Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has provided the following trading update for the nine-month period ended 29 February 2024. The Group’s robust performance in the first half has been maintained throughout the third quarter of the current financial year. Continued strong demand from UK businesses for the Group’s multi-product offering is driving further growth in own-book lending origination which has contributed to a record gross lending book of more than £190m at the end of February 2024. This is the eleventh consecutive quarter of loan book growth for the Company.
Unaudited 9 month 2023/24 financial highlights:
· Own-Book lending origination up 25% to £66.0m (9M 2022/23: £52.9m)
· Revenue up 20% to £24.0m (9M 2022/23: £20.0m)
· Profit Before Tax (“PBT”) up 40% to £4.2m (9M 2022/23: £3.0m)
· Strong visibility of future earnings with unearned income up 27% to £24.6m at 29 February 2024 (28 February 2023: £19.4m)