REG - Time Finance PLC - Final Results
24/09/2025 07:00
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RNS Number : 4889A Time Finance PLC 24 September 2025
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24 September 2025
Time Finance plc
("Time Finance", the "Group" or the "Company")
Final Results for the year ended 31 May 2025
Record Revenues, Profit Before Tax, Net Tangible Assets and Lending Book
Time Finance plc, the AIM listed independent specialist finance provider is
pleased to announce its audited final results for the year ended 31 May 2025.
Commenting on the results, Tanya Raynes, Non-executive Chair, said:
"The Group's financial performance over the final year of our four-year
strategy was particularly strong. Despite wider macro-economic headwinds,
Revenue, Profit Before Tax, and Earnings Per Share all saw double-digit
growth, with PBT and EPS both showing growth in excess of 30%. The Balance
Sheet has also continued to strengthen with the lending book and Net Tangible
Assets hitting record highs at 31 May 2025, while arrears and write-offs
remain controlled. As a result, the Group remains well positioned to continue
to increase shareholder value."
Financial Highlights:
• Revenue of £37.1m (FY2324: £33.2m), an increase of 12%
• Profit Before Tax ("PBT") of £7.9m (FY2324: £5.9m), an increase of 34%
· Earnings per share ("EPS") (fully diluted) of 6.3pps (FY2324: 4.8pps), an
increase of 31%
• Deal origination of £96.5m (FY2324: £91.6m), an increase of 5%
• Lending book of £217.4m at 31 May 2025 (31 May 2024: £201.2m), an
increase of 8%
• Consolidated Net Assets at 31 May 2025 of £71.8m (31 May 2024: £66.1m),
an increase of 9%
• Consolidated Net Tangible Assets at 31 May 2025 of £44.1m (31 May 2024:
£38.6m), an increase of 14%
• Future visibility of earnings with unearned income of £26.6m (31 May
2024: £25.4m), an increase of 5%
• Net arrears stable at 5% of the gross lending book at 31 May 2025 (31 May
2024: 5%)
• Net Bad Debt Write-Offs stable at 1% of the average lending book (31 May
2024: 1%)
Operational Highlights:
· Strong growth in secured lending with both the 'Hard' subset of the Asset
Finance division and the Invoice Finance division up 31% to £111m and 8% to
£70m respectively year-on-year
• Supportive funding partners with available lending headroom at 31 May 2025
of over £85m
• Consistent ratio of Own-Book to Broked-On lending at 97% vs 3% during the
year (97% vs 3% in the prior year)
• Largest ever client facility provided during the year of £4.5m
• Asset Finance solutions expanding into new markets with launch of
specialist Materials Handling team
• Active lending under the UK Government's Growth Guarantee Scheme ("GGS")
• Continued focus on spread and diversification with no single industry
sector making up more than 15% of the lending book, and the top ten sectors
less than 35% of the book
Ed Rimmer, Chief Executive Officer, added:
"Both from a financial and operational perspective I am very pleased with the
performance of the Group over the course of our four-year strategic plan which
concluded with the financial year under review. During that four-year period
our lending book has grown from £113m to £217m; our Revenue from £24m to
£37m, PBT from £2m to £8m, and Net Tangible Assets from £29m to £44m. At
the same time arrears have fallen from 12% to 5% and secured lending, namely
Invoice Finance and Hard Asset Finance, has moved from 52% to 83% of the total
lending book. Our brand has continued to grow amongst our key introducer base,
we have a highly capable and driven team, and the business has been
simplified. We can now look forward as we embark on our new, three-year plan
through to May 2028 with great optimism."
Outlook
The Board confirms that it continues to expect the Group's trading for the
current financial year ending 31 May 2026 to be at least in line with
market expectations.
