Arbuthnot Latham has reported a pre-tax profit for 2018 of £14.6 million, a year on year increase of 33 percent.

However, underlying profit increased by 25 percent when the impact of the one off adjustment to the management earn out liability for Renaissance Asset Finance (RAF) and the investment made in new business ventures are excluded.

“At the time when the acquisition of RAF was completed, the future liability for the management earn out was estimated to be the maximum permitted under the sale and purchase agreement,” the firm explained in its results statement. “This liability has now been reassessed and £...