Positive financial results and meeting growth targets have unlocked a shares earnout for Positive Cashflow Finance

Bath-based finance provider 1pm has revealed a subsidiary acquired in 2017 has reached the first of its earn-out targets.

Positive Cashflow was acquired in June 2017. 1pm has issued shares of £138,888.80 to the vendors.

This issue of shares is the first of three potential earnout pay-outs based on pre-agreed increases in profit before tax at Positive for the years ending 31 May 2018, 2019 and 2020.

The new shares are subject to various lock-in arrangements for a minimum period of 12 months from the date of issue.

Ian Smith, 1pm group chief executive, said: “I am delighted that we are in the position to fully pay-out the first year of Positive’s earnout.

“This reflects an excellent performance by Positive as part of the 1pm group. The earnout involved hitting some challenging growth targets and to fully achieve them reflects well on the strength and potential of Positive as a business.

“This performance, combined with the other successful earnouts achieved across the group from our other acquisitions for the year ended 31 May 2018, adds to our conviction that we have acquired and successfully integrated well run, growing businesses with extremely capable teams who are adding value to the group as a whole.”