3rd Sep 2019 14:38
(Alliance News) - Business finance provider 1pm PLC on Tuesday said that it has hiked its total dividend in its recently ended financial year.
After proposing a final dividend of 0.56 pence per share, the company's aggregate payout for the year ended May 31 was 0.84 pence per share, up 29% from 0.65p in financial 2018.
London-listed 1pm said this is in-line with its policy to increase its annual dividend by roughly 30% until 2021.
The company also said the 1.4 million shares issued to the sellers of Positive Cashflow Finance Holdings Ltd are expected to be admitted to trading on Wednesday.
In 2017, 1pm proposed to buy Positive Cashflow for up to GBP9.0 million. Of this, 2.5 million was a share element to be paid at 60 pence each should it achieve unspecified pretax profit targets over the next three years.
In June, the company said Positive Cashflow achieved its earnings targets one year early, meaning 1pm would issue two tranches of 1.4 million shares.
Following the admission of the shares, 1pm will have 89.0 million ordinary shares in issue.
Chief Executive Ian Smith said: "I am delighted that we are able to issue the additional equity due in relation to Positive's earnout which clearly demonstrates its continued excellent performance as part of the 1pm group and also to reaffirm our progressive dividend policy for the second year, signalling our intent to progressively reward shareholders as the business continues to develop."
1pm will release its full-year results on September 25.
Shares in 1pm were 1.9% higher at 26.75 pence each in London on Tuesday afternoon.
Related Shares:
OPM.L