Lessor 1pm’s results for the six months ending November 2018 has shown a 14% increase from the first half of 2017-18, up to £4.1m.
New business origination increased 10%, to £82.3m. Group revenue increased 15% to 16m, and basic earnings per share improved by 12% to 3.62p. Net assets as of 30 November 2018 increased 6% to £51m, compared to a 31 May 2018 total of £47.9m. At period end, total bad debt provisions were £2.4m representing 2.0% of the total net portfolio.
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A 1pm statement on the results said: “The interims reflect continued strong demand for finance from UK SMEs and consumers across the wide range of products offered, fulfilled through commercial underwriting and underpinned by cautious provisioning policies.”
Operational highlights of the 1pm results included that combined ‘own-book’ assets, loans and invoice finance portfolio increased 9% to £142.1m. Funding facilities available to the Group as at 30 November 2018 stood at £169.5m. The 1pm flexible operating model of either funding on ‘own-book’ or generating broking commissions resulted in approximately 60% of all origination being brokered on to other lenders for commissions.
John Newman, non-executive chairman at 1pm, said: “We are pleased these Interims show that the recent focus on organic growth has delivered another set of strong results. This is particularly encouraging given continuing economic and political uncertainties. Furthermore, this performance demonstrates the effectiveness of our strategy of being a multi-product provider of finance to UK SMEs and consumers, allied to the flexibility of either own-book funding or broking on. 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.”
In December 2018 1pm launched its first graduate scheme, offering final-year university students the opportunity to get their foot on the financial sector’s ladder. The finance provider is looking to recruit two graduates to cover its northern and southern offices.
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