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AIM listed independent specialist provider of finance facilities to the SME sector.

6-Dec-2017 – 45.75p – £39.4m – PER 5.93

Trading Update – Headline “Strong trading momentum maintained: revenue and profit up by more than 70% in the first half”.

A new one to me and on an initial scan there’s a lot to like here, I will be keeping my eye on this this morning.

13-Dec-2017 – 45.5p – £39.2m – PER 5.89

Academy Leasing acquires Wirral-based CarFinance2U – Wholly-owned subsidiary of 1pm plc has acquired Wirral-based motor finance brokerage, CarFinance2U. No numbers – What, was it free? Great acquisition then!

I am Long here and haven’t got a clue whether this is a good deal or not – Wouldn’t one have thought to include some financials in this update? Will have to keep an eye on the market reaction this morning. I was going to finish with an expletive here!

16-Jan-2018 – 55.53p – £47.8m – PER 7.15

Interim Results For The 6 Months To End November 2017 – Revenue up 74% to £13.9m (H1 2016/17: £8.0m), PBT (and exceptional items) up 77% to £3.6m (H1 2016/17: £2.0m) EPS up 4.9% to 3.23p per share despite a significant issue of shares in the period.

I was long here previously but got cold feet and got out for a small loss. I opened a small position after a trading update. After a bit more investigation the dilution (shares in issue doubled in 3 years) which I had missed and the possibility that one bad acquisition could spell bad news meant I decided to get out of my small opening position. I know the issuance of shares is mainly to fund acquisitions but I don’t like the fact Revenue and PBT are 70%+ and EPS is up only 4.9%.

12-Sep-2018 – 54.6p – £47.1m – PER 7.24

Final Results For The 12 Months To End May 2018 – Revenue £30.0m (2017: £16.9m), anincrease of 78%, of which organic growth was 31%, PBT of £7.9m (2017: £4.1m), anincrease of 93%, Basic EPS of 7.57p (2017: 6.09 pence), up 24%, Dividend 0.65p (2017: 0.50p), up 30%, Consolidated Net assets of £48.1m (2016: £28.5m), an increase of 69% and ROC is 13.3% (2017: 11.5%).

A lot to like in this update, it’s going on my Watchlist.

Subsequent note: Seeing potential for a 100%+ 2 year upside, bought in here in October. Current PER of about 7, forecast for 6% EPS growth in 2019E and 13% EPS growth in 2020E plus a very well covered 1.5% yield. ROCE (9.39%) is well above the Industry median and the Op Margin (26.5%) is also very good.

25-Oct-2018 – 47p – £41.0m – PER 6.15

AGM Statement – Trading is in-line.

Bought in here earlier this month, I had this to say “Seeing potential for a 100%+ 2 year upside on a current PER of about 7. Forecast for 6% EPS growth in 2019E and 13% EPS growth in 2020E plus a very well covered 1.5% yield. ROCE (9.39%) is well above the Industry median and the Op Margin (26.5%) is also very good.”. I remain Long here and if these forecasts are met I expect upside.

4-Dec-2018 – 42.5p – £37.2m – PER 5.57

Trading Update – H1 (to end November 2018) Unaudited Results to be in-line.

Would have been nice to have a little more information than this – Nevertheless, for now, I will continue to hold.

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