Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider has provided a trading statement in respect of the Group’s performance for the six-month period ended 30 November 2022 and ahead of the scheduled release of the Group’s H1 2022/23 unaudited Interim Results on 26 January 2023.
H1 2022/23 Highlights
· Gross lending-book at 30 November 2022 of £152.7m. An increase of 27% over the H1 2022/23 comparative (30 November 2021: £120.5m) and a 12% increase over FY 2021/22 (31 May 2022: £136.8m)
· Own-Book lending origination during H1 2022/23 of £36.6m, an increase of 27% over the previous year (H1 2021/22: £28.9m)
· Revenue of £13.2m, an increase of 12% (H1 2021/22: £11.8m)
· Profit before Tax of £2.0m, an increase of 67% (H1 2021/22: £1.2m)
· Net deals in arrears at 30 November 2022 amounted to 6% of the gross lending book, reduced from 9% at 30 November 2021 and 7% at 31 May 2022
· Net Tangible Assets at 30 November 2022 of £32.1m. An increase of 8% over 30 November 2021 comparative of £29.6m and a 5% increase over the FY 2021/22 year-end position at 31 May 2022 of £30.5m
· Ongoing positive trading momentum resulting in expectation of Group trading for the full year to be at least in line with market expectations
With the continued growth in the Group’s lending-book in line with the Company’s stated strategy, the Board is pleased to report that H1 2022/23 has seen an increase in both revenues and profits. The growth in the lending book has particularly focussed on larger deal-sizes and on the more secured lending areas of the Company’s multi-product range, specifically the Invoice Finance division and the ‘Hard’ area of the Asset division.
Ed Rimmer, Time Finance Chief Executive Officer commented:
“Performance during the first half of the current financial year has been particularly pleasing, with the expected results for the first half now beginning to demonstrate the benefits of the Group’s own-book lending strategy and focus on core Business to Business activities introduced in June 2021.
We continue to experience growing levels of demand for finance from UK businesses, who value our multi-product range of funding solutions and the quality of our people-focussed service levels. This continued positive trading momentum gives the Board real confidence that the Group is well positioned to build value for its shareholders.”
