Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has announced its unaudited interim results for the six-months ended 30 November 2022. The Interims reflect the success of the Group’s own-book lending strategy and its focus on core lending products to UK SMEs, resulting in the Lending Book reaching an all-time high of over £150m at the period end.
Financial Highlights:
· Own-Book lending origination up 27% to £36.6m during H1 2022/23 (H1 2021/22: £28.9m)
· Gross lending-book up 27% to £152.7m as at 30 November 2022 (30 November 2021: £120.5m)
· Revenue up 12% to £13.2m (H1 2021/22: £11.8m)
· Profit before Tax (“PBT”) up 67% to £2.0m (H1 2021/22: £1.2m)
· Net deals in arrears reduced to 6% of the gross lending book as at 30 November 2022 (30 November 2021: 9%)
· Net Assets up 3% to £59.7m as at 30 November 2022 (30 November 2022: £58.2m)
· Net Tangible Assets up 8% to £32.1 as at 30 November 2022 (30 November 2021: £29.6m)
· Strong visibility of future earnings with unearned income up 32% to £18.9m as at 30 November 2022 (30 November 2022: £14.3m)
· Earnings Per Share up 62% to 1.73 pence per share (H1 2021/22: 1.07pps)
· Continued positive trading momentum throughout December 2022 gives the Board confidence that full year trading will be significantly ahead of market expectations, with PBT for the full year now expected to be not less than £3.2m
Commenting on the Interim Results, Tanya Raynes, Time Finance Non-Executive Chair, said:
“These Interims demonstrate the successful implementation of our stated strategy of being an own-book lender focussed on our three core Business to Business activities. Significant growth in the period has been achieved whilst maintaining our margin, controlling credit and spreading risk as UK businesses continue to value our focus on customer service and our multi-product funding solutions. The Board is committed to further increasing shareholder value through the stated strategy and, despite the current wider macro-economic headwinds, looks forward to the second half of the financial year with cautious optimism.”
