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

Time FinanceAnnouncement

16/12/2022 07:00

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RNS Number : 9179J  Time Finance PLC  16 December 2022

16 December 2022

 

Time Finance plc

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

 

Half-year Trading Statement

 

Notice of Interim Results and Investor Presentation

 

Significant growth in revenues and profits as lending book reaches all-time
high

 

Time Finance plc, the AIM listed independent specialist finance provider is
pleased to provide a trading statement in respect of the Group's performance
for the six-month period ended 30 November 2022 ("H1 2022/23") and ahead of
the scheduled release of the Group's H1 2022/23 unaudited Interim Results on
26 January 2023.

 

H1 2022/23 Highlights

 

·    Gross lending-book at 30 November 2022 of £152.7m. An increase of
27% over the H1 2022/23 comparative (30 November 2021: £120.5m) and a 12%
increase over FY 2021/22 (31 May 2022: £136.8m)

·    Own-Book lending origination during H1 2022/23 of £36.6m, an
increase of 27% over the previous year (H1 2021/22: £28.9m)

·    Revenue of £13.2m, an increase of 12% (H1 2021/22: £11.8m)

·    Profit before Tax of £2.0m, an increase of 67% (H1 2021/22: £1.2m)

·    Net deals in arrears at 30 November 2022 amounted to 6% of the gross
lending book, reduced  from 9% at 30 November 2021 and 7% at 31 May 2022

·    Net Tangible Assets at 30 November 2022 of £32.1m. An increase of 8%
over 30 November 2021 comparative of £29.6m and a 5% increase over the FY
2021/22 year-end position at 31 May 2022 of £30.5m

·    Ongoing positive trading momentum resulting in expectation of Group
trading for the full year to be at least in line with market expectations

 

With the continued growth in the Group's lending-book in line with the
Company's stated strategy, the Board is pleased to report that H1 2022/23 has
seen an increase in both revenues and profits. The growth in the lending book
has particularly focussed on larger deal-sizes and on the more secured lending
areas of the Company's multi-product range, specifically the Invoice Finance
division and the 'Hard' area of the Asset division.

 

Ed Rimmer, Chief Executive Officer commented:

 

"Performance during the first half of the current financial year has been
particularly pleasing, with the expected results for the first half now
beginning to demonstrate the benefits of the Group's own-book lending strategy
and focus on core Business to Business activities introduced in June 2021.

 

We continue to experience growing levels of demand for finance from UK
businesses, who value our multi-product range of funding solutions and the
quality of our people-focussed service levels. This continued positive trading
momentum gives the Board real confidence that the Group is well positioned to
build value for its shareholders."

 

Notice of Interim Results and Investor Presentation

 

The Company is also pleased to announce that Ed Rimmer, CEO, and James
Roberts, CFO, will deliver a live presentation covering the H1 2022/23 Interim
Results via the Investor Meet Company platform at 12.30pm on Thursday the 26
January 2023 following the publication of the Interim Results earlier that
same day.

 

The presentation is open to all existing and potential shareholders. Questions
can be submitted pre-event via the Investor Meet Company dashboard up until
9am the day before the meeting or at any time during the live presentation.
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
(https://www.investormeetcompany.com/time-finance-plc/register-investor) .
Investors who already follow Time Finance plc on the Investor Meet Company
platform will automatically be invited.

 

 

 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 / Joe Walker                      07768 807631
                                             timefinance@walbrookpr.com

 

About Time Finance:

Time Finance's core strategy is to provide the finance UK SMEs require to fund
their businesses. It offers a multi-product range for SMEs including asset,
loan, invoice and vehicle 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) .

 

 

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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