1pm (LON:OPM) Ian Smith: H1 trading update interview
c. 8 mins
http://www.piworld.co.uk/2017/12/06/1pm-opm-h1-trading-update-december-2017/
What can we expect with the interim results? – 00:21
Based on broker forecasts it looks like results are H2 weighted, is that the case? – 01:17
Can you explain the exceptional items – 01:48
Can you tell us more about the organic growth? – 02:23
How’s the integration of the acquisitions going? – 03:32
Are any of the divisions out performing? – 04:38
Are you concerned about interest rate rises? – 05:18
The new funding facility – 05:50
Can you tell us more about the use of FinTech – 06:36
What’s the outlook for 1pm going forward – 07:37
Thanks for posting. I've had 1pm (LON:OPM) on a very short shortlist for a while and thought I'd missed the boat this morning with the unexpected trading update, which seems excellent. The Market is not as generous as it was late summer so only a small rise, which gives me plenty of time to procrastinate further.
There are a few things that I'm unsure about:
1. Is the market actually likely to re-rate an SME lender? It could remain very cheap for a very long time, especially if the div remains fairly meagre. (I'd like 5%, please.)
2. What about delivering profit growth if there is an economic downturn, when SME's start to struggle to keep up with payments? Admittedly the recent Hardman report (which is huge) reassures on that point but that's a question I'd have asked all the same, for a bit of reassurance.
3. Hardman also suggest the constant acquisition/equity dilution cycle may be largely over, a concern I've read elsewhere. Again, confirmation would have been worth having in this regard.
