Profits soar at Bath financial services firm
Bath lender Time Finance saw revenues increase by 17 per cent to £27.6m over the last 12 months.
As a result profit before tax was £4.2m an increase of 281 per cent.
The AIM listed company said its lending book of £170.1m increase by 24 per cent over the last 12 months.
The firm saw strong growth within both Invoice Finance division (lending increased 30 per cent over the previous year to £56m and in the “Hard Asset” offering within the Asset Finance division was up 55 per cent to £62m.
Business streamlining was completed with divestment of non-core, consumer mortgage brokerage.
Chief executive Ed Rimmer said: “The financial year to 31 May 2023 marked the halfway point in our four-year, medium-term strategic plan through to the end of May 2025. Our performance to date and the steps taken throughout the year suggest we are well on track to achieve our stated targets.
“The group remains very well positioned to take advantage of the opportunities that the market presents, whilst our gathering trading momentum provides real optimism in our ability to increase shareholder value through the delivery of our stated four-year strategy.”
The board continues to expect the group’s trading for the current financial year to 31 May 2024 to be in line with market expectations.