Notice of Investor Presentation
As previously announced, the Company will deliver a live presentation relating
to these FY2425 full-year audited results and the simultaneously released Q1
2025/26 Trading Update announcement via the Group's investor website at 1pm
BST today. The presentation is open to all existing and potential shareholders
who can sign up via:
https://investors.timefinance.com/webinars/oPB5mr-fy-results-2024-2025-webinar
(https://investors.timefinance.com/webinars/oPB5mr-fy-results-2024-2025-webinar)
.
For more information and the chance to have your questions directly answered
by the management team, please head to our interactive investor hub via:
https://investors.timefinance.com/s/71ba43
(https://investors.timefinance.com/s/71ba43) . Here you will find all company
news and additional content to further explain Time Finance's strategy and
developments.
Ends
For further information, please contact:
Time Finance plc 01225 474230
Ed Rimmer (CEO) / James Roberts (CFO ir@timefinance.com
Cavendish (NOMAD and Broker) 0207 220 0500
Ben Jeynes / Teddy Whiley (Corporate Finance)
Michael Johnson / Matt Lewis (Sales and ECM)
Walbrook PR 0207 933 8780
Nick Rome / Joe Walker Timefinance@walbrookpr.com
Subscribe to our news alert service:
https://investors.timefinance.com/auth/signup
(https://investors.timefinance.com/auth/signup)
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 primarily concentrating on Asset Finance 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
(http://www.timefinance.com) , and the interactive investor hub,
https://investors.timefinance.com (https://investors.timefinance.com) .
Chair's Report - For the year ended 31 May 2025
Since our last annual report, the ongoing economic and political turmoil felt
across the UK and global markets, continues to impact business investment
decisions and consumer confidence.
The recent tariffs imposed by the US under the Trump administration are
expected to have limited direct effect for the UK economy, but indirectly
there is the likely impact of international supply chain disruptions and a
slowing of global economic growth. Whilst the outlook for the UK economy is
stable inflation and modest interest rate cuts to the end of 2025, recent
policy and fiscal measures have resulted in an uplift to the costs of
employment, placing further stress on UK SMEs at a time when increased energy
costs and other inflationary pressures had already placed great strain on
these businesses.
Against this backdrop, the relevance of our purpose and values is abundantly
evident as we continue to provide flexible funding solutions that are central
to our customers' ability to thrive and survive through these challenging
times.
This financial year saw the conclusion of our four-year strategy that was
launched in June 2021, with successful delivery of our key targets including
growth of the book, a refocus towards predominantly secured and own-book
lending, and profitability returning to pre-Covid levels. We are delighted to
report Revenue of £37.1m (2024: £33.2m) with Profit Before Tax of £7.9m
(2024: £5.9m) and fully diluted Earnings Per Share of 6.3p (2024: 4.8p). Our
balance sheet continued to strengthen during the year with Net Tangible Assets
rising to £44.1m (2024: £38.6m). With net deal arrears remaining broadly
consistent in the 5% to 6% of gross exposure target range, we are comfortable
that our credit risk policy continues to appropriately balance the needs of
both our customers and our business.
Our strong financial performance reflects the strategic decision to pursue
growth through aggressive own book lending targets. This is facilitated by
utilising our available cash resources to leverage our funding facilities to
maximum effect. Our lending objectives remain focused on the growth of
shareholder value rather than dividend distribution. Hence, we continue to
view cash resources as being best deployed to support lending growth rather
than being used for dividend payments. This will be kept under regular review.
Our strategy
Time Finance is recognised as an alternative finance provider offering highly
relevant and flexible business finance products to a diverse base of UK SMEs.
Our core products are primarily Asset Finance and Invoice Finance, further
details are set out in the Chief Executive Officer's Report.
Our Purpose is to "help UK businesses to thrive and survive"- supporting the
needs and ambitions of UK SMEs is at the centre of everything we do.
With the conclusion of our four-year strategy as at 31 May 2025, we rolled out
a new three-year strategy, "Continuing the Journey", which has different
themes but builds on the model we have created, adopting an "evolution, not
revolution" approach to ensure we can continue to deliver for our
shareholders.
