Time Finance PLC - finance provider to small and medium businesses - Issues trading update for financial year ended May 31. Says it delivered ‘significant increases’ across its key performance indicators, with revenue and profitability ahead of market expectations. Revenue jumps 20% to £33.0 million from £27.6 million a year earlier. Pretax profit surged 38% to £5.8 million from £4.2 million.

Chief Executive Ed Rimmer says: ‘To have delivered such growth, despite wider macroeconomic headwinds, is testament to the hard work of our team, to the clear focus on our strategy and the strong demand for finance from UK businesses which continue to prove remarkably robust. What is especially pleasing is that the performance is based on maintaining appropriate margins, underwriting robustly and in keeping a wide spread of risk. As a result, I am confident the group is well positioned for future growth and in delivering further increased shareholder value.’

Current stock price: 40.45 pence, down 7.9% in London on Thursday

12-month change: up 50%

Copyright 2024 Alliance News Ltd. All Rights Reserved.