Time Finance reports Record Revenue and Profit Growth for FY 2023/24

Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has issued the following trading update for the financial year ended 31 May 2024. In FY 2023/24, the Company delivered significant increases across its key performance indicators, with revenue and profitability ahead of market expectations.

The results reflect the continued success of the Company’s strategic focus on own-book lending to UK businesses. This approach has seen the Lending Book reach an all-time high of c£200m.

Unaudited financial highlights:

·   20% increase in Revenue to £33.0m (FY 2022/23: £27.6m)

·   38% increase in Profit Before Tax to £5.8m (FY 2022/23: £4.2m)

·   Own-Book deal origination up 25% to £91.5m (FY 2022/23: £73.4m)

·   Gross lending-book up 18% to £200m at 31 May 2024 (31 May 2023: £170m)

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