Time Finance PLC on Friday saw pretax profit more than double in the first half, as it now expects full year results ‘at least’ in line with market expectations.

For the six months ended November 30, the Bath, England-based finance provider to small & medium businesses reported pretax profit of £2.0 million, up 67% from £1.2 million a year ago.

Revenue also increased, up 12% at £13.2 million from £11.8 million a year ago.

The company’s gross lending book was recorded at £152.7 million, up 27% from 120.5 million the year prior, and by 12% from £136.8 million in May.

Time Finance attributed the growth in its lending book to a focus on higher value deals over the period, and to the more secure lending areas within its multi-product range.

‘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,’ said Chief Executive Officer Ed Rimmer.

‘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,’ Rimmer added.

Time Finance shares were trading 11% higher at 21.00 pence per share on Friday morning in London.

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