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PosSol directors’ pay soars

The salary of the highest-paid Positive Solutions director more than doubled in 2007 to £722,000 from £308,000 in the previous year.

The collective remuneration package of Positive Solutions directors increased from £890,000 in 2006 to £2.15m in 2007, but the firm declined to reveal which director received the highest pay packet.

Over 2007, directors Neil Johnson, David Harrison, Mark Henderson and Richard Clarke resigned from their executive roles to set up technology company True Potential and Jim Reeve was appointed chief executive.

Henderson says that neither he nor any of the other True Potential directors were the recipient of the top salary.

Positive Solutions operating profits of £2.8m for the year, compared with a loss of £843,000 in 2006. Pre-tax profits before a £2.7m accounting charge for the firm’s partnership scheme, were £6.7m. There is also a grant of £813,000 to True Potential for the development of a support platform for the company.

Reeve says the rise in directors’ remuneration was partly due to overlap between the old and new leadership and one-off bonuses reflecting increased workload.

He says the firm increased its cash reserves to £27m by the end of 2007 and the company is now considering acquisitions.

Reeve says: “There are a number of fairly large players who are finding conditions very difficult and do not have the same level of financial flexibility as we do. There will be mergers and acquisitions and we see ourselves in a dominant position as an acquisitor.”

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