LONDON (ShareCast) - Asset finance group 1pm made a decent start on AIM today as the market tiddler opened at 2.88p following a placing at 2p a go before closing more than 30% better.

1pm provides asset finance to the UK sub-prime and SME market, primarily small owner managed businesses keen to purchase business assets, and where such financing will relieve pressure on their cash flow.

The group, founded by Tony Williams and John Stickley, bagged £1.3m before expenses via a placing of just under 147m shares, valuing the firm at £2.93m.

The proceeds of the funding will provide the company with additional working capital, which it said it will use to address the “significant growth opportunities” that exist in its target markets

For the year ended 31 May 1pm delivered a record pre-tax profit of £240,248, up 87.7% on the previous year, with its leased asset turnover up to £2.1m.

Joint managing director Stickley said, “Such strong growth in our core market, underpinned by our successful network of brokers and increased funding facilities, creates the foundations for strong and sustainable growth ahead."

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