Positive announces another year of record revenues and continued profitability
Investment in product development, strengthened sales team and cross-selling opportunities drive sustained growth
Positive Cashflow Finance (“Positive”) is pleased to announce record revenues and continued profitability in the financial year to 31 May 2019 as part of the 1pm Group of companies.
The Group has achieved revenues of £31.8m, an increase of 6% from £30m in 2018 off the back of an 13% increase in new business originations to £161m. The firm also delivered record Profit before tax of £8m.
Positive is delighted to have contributed significantly to these results having delivered a successful year from many aspects. The business has achieved robust profit growth and in June this year announced that it had achieved its three-year profit target set when the business was acquired by the 1pm Group in June 2017, a year earlier than expected. This resulted in David Smith, the Head of the Business standing down and Phil Chesham succeeding him to lead the business’ growth strategy over the next phase.
As a result of the continued Group support and investment, Positive has made a significant number of appointments in the year, including Andy Hume as Head of Sales, and have expanded their sales presence with Chris Rimmer, Ken Elms and Matt Carey coming on board as Business Development Managers to bring the firm’s range of flexible funding solutions to SMEs in the North.
Positive also has benefitted from the Group’s investment in restructuring and strengthening their senior management teams. In the financial year the group has made several high-profile appointments including Carol Roberts as Head of Asset, Lorraine Neyland as Head of Risk and David Jones as Head of IT to support both the delivery of specialist products and bring greater benefits to all Group companies.
Commenting on Positive’s performance, Phil Chesham, Head of Business, said: “We are pleased that the last financial year, under our parent company 1pm plc, has been a successful one for Positive. Our focus has remained on investing in our people, who drive our innovation and lay the foundations for future growth and success. Our results are reflective of the broadened product portfolio we can offer under the 1pm Group, which allow us to take advantage of market opportunities as they arise and support the UK SME population with a multi-product solution.”
“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.”
Ed Rimmer, Chief Operating Officer, added: “In what has remained uncertain prevailing business conditions, we are delighted to be reporting continued year-on-year growth. The results demonstrate the strength of our market position, our multi-product offering and our flexible approach to providing British businesses with the finance solutions necessary for growth.”