Time Finance well positioned to build value for its shareholders

Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has provided a trading statement in respect of the Group’s performance for the six-month period ended 30 November 2022 and ahead of the scheduled release of the Group’s H1 2022/23 unaudited Interim Results on 26 January 2023.

H1 2022/23 Highlights

·    Gross lending-book at 30 November 2022 of £152.7m. An increase of 27% over the H1 2022/23 comparative (30 November 2021: £120.5m) and a 12% increase over FY 2021/22 (31 May 2022: £136.8m)

·    Own-Book lending origination during H1 2022/23 of £36.6m, an increase of 27% over the previous year (H1 2021/22: £28.9m)

·    Revenue of £13.2m, an increase of 12% (H1 2021/22: £11.8m)

·    Profit before Tax of £2.0m, an increase of 67% (H1 2021/22: £1.2m)

·    Net deals in arrears at 30 November 2022 amounted to 6% of the gross lending book, reduced  from 9% at 30 November 2021 and 7% at 31 May 2022

·    Net Tangible Assets at 30 November 2022 of £32.1m. An increase of 8% over 30 November 2021 comparative of £29.6m and a 5% increase over the FY 2021/22 year-end position at 31 May 2022 of £30.5m

·    Ongoing positive trading momentum resulting in expectation of Group trading for the full year to be at least in line with market expectations

With the continued growth in the Group’s lending-book in line with the Company’s stated strategy, the Board is pleased to report that H1 2022/23 has seen an increase in both revenues and profits. The growth in the lending book has particularly focussed on larger deal-sizes and on the more secured lending areas of the Company’s multi-product range, specifically the Invoice Finance division and the ‘Hard’ area of the Asset division.

Ed Rimmer, Time Finance Chief Executive Officer commented:

“Performance during the first half of the current financial year has been particularly pleasing, with the expected results for the first half now beginning to demonstrate the benefits of the Group’s own-book lending strategy and focus on core Business to Business activities introduced in June 2021.

We continue to experience growing levels of demand for finance from UK businesses, who value our multi-product range of funding solutions and the quality of our people-focussed service levels. This continued positive trading momentum gives the Board real confidence that the Group is well positioned to build value for its shareholders.”

Click to view all articles for the EPIC:
Or click to view the full company profile:
Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn

More articles like this

Business optimism must remain the Chancellor’s priority

As the Chancellor prepares to deliver the 2023 Spring Statement, Ed Rimmer, Chief Executive Officer at Time Finance, shares his predictions for this year’s ‘mini budget’ and what businesses need to see from the Government to boost growth and

Aim-listed Time Finance raises profit forecast

Bosses at alternative finance provider Time Finance have raised profit expectations for a second time this year, after reporting “significant increases” in its lending book and revenues. In a set of results for the nine months to the

Time Finance Profit Before Tax up 172%

Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has provided a trading update for the nine-months ended 28 February 2023. These results reflect the continued success of streamlining the Group to focus on core, own-book

Cash flow issues in business

Businesses need to keep capital moving throughout their operations in order to fulfil their orders, provide services, manage suppliers, and pay staff.  So what happens when a cash flow problem gets in the way?  Although it seems that

Late Invoice Payments: What To Do?

When it comes to late invoice payments, we know that business owners often feel like they are stepping on eggshells. Trying to balance the books with optimal cash flow situation while maintaining relationships with customers is a tricky

The ultimate guide to Cashflow Financing

Everyone knows that cash flow is one of the most important things to consider when running a business – but what about cash flow financing and funding? In this guide, our team of experts will give you the ins

Time Finance lending book reaches all-time high of over £150m

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

Alternative lender announces record lending book

Time Finance, an alternative lender based in Reading, UK, has reported a record lending book of £152.7 million as it continues to grow its revenue and profits. During the first half of its financial year, which ended in

Time Finance reports record high lending book

Time Finance has reported a 12% increase in revenue to £13.2m and a 67% increase in pre-tax profits to £2m in the six months to November 2022. Additionally, the company’s lending book has reached a record high of

2023: A close eye on cashflow and a renewed focus

Ed Rimmer, Chief Executive Officer at Time Finance, shares his predictions on what 2023 will bring for businesses and the key trends to expect this year.  As businesses close the door on a year that brought them challenge after

No more posts to show