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Flotation provision puts PosSol in red

Positive Solutions chief executive Jim Reeve says potential flotation costs for his firm were behind the PosSol/Origen combined £2m losses for the first six months of this year.

Aegon’s first-half results show PosSol and Origen lost a combined £2m in the first half compared with a profit of £2m in the first half of last year.

But Reeve says the firm made a £3.2m provision for future costs of a potential flotation in the first half of the year which would account for the loss. He says the business is still generating significant levels of trading profit.

Aegon says the losses are caused by a number of investments made into both businesses and market volatility.

Head of corporate media Lesley McPherson says: “Both businesses remain in good shape and have had significant investment made in them in recent times. For example, Positive Solutions has set up its own academy recently while Origen has been improving standards across the business, while also setting up a research deal with Old Broad Street Research to provide its own investment expertise. We remain committed to both groups as they look to grow.”

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