REG - Time Finance PLC - Trading Update

Time FinanceAnnouncement

09/11/2023 07:15

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RNS Number : 8675S  Time Finance PLC  09 November 2023

09 November 2023

 

Time Finance plc

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

 

Trading Update

 

Full-year results expected to be ahead of market expectations

 

Time Finance plc, the AIM listed independent specialist finance provider,
announces that it has continued to enjoy positive trading momentum throughout
the first five months of the 2023/24 financial year and confirms that the
Company will provide a scheduled trading update in respect of H1 2023/24 on 20
December 2023.

 

Given this positive momentum year-to-date, which includes the lending book
reaching a record high of approximately £180 million as at 31 October 2023
and arrears remaining static despite the wider macro-economic environment, the
Board now has increased confidence that Group performance for the 2023/24
full-year will be ahead of current market expectations(1). Profit before tax
for the full year is now expected to be not less than £5.4m.

 

 

1.     FY2023/24 market expectations as at the date of this announcement
of £30.1m of revenue and £5.0m of profit before tax.

 

 

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 / Dan Hodkinson (Corporate Finance)
                                               0207
220 0500

Michael Johnson / George Budd / Charlie Combe (Sales and ECM)

 

Walbrook PR
 
                                  0207 933 8780

Paul Vann / Joe Walker
 
                          07768 807631

timefinance@walbrookpr.com

 

This announcement contains inside information.

 

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) .

 

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