REG - Time Finance PLC - H1 Trading Update & Notice of Interim Results

Time FinanceAnnouncement

15/12/2021 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20211215:nRSO6652Va&default-theme=true

RNS Number : 6652V  Time Finance PLC  15 December 2021

15 December 2021

 

 

Time Finance plc

("Time Finance", the "Group" or the "Company")

 

Half Year Trading Update

&

Notice of Interim Results

 

Time Finance plc, the AIM listed independent specialist finance provider, is
pleased to issue the following update on the Company's trading performance for
the six month period ended 30 November 2021, ahead of the publication of its
Interim Results which are scheduled for release on 20 January 2022.

 

In line with its strategic objectives, the Group has continued to experience
positive trading momentum regarding lending origination on its own-book, with
the Board and management team remaining focussed on the Group's recovery from
the impact of the pandemic.

 

The Group's balance sheet strengthened further during the period, with
unaudited Net Tangible Assets at 30 November 2021 of more than £29m. Deals in
arrears are at their lowest levels since the fourth quarter of 2018, and no
deals remain in forbearance as a result of the impact of the pandemic.
Furthermore, the Company's gross lending book increased from its 31 May 2021
level of £116m to approximately £121m as at 30 November 2021.

 

Notwithstanding this positive momentum, it is clear that the economic effects
of the pandemic continue to overshadow many of the sectors of the economy.
Consequently, the Board remains both vigilant and cautious as to the potential
impact that further economic uncertainty or additional government restrictions
could have on the Group.

 

 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)  0207 397 8900

 Julian Morse (Sales)

 Walbrook PR                                 0207 933 8780
 Paul Vann / Nicholas Johnson                07768 807631
                                             paul.vann@walbrookpr.com (mailto:paul.vann@walbrookpr.com)

 

 

 

 

 

About Time Finance:

Time Finance's strategy is to focus on providing or arranging the finance UK
SMEs require to fund their businesses and arranging vehicle and
property-backed finance for consumers. The multi-product range for SMEs
includes asset, vehicle, loan and invoice finance facilities. The Group
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 (http://www.timefinance.com) .

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014 (as amended), which forms part of domestic UK law
pursuant to the European Union (Withdrawal) Act 2018. Upon publication of this
announcement via a Regulatory Information Service, this inside information is
now considered to be in the public domain.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTUSSARAOUUAUA