Specialist lender saw revenues soar to £24m in last nine months
Bath specialist lender Time Finance saw revenues rise by 20 per cent to £24m over the last three months.
The company said its performance in the first half has been maintained throughout the third quarter of the current financial year.
Continued strong demand from UK businesses for the group’s multi-product offering is driving further growth in own-book lending origination which has contributed to a record gross lending book of more than £190m at the end of February 2024.
Profit before tax was up 40% to £4.2m and the company said it has strong visibility of future earnings with unearned income up 27 per cent to £24.6m.
Ed Rimmer, chief executive, said: “These results demonstrate that the group’s multi-product range combined with its focus on customer service continue to resonate with UK businesses.
“Despite the well-publicised, wider macro-economic ‘headwinds’, the Group has produced another strong trading performance in Q3 whilst, crucially, maintaining its strict focus on credit risk and spread. I am particularly pleased that the profit generated in the first nine months of the current financial year has already surpassed the level achieved for the whole of the previous year. Such continuing positive trading momentum gives the Board confidence that full-year trading will be at least in line with the market expectations as upgraded on 5 March 2024.
“The group remains extremely well positioned to deliver further growth and I look forward to reporting on yet more progress at our financial year-end and on delivering increased value for all of our shareholders.”
