Time Finance’s chief executive expressed confidence in the group’s future growth, highlighting the positive trading results. For the financial year ending on 31 May 2024, the AIM-listed independent specialist finance provider recorded a 20 per cent increase in revenue, reaching £33 million, up from £27.6 million in the previous period. Pre-tax profits saw a significant rise of 38 per cent, totalling £5.8 million compared to £4.2 million the previous year.
The company’s lending book also showed strong performance, growing by 18 per cent to £200 million, marking the 12th consecutive quarter of growth. The increase in revenue was largely attributed to the growth in the Invoice Finance division and the ‘Hard Asset’ subset within the larger Asset division. These areas, which focus on larger-ticket, more secured lending, now make up over 75 per cent of the group’s total lending book.
Ed Rimmer, the chief executive, expressed his delight in the trading update, stating that the full-year results reflect the ongoing success of the group’s strategy. He praised the team’s hard work and the group’s clear strategic focus, which have enabled them to achieve growth despite broader macroeconomic challenges. Rimmer also noted the strong demand for finance from UK businesses, which remain resilient.
Rimmer emphasised that the pleasing performance was achieved by maintaining appropriate margins, robust underwriting, and a wide spread of risk. This strategy, he believes, positions the group well for future growth and increasing shareholder value.
The group is set to publish its audited final results, along with its annual report and financial statements for the financial year ending 31 May 2024, on 25 September 2024. Time Finance operates from its head office in Bath and has additional offices in Reading, Manchester, and Warrington.
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.
