1PM prepares market for positive interim results

A newly-expanded 1PM greased the market on Friday, to prepare it for positive interim results come January.

The AIM-listed specialist finance provider updated the market ahead of the publication of its interim results for the six months to 30 November, which were due to be released on 25 January 2016.

1PM said the results were expected to show further growth in revenue and profits compared with the corresponding period last year, and were ahead of management expectations.

The results will include a first contribution from newly acquired subsidiary Academy Leasing, which provided equipment finance and brokerage services to the market, the update said.

During the six months, the group originated £9.7m of new lease and hire purchase contracts, and £6.1m of business loans. This represented a six-fold increase over the corresponding period last year according to 1PM.

The group's total combined asset finance and business loan portfolio stood at £57m on 30 November.

"1PM's results for the first six months of the current financial year continue the trend of profitable growth delivered over recent years and, although only htree months since its acquisition, the equally strong results of Academy clearly justify the decision to expand the group", said 1PM chairman Ian Smith.

"Investment in resources at 1PM earlier in 2015 together with the Academy acquisition completed in August mark the first successful steps towards achieving our strategic aims. The voard is committed to delivering sustainable growth and building value for its shareholders, and we look forward to the second half of the financial year with optimism and confidence", he added.

At 15:51 GMT, shares in 1PM were up 7.92% to 70.15p.