Lessor 1pm has seen its pre-tax profits go up 13% to £4.3m in the year ending 31 May 2017.
Revenues have also gone up 35% to £16.9m. Earning per share were 6.09p, for a total market valuation of £510.3m.
Gross lending portfolio amounted to £89.5m, up 32%, which comprised £18.9m future revenue streams. Facilities available for lending amounted to £74.5m, of which £49m had been used.
The group conducted £83m worth of new business, a jump of 67% from financial year (FY) 2016. If recent acquisitions were taken out, new business was still up 27%. Portfolio write-offs amounted to £0.9m, or 1%.
The cost of borrowing for the group was down to 5.3% from last year’s 5.8% . Interest charged on clients varied between 9% and 28% depending on risk. Overall, the average net interest margin for the group was 12.3%, up by 0.3% from FY 2016.
Ian Smith, chief executive officer, said: “Each of 1pm’s trading subsidiaries has continued to experience robust levels of demand for finance from across the UK SME sector. This has enabled the Group to deliver another year of operational and strategic progress and strong underlying results. The range of products now offered, plus the flexibility to fund and broke-on, mean that the Group is well positioned to build value for shareholders.”
1pm was on an acquisition spree during FY 2016, when it bought broker Intelligent Finance, lessor Bell Finance and invoice finance company Tracx Finance. It also acquired Positive Cashflow for £9m in June of this year.