The strategy has 4 key focus areas: lending book growth, resilient lending,
operational efficiencies, and the leveraging of our brand. We want to continue
to add scale to our lending book as this drives revenues, profit and future
earnings. Further increases to the percentage of our book represented by
secured lending, alongside enhanced systems and risk management resources,
provides us with a platform to keep control of arrears whilst we pursue growth
of both book size and average deal value. Our Business Improvement function is
driving process and system improvements that will result in reducing our
cost-to-income ratio and also make us easier to do business with - key to our
core values and operational efficiency targets. In addition, using our brand
equity to ensure the market is aware of what we can offer and how we
differentiate ourselves is central to our future performance.
Governance and culture
The business operates in a stringent regulatory environment and a key
responsibility for the Board is to ensure that strong and effective governance
operates throughout the Group. The Board has four sub-committees, namely
'Audit', 'Remuneration', 'Nomination', and 'Risk'. Membership comprises only
of non-executive directors with the committees meeting on a regular basis and
include engagement with the senior management team to ensure governance is
both informed and robust.
Our culture within Time Finance is a fundamental pillar of our long-term
success, with our values representing a cohesive and relevant statement of who
we are and what we stand for. Our values - putting People First, being Bold,
being Flexible, and being Genuine - set a clear framework to guide our daily
behaviours and decisions, enabling delivery of excellent outcomes for our
customers.
Environmental, Social and Governance ("ESG") principles are also part of our
business strategy. Our initiatives include creating an inclusive and
supportive working environment for our colleagues, supporting our local
communities, reducing our environmental impact, and investing in systems and
training to enhance the sustainability and resilience of our operations.
Our people
The professionalism, ambition and resilience of our colleagues continues to
define our business and underpin our achievements. I extend our deepest
thanks, on behalf of the Board, for their commitment and performance
throughout the year.
I would also like to thank Ed Rimmer, our CEO, and James Roberts, our CFO, for
their leadership, dedication and delivery of our strategic agenda throughout
the year.
During the year, Time Finance was recognised as one of the best UK companies
to work for, being awarded the Best Companies 1-Star accreditation. This is a
significant achievement and one that all our colleagues should be proud of. We
have used the feedback from the accreditation process to feed into our
programme of continuous improvement initiatives.
The generosity and community spirit of the team at Time Finance has continued
to significantly benefit local charities and causes in a way that is truly
impactful and inspiring. I find myself, yet again, genuinely humbled by these
commitments and achievements.
Outlook
Our financial results for the year to 31 May 2025 are ahead of our initial
expectations and as we head into this first year of "Continuing the Journey",
our core focus remains unchanged:
· Look after our customers' needs in a responsible and agile way
· Support and empower our people to be the best they can be
· Enable strong and sustainable growth of the business
· Deliver excellent outcomes for all our stakeholders
.
With the range of financial products and spread of lending across multiple
business sectors, we are confident Time Finance has no overweight dependence
on any specific business category. Our balance sheet continues to strengthen,
and along with our funding facilities, provides access to cash resources that
are sufficient for our current growth plans. Hence, we feel very positive
about the future performance of the business.
I would like to express my gratitude to our shareholders for their continued
support on our journey, and I look forward to updating on the progress with
our strategy as Time Finance continues to play a key role within the vital
community of UK SMEs.
Tanya Raynes - Chair
Chief Executive Officer's Report - For the year ended 31 May 2025
Introduction
Time Finance is a multi-product, alternative finance provider to UK SMEs,
predominantly funding transactions on its own book, but with the ability to
broke-on business that falls outside of its credit policy. The core product
offerings are Asset Finance, Invoice Finance, Commercial Loans and Asset Based
Lending.
