(MENAFN- ProactiveInvestors - UK) 1PM PLC (LON:OPM) said that adjusted profit is set to come in materially above expectations, driving its share price almost 10% higher Friday morning.
Ahead of its final results, the finance group said it has shown strong growth in revenue and profits compared to last year, with revenue in line with market expectations.
WH IRELAND called it a ''very strong update'' from the group following outperformance within its core financial services business and last year''s Academy Leasing acquisition.
The more recent acquisition of Bradgate in March this year has also grown substantially, said 1pm.
''Investment in resources at 1pm early in 2015 to enable organic growth, together with the Academy and Bradgate acquisitions completed during the financial year mark the first successful steps towards achieving our stated strategic aims,'' commented chief executive Ian Smith.
The loan book at the end of May stood at 66.5mln, just north of the broker''s estimate of 63.5mln, which set the business fair for 2017, ''where the full year benefits of the acquisitions will be felt,'' anticipates the broker.
WH Ireland reiterated its target price of 97p.
''Demand from SMEs remains robust and whilst it is too early to assess any impact from Brexit, further capital tightening by the mainstream banks will only be supportive to the 1pm model,'' said the broker.
Referring to the recent referendum, Smith added: ''In spite of recent economic uncertainties the board remains cautiously optimistic in its pursuit of further organic and strategic growth in the current financial year."
Shares rose almost 10% to 64p.
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