UK-based lease asset finance company 1pm plc (OPM.L) Friday, in its trading update, said new lease agreements levels were positive in the beginning of March, following a better-than-expected January and February. The company expects to report further losses for the second half as a whole, but anticipates to deliver significantly improved operating performance.
1pm said after a reduction in the overall value of the lease portfolio in the first half, the lease portfolio is now growing again. As on October 16, the company was expecting a high level of bad debt write-offs and later revised outlook as trading was ahead of management's expectations. As per the revised expectation, the company was looking for a significantly stronger performance in the second half of the financial year.
In the first half, the company reported a wider pre-tax loss of GBP 226 thousand, compared to GBP 13 thousand in the same period of 2008, despite a 3% increase in revenues to GBP 676 thousand.
The company also said it has completed a placing of 1.64 billion new ordinary shares of 0.06818 pence each at a price of 0.07 pence per share raising new monies totalling about GBP 1.15 million, before expenses. Additionally, the company has issued one warrant for every six Placing shares exercisable at 0.07 pence per share.
The placing would be split into two tranches, a firm placing and a conditional placing. The firm Placing consisted of the placing of 572 million new ordinary shares, and conditional placing will be consisted of 1.07 billion new ordinary shares.
OPM is currently trading at 0.11 pence per share, up 4.76%, on the London Stock Exchange.
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