 45.02p each.
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