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Hardman & Co Research Hardman & Co Research: 1pm Plc (OPM): Interim results 1H FY'19: geared up for growth 16-Jan-2019 / 09:51 GMT/BST *Hardman & Co Research: Interim results 1H FY'19: geared up for growth* We had been looking for two key themes with the 1H FY'19 results: i) that any early signs of credit deterioration were modest; and ii) that the integrations were going well. 1pm delivered on both. On credit, the net bad debt write-off was down on last year. Management detailed the diversification of the business, and commented how its operating flexibility, small individual exposures, human underwriting and fixed-rate lending should limit losses in a downturn. On group synergies, we note cross referrals are ticking up each month and the cost of group funds is falling. 1H FY'19 saw good franchise and revenue growth. The valuation appears anomalous with the group's prospects. Please click here for the full report: https://www.hardmanandco.com/research/corporate-research/interim-results-1h-fy 19-geared-up-for-growth/ [1] +-------------------------+----------------+-------------------+ |*To contact us:* |*Contact:* | | | | |mt@hardmanandco.com| |Hardman & Co |Mark Thomas | | |35 New Broad Street | | | |London |+44 20 7194 7622| | |EC2M 1NH | | | |www.hardmanandco.com | | | |*Follow us on Twitter* | | | |@HardmanandCo | | | +-------------------------+----------------+-------------------+ *Hardman & Co Research can still be accessed for free after MiFID II. Please *click here [2] *to read the statement.* *About Hardman & Co:* For the past 21 years Hardman has been producing specialist research designed to improve investors' understanding of companies, sectors, industries and investment securities. Our analysts are highly experienced in their sectors, and have often been highly rated by professional investors for their knowledge. Our focus is to raise companies' profiles across the UK and abroad with outstanding research, investor engagement programmes and advisory services. Some of our notes have been commissioned by the company which is the subject of the note; this is clearly stated in the disclaimer where this is the case. Hardman Research Ltd, trading as Hardman & Co, is an appointed representative of Capital Markets Strategy Ltd and is authorised and regulated by the Financial Conduct Authority; our FCA registration number is 600843. Hardman Research Ltd is registered at Companies House with number 8256259. Our research is provided for the use of the professional investment community, market counterparties and sophisticated and high net worth investors as defined in the rules of the regulatory bodies. It is not intended to be made available to unsophisticated retail investors. Anyone who is unsure of their categorisation should consult their professional advisors. This research is neither an offer, nor a solicitation, to buy or sell any security. Please read the note for the full disclaimer. Dissemination of a CORPORATE NEWS, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. End of Announcement - EQS News Service 766605 16-Jan-2019 1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5460213dfc4eed0000960c383fd4cd0e&application_id=766605&site_id=vwd&application_name=news 2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=5a632f52f80bd372265e4041a743aa1c&application_id=766605&site_id=vwd&application_name=news
(END) Dow Jones Newswires
January 16, 2019 04:50 ET (09:50 GMT)
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