Ian Smith, CEO of 1pm Group discusses their final results, current trading and outlook
Episode 9, Sep 22, 2020, 01:27 PM
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Ian Smith, Chief Executive Officer of 1pm Group #OPM discusses their final results, current trading and outlook for the current financial year.
FINAL RESULTS FOR THE YEAR ENDED 31 MAY 2020
Resilient trading and satisfactory results despite a Covid-19 affected fourth quarter
Strong balance sheet and cash position
Trading activity increasing in the first quarter of the current financial year
1pm plc (AIM: OPM), the AIM listed independent specialist provider of finance facilities to UK SMEs, announces final results for the year ended 31 May 2020, reporting a resilient performance despite the business impact of Covid-19 in the fourth quarter of the financial year.
The Company's financial performance for the three quarters to 28 February 2020 was in line with market expectations before being significantly impacted by the Covid-19 pandemic in the fourth quarter to 31 May 2020. Despite the impact of Covid-19, the Group has remained profitable throughout and trading activity in the current financial year to date is steadily increasing with financial results for the first quarter ahead of the Group's internal operating budget.
Commenting on the Group's performance, John Newman, Non-executive Chairman, said:
"The effect of the coronavirus pandemic in the last quarter of our financial year interrupted the Group's consistent growth since 2014 in revenue, profit before tax and earnings per share. However, taking into account the fourth quarter, the results for the year were satisfactory. The strength of the balance sheet, liquidity and financial resources give the Board confidence that the Group will be in a robust position to take advantage of the opportunity our markets will offer as the economy recovers. It is encouraging that in the first quarter of the new financial year there has been an improving trend in business activity."
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