Record leves of new business leave 1pm ‘well-positioned to deliver future growth’

Ian Smith, Chief Executive of 1pm.

Ian Smith, Chief Executive of 1pm.

Specialist finance provider 1pm has announced record levels of new business in its half-yearly financial update as demand for non-bank finance from SMEs continues to grow.

The firm has reported a 7% increase in the value of new business it has won during the first six months of its current financial year to £87.8m, up from £82.3m the same time last year.

The figures reflect the continuing demand 1pm is experiencing across its comprehensive range of finance solutions comprising loans, vehicle finance, asset finance and invoice finance from UK SMEs and consumers.

Chief Executive Ian Smith said: “Given the economic and political uncertainty experienced in the UK throughout 2019, including the run-up to December’s general election, which had clearly impacted business confidence and activity levels, we are pleased with the trading momentum maintained across the group during the first half.”

In recent years, the group has expanded through a series of strategic acquisitions, including Academy Leasing, CarFinance2U, Gener8 Finance, Intelligent Loans, Onepm Finance and Positive Cashflow Finance.

After significantly enhancing its suite of financial products and services for SMEs, the business says it is now focused primarily on generating further organic growth by ensuring its market offering delivers a comprehensive solution for its customers’ financing needs.

1pm is also investing in future growth with the strengthening of both its senior management and new business teams, as well as in technology to enable a faster and more efficient service.

Smith added: “As a group we enter 2020 feeling positive and well-positioned to deliver future growth.

“Over the last six months, we have secured additional finance from our funders, demonstrating their support for our business and our strategy for growth.

“We are committed to ensuring this funding reaches those businesses who need it to capitalise on the opportunities that lie ahead.”