Time Finance has reported record revenue and profit growth for the first half of the year, while its lending book has seen 14 consecutive quarters of growth.
The AIM-listed specialist lender saw its revenue rise by 16 per cent to £18.2m in the six months ending 30 November 2024. Profits before tax were up by 44 per cent to £3.9m.
Meanwhile, the company’s gross lending book rose to a record £209.4m – an 11 per cent year on year increase.
Net arrears accounted for five per cent of the gross lending book, down from six per cent a year previously. Net bad debt write-offs were stable at one per cent.
“The board are very encouraged by the performance in the first half of the current financial year,” said Ed Rimmer, chief executive of Time Finance.
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“In line with our strategy, we have continued to increase the size of our lending book and, crucially, have done so without compromising on credit quality.
“This is borne out by the stable nature of both our arrears and our write-offs. This approach, combined with a renewed focus on margins, has led to significant increases in both revenues and profitability, both of which are record figures for the first half of a financial year.
“We have real confidence that the group is well placed to continue on this growth trajectory, building long-term value for our shareholders.”
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Since June 2021, Time Finance has been focused on increasing the size of its lending book by primarily focusing on invoice finance and the ‘hard’ subset of asset finance.
The firm shared that these core areas accounted for approximately 85 per cent of new deal volume during the first half of its 2024/25 corporate year, and made up 77 per cent of the total lending book by the end of November. This compares with 51 per cent of new deal volume origination and 52 per cent of the total lending book in 2021.
Rimmer said that he will update shareholders on the firm’s future strategy through to May 2028 in the first quarter of next year.
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