Share Prices & Company Research

Market News

18 Jun 2019 | 07:24

1pm business Positive Cashflow Financing meets earnings targets a year early

Specialty finance provider 1pm said subsidiary Positive Cashflow Finance had reported profits in excess of earn-out targets set at the time it was acquired in July 2017.

In accordance with the earn-out arrangements agreed in 2017, payments would be satisfied by two further issues of about 1.39m new shares of 10p each in October 2019 and October 2020.

Positive Cashflow Finance managing director David Smith had also announced his intention to stand down from 30 June to pursue other business interests.

Another member of the founding management team, Phil Chesham, had been promoted to the position of head of business.

'The management team at Positive Cashflow and their entire workforce have delivered an excellent performance in competitive trading conditions and I am delighted the Group can consider the earn-out complete one year early,' chief executive Ian Smith said.

'This is a stand-out achievement.'

Story provided by
Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.