Specialist business lender Time Finance has increased first-half profits by 44% as it reaps the rewards of its long-term strategy to increase the size of its lending book.<\/p>\n
The Bath-based lender has now seen 14 consecutive quarters of growth in its lending book and Time Finance’s chief executive Ed Rimmer said he has “real confidence that the group is well placed to continue on this growth trajectory”.<\/p>\n
The AIM-listed company’s results released today are new highs for its lending book, first-half revenues and first-half profits. This run of success is reflected in the company’s share price, which has increased 300% since October 2022.<\/p>\n
It generated pre-tax profits of \u00a33.9m as revenues grew 16% to \u00a318.2m in the six months to November.<\/p>\n
Rimmer added: “In line with our strategy, we have continued to increase the size of our lending book and, crucially, have done so without compromising on credit quality. This is borne out by the stable nature of both our arrears and our write-offs.<\/p>\n
“This approach, combined with a renewed focus on margins, has led to significant increases in both revenues and profitability, both of which are record figures for the first half of a financial year.”<\/p>\n","protected":false},"excerpt":{"rendered":"
14 consecutive quarters of growth drive revenues and profits to new highs<\/p>\n","protected":false},"author":18,"featured_media":905,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120781,120667],"coauthors":[81],"class_list":["post-18161","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","category-smes","tag-bristol-and-bath","tag-top-story"],"yoast_head":"\n