Record revenues continue as Time Finance’s strategy delivers results
Time Finance has speeded up its progress with record quarterly revenues building on the momentum it has generated through its four-year plan.
The Bath-based business lender set out a new strategy in 2021 and its share price has trebled in the past two years.
It has revealed a 20% increase in revenue in the three months to August with pre-tax profits up 46% for the quarter.
These figures match and improve the full-year performance that Time Finance has also shared with shareholders this morning. Revenues in the year to May were up 20% to £33.2m and pre-tax profits rose 41% to £5.9m.
Ed Rimmer, chief executive of Time Finance, said: “The continued strong performance highlights the benefits of the four-year plan we implemented in 2021. With an eye firmly on the future and building on this momentum, management is focused on establishing a new medium-term strategy that will commence from June next year and guide the company’s next period of growth.”
Rimmer said he was “very encouraged” that the financial year has started with “increased growth in our lending book, our net tangible assets, our revenues and our profit before tax”.
He added: “The lending book has now seen consistent increases for thirteen consecutive quarters, reflecting the demand for our multi-product offering and the value placed on our first-class customer service by UK businesses seeking access to finance.
“Pleasingly, our net arrears and net bad debt write-offs are well within our target ranges and underline our commitment to responsible and sustainable lending.”
