Pre-tax profits at 1pm, the fast-growing Bath-based specialist lender, rose by 25% to £700,000 in the six months to November 30, it announced this week.
The profits rise came on sales up 31% to £2.56m as the firm’s expansion continued.
New business written during the period was up 36% on the same period last year, taking its total portfolio to £24.3m against £17.7m. 
Chairman Ian Smith, pictured, said: “These results firmly underpin the board’s decision to invest in additional resources during the second half of the financial year which will provide a platform for continued growth.”
During October the firm, which is to create 20 jobs followings its relocation to larger offices in Bath, notched up record monthly sales of more than £1.5m.
It now has relationships with 100-plus finance brokers nationwide, an increase of more than 30 during the period.
However, shares in 1pm, which is quoted on the London Stock Exchange’s AIM market, fell by 2.5p – or 3.82% – to 63p on the day the trading update was released after the firm repeated previously reported-made comments that it was in a “transitional” year for the business which would mean lower second-half profits and earnings .
