1pm posts 24 per cent rise in half year revenue

21st Jan 2013 12:39

1pm, the specialist provider of asset finance facilities to the SME sector, posted a 24 per cent increase in revenue for the half year ended November 30th, indicating profits will be significantly ahead of current expectations. This marked a rise to £1.42m from £1.15m in the same period the previous year, contributing to pre-tax profits of £0.33m, up 55% compared to £0.21m the previous corresponding half. The cost of sales during the six month period increased slightly from £0.64m to £0.76m. Maria Hampton said: "Notwithstanding the continuing challenging economic backdrop in the UK, the group is on track to deliver its strategic aims and the board is confident that the positive trading momentum experienced in the first six months of this trading year will continue. "As a result, the now expects 1pm's profit before tax for the year ending May 31st to be significantly ahead of current market expectations."I am pleased to report that the group has made an excellent start to the year. The interim results for the six months ended November 30th 2012 demonstrate that the strong trading momentum delivered in the group's year end to May 31st 2012 has continued into the current year." During the half year period, almost £3.9m of new business was written, a 50% increase compared with the corresponding period last year at £2.6m. At the period end, the lease portfolio had increased to £13.20m, a 22% increase over the same period last year (£10.85m). Cash and equivalents at the end of the half year totalled £0.061m, compard to £0.094m the same date the previous year. The share price rose 6.67% to 0.12p by 13:05.NR