Time Finance PLC H1 Trading Update & Notice of Interim Results (6652V)
December 15 2021 - 1:00AM
UK Regulatory
TIDMTIME
RNS Number : 6652V
Time Finance PLC
15 December 2021
15 December 2021
Time Finance plc
("Time Finance", the "Group" or the "Company")
Half Year Trading Update
&
Notice of Interim Results
Time Finance plc, the AIM listed independent specialist finance
provider, is pleased to issue the following update on the Company's
trading performance for the six month period ended 30 November
2021, ahead of the publication of its Interim Results which are
scheduled for release on 20 January 2022.
In line with its strategic objectives, the Group has continued
to experience positive trading momentum regarding lending
origination on its own-book, with the Board and management team
remaining focussed on the Group's recovery from the impact of the
pandemic.
The Group's balance sheet strengthened further during the
period, with unaudited Net Tangible Assets at 30 November 2021 of
more than GBP29m. Deals in arrears are at their lowest levels since
the fourth quarter of 2018, and no deals remain in forbearance as a
result of the impact of the pandemic. Furthermore, the Company's
gross lending book increased from its 31 May 2021 level of GBP116m
to approximately GBP121m as at 30 November 2021.
Notwithstanding this positive momentum, it is clear that the
economic effects of the pandemic continue to overshadow many of the
sectors of the economy. Consequently, the Board remains both
vigilant and cautious as to the potential impact that further
economic uncertainty or additional government restrictions could
have on the Group.
For further information, please
contact:
Time Finance plc
Ed Rimmer, Chief Executive Officer 01225 474230
James Roberts, Chief Financial Officer 01225 474230
Cenkos Securities plc (NOMAD and
Broker)
Ben Jeynes / Max Gould (Corporate
Finance)
Julian Morse (Sales) 0207 397 8900
Walbrook PR 0207 933 8780
Paul Vann / Nicholas Johnson 07768 807631
paul.vann@walbrookpr.com
About Time Finance:
Time Finance's strategy is to focus on providing or arranging
the finance UK SMEs require to fund their businesses and arranging
vehicle and property-backed finance for consumers. The
multi-product range for SMEs includes asset, vehicle, loan and
invoice finance facilities. The Group operates a "hybrid" lending
and broking model enabling it to optimize business levels through
market and economic cycles. More information is available on the
Company website www.timefinance.com .
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END
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