Specialist lender sees profits soar by a third over last six months

Specialist lender Time Finance saw profits increase by more than a third in the last six months.

The Bath firm said trading in the last six months reflects the continued strong demand from businesses across the UK for the range of alternative finance products offered by the Group.

Revenues were up 19 per cent to £15.7m and  profit before tax was  up 35 per cent to £2.7m.

Net Assets were up seven per cent to £63.9m  and the company said there was continued positive trading momentum throughout December 2023.

The board said it has significant confidence that full year trading will be at least in line with expectations.

Tanya Raynes, non-executive chair, said: “These results show that our focus on own-book lending continues to deliver a strong trading performance. This is particularly encouraging given the wider economic headwinds and demonstrates UK SMEs’ robust demand for funding from a truly customer-focussed, multi-product provider of finance like ourselves.

“The strategic positioning of the Group within the market has enabled it to generate increasing levels of demand whilst also maintaining control of credit and spread risk. As a result, the Group is well positioned to deliver further growth and increased value to our shareholders. We look forward to being able to report on further progress at the year-end.”