Time speeds up as profits increase by 35%

Time Finance is on schedule with its four-year strategic plan that focuses on growing its lending book to increase revenues.

Pre-tax profits have clocked in at £2.7m for the six months to November – with the 35% increase outpacing the 19% improvement in revenues, which reached £15.7m.

Time’s chief executive Ed Rimmer said he was “very encouraged” by the performance of the AIM-listed company.

“In line with our strategy, we have continued to increase the size of our lending book and, crucially, have done so without compromising on quality, as borne out by the stable nature of our arrears,” he said.

“This approach has led to increased revenues and profitability. We now have real confidence that the group is very well placed to continue on this growth trajectory, building long-term value for our shareholders.”

The Bath-based finance business said the increase in revenue “is attributable to the compounding effect of continued growth in the size of the lending book”.

This has been driven by two typically-larger products – invoice finance and the “hard” subset of asset finance – which have accounted for 80% of new deal volume originated in the first half of the financial year.