Time Finance PLC Own-Book Update, Notice of Results, Pres & AGM (0622M)
September 12 2023 - 1:00AM
UK Regulatory
TIDMTIME
RNS Number : 0622M
Time Finance PLC
12 September 2023
12 September 2023
Time Finance plc
("Time Finance", the "Group" or the "Company")
Own-Book Lending Portfolio Update
Notice of Results, Investor Presentation and AGM
Lending Book grows to all-time high of more than GBP175m
Time Finance plc, the AIM listed specialist finance provider, is
pleased to provide the following update on the performance of its
lending book portfolio. Increasing the Company's own-book lending
forms a key pillar of the Group's medium-term growth strategy,
announced in June 2021, which targets a more than doubling of the
lending portfolio by 31 May 2025.
The Company also confirms key dates in the 2023 financial
calendar.
Own-book lending growth continues in line with medium-term
strategy
As at 31 August 2023, the unaudited value of the Group's lending
portfolio reached a record high of GBP175.8m, ahead of the level
expected by management at this stage of the four-year medium-term
plan. The lending portfolio stands 4% higher than the 31 May 2023
financial year-end level of GBP168.9m and 18% up on the prior year
equivalent level of GBP142.9m as at 31 August 2022.
Notice of Results, Investor Presentation and Annual General
Meeting
As announced on 29 June 2023, the Group is planning to announce
its audited annual results for the year ended 31 May 2023 on
Tuesday 26 September 2023. The Company will also provide an update
in respect of trading in Q1 2023/24 at that time.
Chief Executive Officer, Ed Rimmer, and Chief Financial Officer,
James Roberts, will deliver a live presentation relating to the
audited annual results and the Q1 trading update via the Investor
Meet Company platform at 1.00pm BST on 26 September 2023. The
presentation is open to all existing and potential shareholders and
questions can be submitted at any time during the live presentation
via the Investor Meet Company dashboard. 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 platform will automatically be invited.
The Company is also proposing to hold its Annual General Meeting
on Tuesday 7 November 2023. The notice convening the AGM will be
published in due course.
Ed Rimmer, Chief Executive Officer, commented:
"I am delighted to report continuing and consistent growth in
our own-book lending portfolio, a key area of focus in achieving
our medium-term strategy. Given the compounding nature of the
interest associated from own-book lending, the growth in the
portfolio will result in increasing income and profit streams over
the life of these deals as well as a further strengthening of our
balance sheet."
Change of Name of Nominated Adviser and Broker
The Company also announces that its Nominated Adviser and Sole
Broker has changed its name to Cavendish Securities plc following
completion of its own corporate merger.
For further information, please
contact:
Time Finance plc
Ed Rimmer, Chief Executive Officer 01225 474230
James Roberts, Chief Financial Officer 01225 474230
Cavendish Securities plc (NOMAD
and Broker) 0207 220 0500
Ben Jeynes / Charlie Combe (Corporate
Finance)
Michael Johnson / George Budd (Sales)
Walbrook PR 0207 933 8780
Paul Vann / Joe Walker 07768 807631
Timefinance@walbrookpr.com
About Time Finance:
Time Finance's core strategy is to focus on providing or
arranging the finance UK SMEs require to fund their businesses. It
offers a multi-product range for SMEs including asset, vehicle,
loan and invoice finance. While primarily an 'own-book' lender the
Group does 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 .
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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END
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