Time Finance PLC H1 Trading Update & Notice of Interim Results (9179J)
December 16 2022 - 1:00AM
UK Regulatory
TIDMTIME
RNS Number : 9179J
Time Finance PLC
16 December 2022
16 December 2022
Time Finance plc
("Time Finance", the "Group" or the "Company")
Half-year Trading Statement
Notice of Interim Results and Investor Presentation
Significant growth in revenues and profits as lending book
reaches all-time high
Time Finance plc, the AIM listed independent specialist finance
provider is pleased to provide a trading statement in respect of
the Group's performance for the six-month period ended 30 November
2022 ("H1 2022/23") 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 GBP152.7m. An
increase of 27% over the H1 2022/23 comparative (30 November 2021:
GBP120.5m) and a 12% increase over FY 2021/22 (31 May 2022:
GBP136.8m)
-- Own-Book lending origination during H1 2022/23 of GBP36.6m,
an increase of 27% over the previous year (H1 2021/22:
GBP28.9m)
-- Revenue of GBP13.2m, an increase of 12% (H1 2021/22: GBP11.8m)
-- Profit before Tax of GBP2.0m, an increase of 67% (H1 2021/22: GBP1.2m)
-- 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 GBP32.1m. An
increase of 8% over 30 November 2021 comparative of GBP29.6m and a
5% increase over the FY 2021/22 year-end position at 31 May 2022 of
GBP30.5m
-- 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, 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 ."
Notice of Interim Results and Investor Presentation
The Company is also pleased to announce that Ed Rimmer, CEO, and
James Roberts, CFO, will deliver a live presentation covering the
H1 2022/23 Interim Results via the Investor Meet Company platform
at 12.30pm on Thursday the 26 January 2023 following the
publication of the Interim Results earlier that same day.
The presentation is open to all existing and potential
shareholders. Questions can be submitted pre-event via the Investor
Meet Company dashboard up until 9am the day before the meeting or
at any time during the live presentation. Investors can sign up to
Investor Meet Company for free and add to meet Time Finance plc
via:
https://www.investormeetcompany.com/time-finance-plc/register-investor
. Investors who already follow Time Finance plc on the Investor
Meet Company platform will automatically be invited.
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 / Joe Walker 07768 807631
timefinance@walbrookpr.com
About Time Finance:
Time Finance's core strategy is to provide the finance UK SMEs
require to fund their businesses. It offers a multi-product range
for SMEs including asset, loan, invoice and vehicle finance. While
focussed on being an 'own-book' lender, the Group does retain the
ability to broke-on deals where appropriate, enabling it to
optimize business levels through market and economic cycles.
More information is available on the Company website
www.timefinance.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310. Upon the publication of this announcement via Regulatory
Information Service, this inside information is now considered to
be in the public domain.
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