Independent finance specialist reports 67 per cent increase in profits
Specialist funder Time Finance says revenues increased by 12 per cent to £13.2m in the first half of last year.
The Bath company are listed on the AIM market and specialise in providing support to SMEs.
As a result of the increase in revenues profit before tax was up by 67 per cent to £2m.
The company posted its interim results and said that trading will be significantly ahead of market expectations with profit before tax for the full year now expected to be not less than £3.2m
Time offers a multi-product range for SMEs concentrating on asset, loan and invoice finance.
It is primarily a lender for the working capital requirements of UK businesses, but it can also act as a broker in arranging funding.
Chief executive Ed Rimmer said: “I am extremely pleased to report this set of Interim financial results with good progress, both strategically and financially, having been made in the first half of the financial year.
“The group remains committed to its medium-term strategy which it firmly believes will lead to increased shareholder value over time. The focus on our key initiatives – core product own-book lending, investing in improved IT infrastructure to enable the business to scale more easily and maximising our multi-product offering – continues apace.
“Taking into account the wider macro-economic and geo-political concerns, the board is pleased with these interim financial results and also with the operational progress made during the first half of the current financial year.
“The strategic plan remains on-track and the group has continually shown its operational resilience, balance sheet strength and liquidity throughout.
“Furthermore, and whilst remaining vigilant and cautious as to the potential impact that further economic uncertainty could have on the group, the board is confident that the results for the full-year will now be ahead of current market expectations.”