The trading period was the final year of the four-year strategic plan put in
place in the aftermath of the COVID-19 pandemic in June of 2021. Given the
significant uncertainty that still existed at that time, I am delighted with
the progress the business has made, which is reflected in our financial
results. The turbulent market conditions outlined in the Chair's Report have
provided many challenges for SMEs but also good opportunities for independent
lenders such as Time Finance, who provide the flexibility that the differing
needs of small businesses across a wide range of sectors often require. With a
clear focus on providing exceptional levels of service to our clients,
customers and introducers, we have been able to firmly position the business
as a leading player in the "Tier 2", non-bank market.
The positive results achieved are due to the commitment and hard work shown by
all our colleagues across the business. During the year, we gained a "very
good" 1-star accreditation rating as one of the "Best Companies" to work for,
which we were particularly proud of. Part of our four-year plan was to
firmly embed our cultural values, which are outlined below, and I'm pleased to
say that these are all now very much apparent in the day-to-day workings of
the business. We are still very much a "people" business which SME clients,
customers and introducers continue to value highly; however, technology and
process improvements are playing an increasingly important role in making the
business more efficient. While this is a key part of our future strategy, it
is additive and we will remain personable and very much people focused.
Sustainable, robust business model
Time Finance has maintained sound operational principles designed to develop a
robust business including:
- a widely spread lending book with security taken to support lending
facilities and a suitable margin achieved on each deal to justify the risk
taken.
- fixed interest rates are charged for the term of the lending for
both the Asset Finance and Loan product offerings. Interest rates incurred on
borrowings drawn down are also fixed for the term in these divisions. Our
policy is, wherever possible, to match the term of borrowings drawn to the
term of lending provided to avoid interest rate exposure.
- underwriting is carried out by people as opposed to automated
systems for credit decisions. Although an essential element of the business's
development continues to be the deployment of IT systems and improved
efficiencies, it is essential that the end credit decisions are taken by
people, given the markets we operate in.
- a realistic approach to provisioning with total provisions carried
in the balance sheet at 31 May 2025 amounting to £4.1m, representing
approximately 2% of the net lending portfolio. A detailed internal review of
provisioning is undertaken on a quarterly basis, led by our Group Risk
Director and our CFO, and the recommendations made are presented to the Board
for approval.
Market positioning and new business origination
Time Finance provides the main finance products that UK SMEs require for their
day-to-day working capital requirements and fixed asset investments in order
to grow their businesses over the longer term. Since the global financial
crisis in 2008, the lending market has transformed with the traditional banks
no longer being the automatic port of call for small business finance. Many
alternative finance providers have emerged in the form of challenger banks,
fin-tech lenders and independent providers such as Time Finance, who generally
offer more flexibility and a higher level of focus on customer service. As we
are not a retail deposit taker, wholesale funding facilities are utilised at
competitive rates. In order to make an acceptable margin on lending, the
business chooses to operate in the "Tier 2" market segment, therefore serving
SMEs typically at the smaller end of the market.
New business own-book origination for the year to 31 May 2025 amounted to
£97m, 5% up on the £92m achieved the previous year. 97% of all origination
was funded on our own balance sheet with only 3% broked-on, which emphasises
the delivery of one of our key strategic objectives.
Financial results
Revenue for the year to 31 May 2025 was £37.1m, an increase of £4.0m (12%)
year-on-year. Profit before tax was £7.9m, a significant increase on the
previous year's total of £5.9m. Total gross receivables stood at £217m, a
record level, compared with £201m on 31 May 2024, reflecting an increase of
8% and a key part of our strategy to grow own-book lending. Total active
borrowing facilities as at 31 May 2025 amounted to £249m (2024: £196m), of
which £164m was drawn (2024: £130m). Consolidated Net Tangible Assets stood
at £44.1m (2024: £38.6m), an increase of 14%. Net cash and cash equivalents
held at 31 May 2025 was £5.0m (2024: £1.6m).
The strength of the balance sheet, together with its liquidity in the form of
available operational debt facilities for lending and cash held, ensure we are
well-placed to take advantage of future opportunities over the short to medium
term.
