lessor, reported a return to profit in its interim results
suggesting that its restructuring efforts are making progress.
For the six months ended 30 November 2007, 1pm posted a net
profit of £23,855 on revenue of £395,708. This compares with a net
profit of £72,715 and turnover of £488,255 in the previous
corresponding period.
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The fiscal year ending 31 May 2008 is also the company’s first
year of reporting under EU adopted International Financial
Reporting Standards (IFRS).
In 2007, soaring defaults caused 1pm to write off bad debts
worth £482,518, resulting in a net loss of £330,907 (£140,469 under
IFRS). Since then 1pm took a strategic decision to exit the
sub-prime market to focus on small ticket leasing instead.
Commenting on the interim results, chairman Mike Johnson said
income was generated mostly from new customers which made it
difficult for meaningful comparison with results of the previous
year.
In October, 1pm issued new shares to raise an additional
£675,000 in capital and instituted some board changes. 1pm also
secured additional working capital of £350,000 in early February
from Handelsbanken. In November, it received additional
funding commitment from three of its lenders, raising total funds
available for lending to £848,730.
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By GlobalDataAs at November 1pm had total shareholders’ funds of £1.5m.
