REG - Time Finance PLC - Q1 Trading Update

Time FinanceAnnouncement

26/09/2023 07:00

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RNS Number : 6554N  Time Finance PLC  26 September 2023

26 September 2023

 

Time Finance plc

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

 

Q1 Trading Update

Revenue and Profit growth continues to gather momentum

 

Time Finance plc, the AIM listed independent specialist finance provider is
pleased to announce the following update on the Group's trading performance
for the first quarter of the current financial year which ended on 31 August
2023.

 

Unaudited financial highlights:

 

·    Own-Book lending origination up 29% to £20.2m (Q1 2022/23: £15.7m)

·    Revenue up 21% to £7.6m (Q1 2022/23: £6.3m)

·    Profit before Tax up 44% to £1.3m (Q1 2022/23: £0.9m)

·    The lending-book continues to grow; increasing 3% to £175.8m since
year-end (31 May 2023: £170.1m) and 23% from 12 months prior (31 August 2022:
£142.8m)

·    Net Arrears remain stable at 6% of the gross lending book (6% at 31
May 2023 and 6% 12 months prior at 31 August 2022)

·    Net Tangible Assets also continue to increase; up 3% since year-end
to £35.2m (31 May 2023: £34.2m) and 13% from 12 months prior (31 August
2022: £31.3m)

 

The increase in revenue is a result of the continued growth in the lending
book and its compounding nature. As outlined in the Company's strategic plan,
the lending book growth is driven by both the Invoice Finance division and the
'Hard' subset of the wider Asset division. Both these areas operate in the
more secured lending arena and with larger average deal sizes.

 

Ed Rimmer, Chief Executive Officer commented:

 

"As we enter the second half of our four-year medium-term strategic plan, I am
very encouraged that the first quarter of the new financial year has delivered
continued growth in both revenue and profits. These results are driven by the
increasing size of our lending book, which has now grown consistently for over
twenty-four months. Such growth reflects both the demand for our multi-product
offering; the value placed on our excellent customer service, and also the
robust nature and resilience of small and medium sized businesses across the
UK. The Board has real confidence that the Group remains well positioned to
continue on its growth trajectory and to build long-term value for its
shareholders".

 

The Company will deliver a live presentation relating to this trading update
and the simultaneously released 2023 Results announcement via the Investor
Meet Company platform at 1pm BST today. Existing and potential shareholders
can sign up to Investor Meet Company for free and add to meet Time Finance plc
via: https://www.investormeetcompany.com/time-finance-plc/registerinvestor
(https://www.investormeetcompany.com/time-finance-plc/registerinvestor)

 

For further information, please contact:

 

Time Finance plc

Ed Rimmer, Chief Executive Officer
 
01225 474230

James Roberts, Chief Financial Officer
 
01225 474230

 

Cavendish Securities plc (NOMAD and Broker)

Ben Jeynes / Charlie Combe (Corporate Finance)
                                             0207
220500

Michael Johnson / George Budd (Sales)

 

Walbrook PR
 
                                0207 9338780

Paul Vann / Joe Walker
 
                       07768 807631

        paul.vann@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
(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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