Time Finance, an AIM-listed finance provider, has revealed notable growth in both revenue and pre-tax profit in its final results for the year ending 31 May 2024. The group achieved a revenue of £33.2 million, a 20 per cent increase from £27.6 million in 2023. Pre-tax profit showed an even more impressive rise, climbing 41 per cent to reach £5.9 million, compared to £4.2 million the previous year.
Chief Executive Ed Rimmer expressed his satisfaction with the group’s performance, highlighting positive developments both financially and operationally. He pointed out that both the Asset Finance and Invoice Finance divisions have made substantial progress, with significant growth in their lending books. This expansion was achieved while maintaining strong portfolio management and control, a key focus for the company. Rimmer also mentioned the ongoing enhancement of the company’s brand and the successful recruitment of high-calibre staff, which positions the group favourably for future growth. He expressed confidence in the company’s ability to continue increasing shareholder value.
Non-executive Chair Tanya Raynes emphasised the group’s robust financial performance during the third year of its four-year strategy. She acknowledged the challenging macro-economic environment but noted that the company achieved double-digit growth in revenue, profit, and earnings per share. These results exceeded market expectations, and Raynes added that the company’s balance sheet had been further strengthened. Both the lending book and Net Tangible Assets reached record levels as of 31 May 2024 and have continued to grow in the current financial year. She reaffirmed confidence in meeting the targets set out in the strategic plan introduced in 2021.
Looking ahead, the company’s board remains confident that the trading performance for the current financial year, ending 31 May 2025, will at least meet market expectations. An update on the first quarter trading for the three months to 31 August 2024 also reflected the company’s continued success, with record revenues, net tangible assets, and lending book, alongside increased pre-tax profits.
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.
