Time Finance PLC Q1 Trading Update (6554N)
26 September 2023 - 4:00PM
UK Regulatory
TIDMTIME
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 GBP20.2m (Q1 2022/23: GBP15.7m)
-- Revenue up 21% to GBP7.6m (Q1 2022/23: GBP6.3m)
-- Profit before Tax up 44% to GBP1.3m (Q1 2022/23: GBP0.9m)
-- The lending-book continues to grow; increasing 3% to
GBP175.8m since year-end (31 May 2023: GBP170.1m) and 23% from 12
months prior (31 August 2022: GBP142.8m)
-- 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 GBP35.2m (31 May 2023: GBP34.2m) and 13% from 12 months
prior (31 August 2022: GBP31.3m)
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
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 .
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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END
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