Operational progress
The year to 31 May 2025 saw the successful completion of our four-year
strategic plan. Over this period, we have moved from historically being a
"Soft" Asset lender, focused on very small deals, to a secured lender through
developing our "Hard" Asset proposition and further growing our Invoice
Finance offering. At the start of the plan in June 2021, 52% of our lending
book related to Hard Asset and Invoice Finance however this has increased to
83% by 31 May 2025. The average new "Hard" deal size has also increased from
£33,000 to £47,000 although, crucially, this has not been at the expense of
any increased concentration of risk with the lending book continuing to be
well spread, with the single largest client exposure representing less than 2%
of the book.
One of our key differentiators is our multi-product offering. We have,
therefore, focused heavily on providing Asset Based Lending Solutions ("ABL")
to both new and existing clients who require more than one of our product
offerings. The number of these deals continues to increase with a notable
transaction completed towards the end of the period; a £2.75m facility to a
third-generation family business comprising of £2.25m Invoice Finance and a
£500k loan secured by a commercial property.
The Invoice Finance division continued to deliver excellent financial results
and there were a number of notable achievements during the year. Record new
business deal numbers were achieved, including the aforementioned ABL
transaction, which represented the largest deal completed during the trading
year. Our Back-to-Back lending facility with NatWest was also renewed during
the period, increasing from £42m plus an £8m accordian to £55m plus a £10m
accordian, with an overall reduction in the rate also achieved. The turbulent
macro-economic conditions did though lead to an increase in insolvencies
across the wider SME market, with client attrition proving to be a drag on
client numbers growth.
The Asset Finance division also had a successful year, despite a number of
challenges to navigate. The high-profile Supreme Court ruling around
commission disclosure in the Motor Finance sector had a contagion effect on
the Asset Finance market, albeit the risk to Time Finance is minor given we
have never operated directly as a lender in this sector. The division also had
some disruption from moving premises in Warrington, although the new offices
now provide a much-improved working environment across an open plan space and
have helped in creating a vibrant culture in keeping with our values. A new
front-office system was also installed in the division during the later part
of the financial year which involved a significant amount of planning and
collaboration across the team. This is a major step forward in our Business
Improvement strategy in terms of improving efficiencies and available data
which we will look to replicate across the wider group as part of our new
three-year plan. Despite these challenges, the division still achieved record
Hard Asset new business volumes with an 18% increase on the previous year and
successfully delivered the overall financial budget for the year which was a
great achievement.
As mentioned above, Business Improvement has been a key focus during the year.
In addition to the new front-office system within the Asset Finance division
being deployed, a number of other projects have been delivered; all part of
our objective to expand the business with an improving cost:income ratio. We
have streamlined the number of credit reference agencies who supply us with
data and information, worked with our third party software providers in the
Invoice Finance division to develop a number of system upgrades to enhance the
client experience, started the process of developing a data warehouse to
improve the management information available across the group, and improved
our Anti-Money Laundering ("AML") and Know Your Customer ("KYC") checks.
During the year our colleagues across the business have continued to get
involved with many charitable events to support our chosen charity for the
year, "The Ben Saunders Foundation". Ben was a close friend of one of our
colleagues and tragically died from a rare form of cancer. Over £8,000 was
raised through various events including a 17 strong team football tournament
held in Manchester, bake off challenges, cross country runs and a "Tough
Mudder". The commitment and enthusiasm of all colleagues in supporting such
a special cause is truly inspiring.
The input from our Board throughout the year has been crucial in being able to
successfully deliver our four-year strategy and I am grateful for the support
and challenge they provide.
Culture, compliance and governance
Our purpose is "to help UK businesses thrive and survive" and we utilise our
cultural values to ensure effective delivery of this. These values are as
follows:
· We Put People First - we are a "people business", empowering all our
colleagues to make a difference
· We Are Bold - we have the courage to do things differently and make
the most of our opportunities.
