UK independent lessor 1pm has
signalled strong expectations for the year ahead following a return
to profit for its financial first-half ending 30 November
2010.

The company made a profit
before tax of £63,000 (€75,800) for the six months, compared to a
loss of £226,000 for the same period in 2009.

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New leasing business rose by
72% to £3.5m, compared to £976,000 for its first half in
2009.

Chairman Michael Johnson
said: “This is a very positive improvement in trading and reflects
a concerted drive to enhance levels of new business. Increased
understanding of our requirements by brokers has improved the
conversion rate of proposals submitted by them.”

Bad debt write-offs dropped
52% to £87,000 and the total lease portfolio was up 43% to
£9.19m.

The company secured a funding
line with non-executive director Ron Russell in October 2010, which
provides for a drawdown of up to two tranches of £400,000
each.

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In November 2010, a new block
discounting line of £500,000 was also agreed.