1PM plc (LON:OPM) CEO Ian Smith joins DirectorsTalk to discuss its year end trading update. Ian explains the key factors affecting the business results in these unusual times, how many companies requesting payment holidays or reductions has affected the business, concerns that there will be an increase in insolvencies and a recession, key financial results for the year, the balance sheet, new funding facilities and the outlook for the new financial year.
The 1pm plc strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses and arranging vehicle and property-backed finance for consumers. The multi-product range for SMEs includes asset, vehicle, loan and invoice finance facilities. The Group operates a “hybrid” lending and broking model enabling it to optimize business levels through market and economic cycles.