- 1pm Plc said the first two months of its 2013/14 financial year had been very positive.

CEO Maria Hampton said new business written since the year-end has contributed to an increase in 1pm's lease portfolio of more than 5%, which was £15.6 million at July 31, from £14.8 million on May 31.

"The Company's continued profitability on a monthly basis is also enabling it to re-invest surplus cash generated from day to day trading back into the business, further expanding the lease portfolio," Hampton said in an AGM statement.

"Since the year-end, further substantial capital has been raised for the business by way of a new Block Discounting facility of £1.5m and a £1.5m Placing of new Ordinary shares, subscribed by Henderson Global Investors, a leading institutional investor," she said.

Notwithstanding the challenging economic environment prevailing in the UK, Hampton said 1pm was continuing to grow.

"We believe that with the continuing strong demand from the SME sector and our growing reputation both within the asset finance industry and amongst our UK wide customer base, we can view the current financial year with considerable confidence."

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