26 March 2024
Time
Finance plc
("Time
Finance", the "Group" or the "Company")
Q3
Trading Update
Eleventh
consecutive quarter of loan book growth
40%
increase in 9 month Profit over corresponding period; already in
excess of FY 2022/23 total
Time Finance plc, the AIM listed
independent specialist finance provider, is pleased to provide the
following trading update for the nine-month period ended 29
February 2024. The Group's robust performance in the first half has
been maintained throughout the third quarter of the current
financial year. Continued strong demand from UK businesses for the
Group's multi-product offering is driving further growth in
own-book lending origination which has contributed to a record
gross lending book of more than £190m at the end of February 2024.
This is the eleventh consecutive quarter of loan book growth for
the Company.
Unaudited 9 month 2023/24 financial
highlights:
· Own-Book lending
origination up 25% to £66.0m (9M 2022/23: £52.9m)
· Revenue up 20% to
£24.0m (9M 2022/23: £20.0m)
· Profit Before Tax
("PBT") up 40% to £4.2m (9M 2022/23: £3.0m)
·
Strong visibility
of future earnings with unearned income up 27% to £24.6m at 29
February 2024 (28 February 2023: £19.4m)
·
Gross lending-book up 21% to
£190.3m at 29 February 2024 (28 February 2023: £157.2m)
· Net Arrears
unchanged at 6% of the gross lending book at 29 February 2024 (28
February 2023: 6%)
· Net Tangible
Assets up 14% to £37.6m (28 February 2023: £33.0m)
Revenue continues to be driven by
strong growth in the larger-ticket, more secured lending areas of
Invoice Finance and the 'Hard Asset' subset of Asset
Finance.
Ed Rimmer, Chief Executive Officer
commented:
"These results demonstrate that the
Group's multi-product range combined with its focus on customer
service continue to resonate with UK businesses. Despite the
well-publicised, wider macro-economic 'headwinds', the Group has
produced another strong trading performance in Q3 whilst,
crucially, maintaining its strict focus on credit risk and spread.
I am particularly pleased that the profit generated in the first
nine months of the current financial year has already surpassed the
level achieved for the whole of the previous year. Such
continuing
positive trading momentum gives the Board confidence that full-year
trading will be at least in line with the market expectations as
upgraded on 5 March 2024.
The Group remains extremely well
positioned to deliver further growth and I look forward to
reporting on yet more progress at our financial year-end and on
delivering increased value for all of our shareholders."
The Group will provide an update on
trading for the full year to 31 May 2024 in late June
2024.
For further information, please
contact:
Time Finance
plc
01225 474230
Ed Rimmer, Chief Executive Officer
James Roberts, Chief Financial
Officer
Cavendish Capital Markets (Nominated
Advisor and
Broker)
0207 220 0500
Ben Jeynes / Dan Hodkinson
(Corporate Finance)
Michael Johnson / George Budd /
Charlie Combe (Sales and ECM)
Walbrook PR
0207 933 8780
Nick Rome/Joe
Walker
timefinance@walbrookpr.com
About Time
Finance:
Time Finance's purpose is to Help UK
Businesses Thrive and Survive through the provision of flexible
funding facilities. It offers a multi-product range for SMEs
concentrating on Asset, Loan and Invoice 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.
