Time Finance reported a 19 per cent increase in revenues, reaching £15.7 million for the six months ended 30 November.
The company attributed this growth to a strong demand from businesses across the UK for its range of alternative finance products.
Financial highlights included a 29 per cent rise in own-book lending origination to £47.3 million during the first half of 2023/24 and a 24 per cent increase in the gross lending book, reaching a record £188.6 million as of 30 November 2023.
The positive trading momentum continued throughout December 2023, boosting confidence that full-year trading will meet or exceed the Board’s expectations.
Tanya Raynes, Non-Executive Chair, commented: “These results show that our focus on own-book lending continues to deliver a strong trading performance. This is particularly encouraging given the wider economic headwinds and demonstrates UK SMEs’ robust demand for funding from a truly customer-focused, multi-product provider of finance like ourselves.
The strategic positioning of the Group within the market has enabled it to generate increasing levels of demand whilst also maintaining control of credit and spread risk. As a result, the Group is well-positioned to deliver further growth and increased value to our shareholders. We look forward to being able to report on further progress at the year-end.”
Time Finance plc (LON:TIME) is an AIM-listed business specialising in the provision or arrangement of funding solutions to UK businesses seeking to access the finance they need to realise their growth plans. Time Finance can fund businesses or arrange funding with their trusted partners through Asset Finance, Invoice Finance, Business Loans, Vehicle Finance or Asset Based Lending.
