1PM PLC Positive Cashflow achieves earn-out a year early (5290C)
June 18 2019 - 2:00AM
UK Regulatory
TIDMOPM
RNS Number : 5290C
1PM PLC
18 June 2019
18 June 2019
1pm plc
(the "Group" or the "Company")
Positive Cashflow achieves three-year earn-out targets one year
early
1pm plc, the AIM listed independent specialty finance provider,
is delighted to announce that its wholly-owned subsidiary
undertaking, Positive Cashflow Finance Limited ("Positive"), which
is engaged in the provision of invoice finance facilities for UK
SMEs, has reported profits in excess of the earn-out targets set at
the time it was acquired in July 2017.
As part of the consideration, the vendors, who are also the
senior management team at Positive Cashflow, were incentivised to
achieve significant growth in profit before tax annually over a
three-year period. The planned aggregate growth in profits since
acquisition has been achieved in two years and the Group has now
deemed the earn-out conditions met.
As a result of this, in accordance with the earn-out
arrangements agreed in 2017, payments will be satisfied by two
further issues of 1,388,888 new ordinary shares of 10p each in
October 2019 and October 2020.
With the earn-out achieved and as part of Positive's succession
planning, David Smith, a member of the founding management team and
currently Managing Director at Positive, has announced his
intention to step-down from his role with effect from 30 June 2019
in order to pursue other business interests. Phil Chesham, also a
member of the founding management team and currently Sales Director
at Positive, has been promoted to the position of Head of Business
and will manage Positive with the two other founder members, Peter
Davis, Finance Director and Simon Cook, Commercial Director.
Ian Smith, Chief Executive Officer, commented:
"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. This is a stand-out
achievement.
Positive Cashflow and the 1pm Group is indebted to the
leadership of David Smith in delivering this performance and he
leaves a legacy of a very successful business which Phil Chesham
and the team will now develop and grow further. We thank David for
his significant contribution and wish him well in his future
career."
For further information,
please contact:
1pm plc
Ian Smith, Chief Executive
Officer 01225 474230
James Roberts, Chief Financial
Officer 01225 474230
Cenkos (NOMAD)
Max Hartley, Julian Morse
(Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann/Tom Cooper 07768 807631
paul.vann@walbrookpr.com
About 1pm:
1pm's strategy is to focus on providing or arranging the finance
UK SMEs require to fund their businesses and arranging vehicle and
property-backed finance for consumers. The multi-product range for
SMEs includes asset, vehicle, loan and invoice finance facilities.
The Group operates a "hybrid" lending and broking model enabling it
to optimize business levels through market and economic cycles.
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END
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