1pm up nearly 18% after saying full-year profit and revenue will be ahead of expectations

Shares in the asset finance company 1pm jumped nearly 18% on Wednesday after the company said its full-year results will be ahead of market expectations.

The group expects revenues and profits to be ahead of forecasts thanks to strong demand for finance from SMEs, and lower costs.

It said its asset finance and loan portfolios have continued to grow, with £16.1m of new businesses secured during the year - a 49% increase versus the year before.

Chairman Ian Smith said: "This is a strong financial performance for the financial year and all the more pleasing given that it has been a year of investment for the future and expansion of resources."

The company relocated new offices and invested in business development during the period, which is beginning to yield anticipated growth.

1pm issued the trading update ahead of its results for the year ended May 31, which are to scheduled to be released in the second half of July.

Shares were up 17.86% at 66p on Wednesday at 12:26.