- Finance provider to small businesses 1pm posted a lower annual profit as revenue fell and it booked a one-off bad debt provision amid the Covid-19 crisis.

Pre-tax profit for the year through May dropped to £2.0m, down from £7.9m on-year, and included a £2.1m bad debt provision booked in the fourth quarter.

Revenue fell to 8.2% to £29.2m.

1pm said a decision on the amount and timing of any final dividend had been deferred until its financial performance for the first half of the current financial year was known.

'Although financial results from trading in the current financial year have not yet returned to pre-Covid levels, trading activity is steadily increasing,' chief executive Ian Smith said.

'Results for the first quarter of the new financial year are ahead of management's expectations.'

'The recent period of trading impacted by Covid-19 has served to demonstrate and underline the strength of the group's market-position, product offering, operating model and liquidity position, all of which ensure the group is well-placed to return to its planned growth trajectory.'

At 10:02am: [LON:OPM] 1pm PLC share price was +0.25p at 16.5p

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