Time Finance PLC on Wednesday reported increased annual profit and revenue despite ‘macro-economic headwinds’.
Time Finance is an asset, loan and invoice finance provider for small and medium enterprises based in Bath, England.
Time Finance posted a 41% increase in pretax profit to £5.9 million for the year ended May 31, from £4.2 million a year before.
The firm reported that annual revenue increased by 20% to £33.2 million, from £27.6 million a year before.
Annual earnings per share rose by 30% to 4.8 pence, from 3.7p a year before.
It attributed this to growth in own-book lending, with a 25% increase in own-book deal origination to £91.6 million for the financial year, from £73.4 million a year before.
The company noted that there was no final dividend, unchanged year-on-year.
Time Finance also reported a strong first quarter of the current financial year.
Time Finance said pretax profit increased by 46% to £1.9 million for the quarter that ended August 31, from £1.3 million a year before.
Quarterly revenue increased by 20% to £22.1 million, up from £20.2 million a year before.
The firm noted that own-book lending origination rose 9% to £22.1 million in the period, from £20.2 million a year before.
Looking ahead,Time Finance expects trading for the current year to be ‘at least’ in line with market expectations.
The company noted that the current financial year is the final year of the firm’s four-year strategy and it will focus on establishing a new ‘medium-term strategy’ from June 2025.
Chief Executive Officer Ed Rimmer commented:‘Great strides forwards have been taken in both of our core divisions - Asset Finance and Invoice Finance - which have seen significant increases in their lending books while, crucially, adhering to strong portfolio management and control.
He continued: ’Our brand has continued to grow and be enhanced within our key introducer base and the focus on recruiting high-calibre staff has continued. The Group, therefore, remains very well positioned and there is real optimism in our ability to continue to increase shareholder value.‘
Time Finance shares were down 3.2% to 54.40 pence each in London on Wednesday afternoon.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