· We Are Flexible - we have a can-do attitude and take a commercial
approach to business.
· We Are Genuine - integrity and transparency are at the heart of how we
build trust and foster great relationships
We are very focused on demonstrating these values through our day-to-day work
and behaviours, with our annual appraisal process enabling employees to
highlight examples where the values have been demonstrated as part of their
roles.
We continue to have high standards for compliance and governance for all our
activities, referenced to the principles and guidelines of the Financial
Conduct Authority and the codes of conduct of the relevant industry bodies.
All colleagues are required to act in accordance with our cultural values to
uphold the following:
· to act with integrity, due skill, care and diligence
· to be open and cooperative with regulators
· to pay due regard to the interests of customers and clients and
treat them fairly
Outlook
A new three-year strategic plan, with accompanying objectives and goals, has
now been launched. This will see further growth achieved across the business
with a focus on building on the good progress that has been developed over the
last four years. The business has been simplified and is positioned to deliver
further success in an environment where SMEs desperately require flexible
funding solutions that many larger lenders simply cannot provide. Time
Finance is positioned to fill this void, and I look forward to further
supporting SMEs across the UK and growing the value of our own business for
our shareholders.
Ed Rimmer - Chief Executive Officer
CONSOLIDATED INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
2025 2024
£'000 £'000
Revenue 37,094 33,180
Other Income 26 50
Total Revenue 37,120 33,230
Cost of Sales (15,441) (14,000)
GROSS PROFIT 21,679 19,230
Administrative expenses (13,805) (13,185)
Share-based payments (23) (61)
OPERATING PROFIT 7,851 5,984
Finance costs (333) (145)
Finance income 338 96
PROFIT BEFORE INCOME TAX 7,856 5,935
Income tax (1,994) (1,491)
PROFIT FOR THE YEAR 5,862 4,444
Profit attributable to: Owners of the parent company 5,862 4,444
Earnings per share expressed in pence per share
Basic 6.34 4.80
Diluted 6.34 4.80
PROFIT FOR THE YEAR 5,862 4,444
OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR 5,862 4,444
Total comprehensive income attributable to: Owners of the parent company 5,862 4,444
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 MAY 2025
ASSETS 2025 2024
NON-CURRENT ASSETS £'000 £'000
Goodwill 27,263 27,263
Intangible assets 374 226
Property, plant and equipment 330 286
Right-of-use property, plant and equipment 892 552
Trade and other receivables 78,822 70,015
Deferred tax 1,168 1,418
108,849 99,760
CURRENT ASSETS
Trade and other receivables 116,395 108,389
Cash and cash equivalents 4,970 1,590
Tax receivable 127 -
121,492 109,979
TOTAL ASSETS 230,341 209,739
EQUITY
SHAREHOLDERS' EQUITY
Called up share capital 9,252 9,252
Share premium 25,543 25,543
Employee shares 315 292
Treasury shares (1,065) (815)
Retained earnings 37,725 31,863
71,770 66,135
LIABILITIES
NON-CURRENT LIABILITIES
Trade and other payables 72,910 62,973
Financial liabilities - borrowings - 294
Lease liability 600 363
73,510 63,630
CURRENT LIABILITIES
Trade and other payables 84,337 78,303
Financial liabilities - borrowings 294 1,025
Tax payable - 288
Provisions 149 173
Lease liability 281 185
