Time Finance plc (LON:TIME), the AIM-listed independent specialist finance provider, has announced the renewal and expansion of its invoice finance funding facility with NatWest. The facility has been increased to £65 million, with £55 million fully committed and an additional £10 million available through an accordion feature. This capital will be dedicated to funding UK businesses through the company’s growing invoice finance division, Time Invoice Finance (TIF).
The expanded facility reflects Time Finance’s robust growth trajectory. Since launching its four-year strategic plan in June 2021, TIF has seen significant demand, with funds advanced to clients rising by over 170% to £68 million by the end of August 2024. This facility will help meet the increasing needs of SMEs seeking dependable financing solutions.
Financially, Time Finance is well-positioned for future growth. With a market capitalisation of £56.2 million and an enterprise value of £55.3 million, the company’s liquidity remains healthy, with cash reserves of £1.59 million and net debt standing at £0.28 million. The company is capitalising on strong momentum, showing a 23.0% sales growth for FY 2024, reaching £33.2 million in revenue. Operating profit also saw a significant increase, up 41.7% to £6 million.