- 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.'

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