85,061 79,974
TOTAL LIABILITIES 158,571 143,604
TOTAL EQUITY AND LIABILITIES 230,341 209,739
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
Called up share capital Retained Earnings Share Premium Treasury Shares Employee Shares Total Equity
£'000 £'000 £'000 £'000 £'000 £'000
Balance at 31 May 2023 9,252 27,419 25,543 (770) 231 61,675
Total comprehensive income - 4,444 - - - 4,444
Transactions with owners
Purchase of treasury shares
Value of employee services - - - (45) - (45)
- - - - 61 61
Balance at 31 May 2024 9,252 31,863 25,543 (815) 292 66,135
Total comprehensive income - 5,862 - - - 5,862
Transactions with owners
Purchase of treasury shares
Value of employee services - - - (250) - (250)
- - - - 23 23
Balance at 31 May 2025 9,252 37,725 25,543 (1,065) 315 71,770
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2025
2025 2024
£'000 £'000
Cash generated from operations
Profit before tax 7,856 5,935
Depreciation & amortisation charges 525 434
Finance costs 333 145
Finance income (338) (96)
Loss on disposal of property, plant and equipment - 2
(Increase) in trade and other receivables (16,813) (28,027)
Increase in trade and other payables 15,972 23,247
Movement in other non-cash items (2) 38
7,533 1,678
Cash flows from operating activities
Interest paid (334) (145)
Tax paid (2,090) (1,703)
Net cash from operating activities 5,109 (170)
Cash flows from investing activities
Purchase of software, property, plant & equipment (543) (250)
Interest received 338 96
Net cash from investing activities (205) (154)
Cash flows from financing activities
Payment of lease liabilities (249) (233)
Loan repayments in year (1,275) (1,625)
Net cash from financing activities (1,524) (1,858)
Increase/(decrease) in net cash and cash equivalents 3,380 (2,182)
Net cash and cash equivalents at beginning of year 1,590 3,772
Net cash and cash equivalents at end of year 4,970 1,590
ACCOUNTING POLICIES
Basis of preparation
These financial statements have been prepared in accordance with UK-adopted
International Financial Reporting Standards ("IFRS") and by the International
Financial Reporting Interpretations Committee ("IFRIC") interpretations and
with those parts of the Companies Act 2006 applicable to companies reporting
under IFRS. The financial statements have been prepared under the historical
cost convention.
1. SEGMENTAL REPORTING
The Group provides a range of financial services and product offerings
throughout the UK and has two core trading divisions, namely: Asset Finance
and Invoice Finance. The Group's ancillary product offerings, Commercial Loans
and Vehicles fleet brokering are included within the Asset Finance segment as
they operate under the same management team, office locations and with the
same back-office teams. Asset Based Lending is included within the Invoice
Finance segment for the same reason.
The operating segments, therefore, reflect the Group's organisational and
management structures. The Group reports internally on these segments in order
to assess performance and allocate resources. The segments are differentiated
by the type of products provided.
The segmental results and comparatives are presented with intergroup charges
allocated to each division based on actual revenues generated. These
intergroup expenses are recharged at cost. "Other" largely comprises; plc
Board and listing costs, Marketing, Compliance, IT and Human Resource costs.
