Time Finance, a business lender based in Bath, has made significant progress, reporting record quarterly revenues. The company’s share price has tripled since implementing a new strategy in 2021, and recent figures reflect the ongoing success of its four-year plan.
For the three months leading up to August, the lender achieved a 20% increase in revenue, while pre-tax profits jumped by 46%. These quarterly figures build on the overall strong performance for the financial year, with total revenue for the year to May reaching £33.2 million, an increase of 20%, and pre-tax profits rising by 41% to £5.9 million.
Chief executive Ed Rimmer highlighted the benefits of the company’s strategy, describing the results as evidence of their long-term vision coming to fruition. He noted that Time Finance is already looking towards the future, with plans to introduce a new medium-term growth strategy starting from June next year.
Rimmer expressed encouragement about the financial year so far, pointing to growth in the lending book, net tangible assets, revenues, and profit before tax. The lending book has experienced consistent growth for thirteen consecutive quarters, demonstrating ongoing demand for Time Finance’s multi-product offering and strong customer service.
Additionally, Rimmer emphasised the company’s commitment to responsible lending, with net arrears and bad debt write-offs remaining within target ranges. He saw these figures as a reflection of their sustainable approach to business, aimed at providing reliable access to finance for UK enterprises.
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.