For the year ended 31 May 2025 Asset Invoice Finance Other £'000 TOTAL £'000
Finance £'000 £'000
Revenue 21,254 15,839 27 37,120
Cost of sales (11,580) (3,853) (8) (15,441)
GROSS PROFIT 9,674 11,986 19 21,679
Administrative expenses (5,571) (5,836) (2,398) (13,805)
Share-based payments (5) (2) (16) (23)
OPERATING PROFIT 4,098 6,148 (2,395) 7,851
Finance costs (318) (66) 51 (333)
Finance income 1 337 - 338
PROFIT BEFORE INCOME TAX 3,781 6,419 (2,344) 7,856
Intra-group recharges (1,248) (1,096) 2,344 -
PROFIT BEFORE INCOME TAX 2,533 5,323 - 7,856
Adjusted earnings before interest, tax, 3,786 6,421 (2,328) 7,879
exceptional items and share-based payments
Share-based payments (5) (2) (16) (23)
PROFIT BEFORE INCOME TAX 3,781 6,419 (2,344) 7,856
For the year ended 31 May 2024 Asset Invoice Finance Other £'000 TOTAL £'000
Finance £'000 £'000
Revenue 18,783 14,339 108 33,230
Cost of sales (10,456) (3,387) (157) (14,000)
GROSS PROFIT 8,327 10,952 (49) 19,230
Administrative expenses (5,935) (5,466) (1,784) (13,185)
Share-based payments (12) (5) (44) (61)
OPERATING PROFIT 2,380 5,481 (1,877) 5,984
Finance costs (31) (22) (92) (145)
Finance income 1 95 - 96
PROFIT BEFORE INCOME TAX 2,350 5,554 (1,969) 5,935
Intra-group recharges (1,051) (918) 1,969 -
PROFIT BEFORE INCOME TAX 1,299 4,636 - 5,935
Adjusted earnings before interest, tax, 2,362 5,559 (1,925) 5,996
exceptional items and share-based payments
Share-based payments (12) (5) (44) (61)
PROFIT BEFORE INCOME TAX 2,350 5,554 (1,969) 5,935
2. PROFIT BEFORE INCOME TAX
The profit before income tax is stated after charging:
2025 2024
£'000 £'000
Depreciation - owned assets 392 298
Computer software amortisation 133 136
Net credit loss charge 1,642 2,194
Funding facility interest charges 9,087 7,490
Introducer commissions 3,498 3,416
Fees payable to the Company's auditor for audit of Company's subsidiaries 73 71
Fees payable to the Company's auditor for the audit of the Company 20 19
3. DIVIDENDS
2025 2024
£'000 £'000
Ordinary shares £0.10 each
Final - -
Interim - -
Total - -
The Directors do not propose a final dividend relating to this financial
period (2024: 0.0p per share). Future dividends will be kept under review with
the next review expected at the time of the Interim results.
4. EARNINGS PER SHARE
Earnings per share is calculated by dividing the earnings attributable to
ordinary shareholders by the weighted average number of ordinary shares in
issue during the year. For diluted earnings per share, the weighted average
number of shares is adjusted to assume conversion of all dilutive potential
ordinary shares.
There are no dilutive items impacting the Group and, as such, the Basic EPS
and Diluted EPS are identical. Any share options that are vested are fully
expected to be met from the Group's Employee Benefit Trust. Therefore,
issuance of new shares is not expected to be required and as a result, there
is no associated dilution.
2025
Earnings Weighted average number of shares Per-share amount
£'000 pence
Basic EPS
Earnings attributable to ordinary shareholders 5,862 92,512,704 6.34
Diluted EPS
Adjusted earnings 5,862 92,512,704 6.34
2024
Earnings Weighted average number of shares Per-share amount
£'000 pence
Basic EPS
Earnings attributable to ordinary shareholders 4,444 92,512,704 4,.80
Diluted EPS
Adjusted earnings 4,444 92,512,704 4.80
5. PUBLICATION OF NON-STATUTORY ACCOUNTS
The financial information set out in this announcement does not comprise the
Group's statutory accounts for the years ended 31 May 2025 and 31 May 2024.
The financial information has been extracted from the statutory accounts of
the Group for the years ended 31 May 2025 and 31 May 2024. The auditors'
opinion on those accounts was unmodified and did not contain a statement under
section 498 (1) or 498 (3) Companies Act 2006 and did not include references
to any matters to which the auditor drew attention by the way of emphasis. The
statutory accounts for the year ended 31 May 2024 have been delivered to the
Registrar of Companies. Those for the year ended 31 May 2025 will be delivered
to the Registrar of Companies following the Company's Annual General Meeting.
6. ANNUAL REPORT AND ANNUAL GENERAL MEETING
The Annual Report and Accounts will be available from the Company's website,
www.timefinance.com (http://www.timefinance.com) , from 24 September 2025.
Notice of the Annual General Meeting, which will be held at the Apex City of
Bath Hote, BA1 2DA on 6 November 2025 at 10.30am will be communicated
electronically or posted to Shareholders.
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