Specialist finance provider Time Finance has announced a 20% revenue increase and significant operational growth for the fiscal year ended 31 May 2024.
The company’s revenue escalated to £33.2m, a substantial rise from the £27.6m recorded in the previous fiscal year.
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Profits before tax experienced a notable 41% increase, reaching £5.9m while earnings per share grew by 30%, amounting to 4.8p on a fully diluted basis.
The company said its own-book deal origination witnessed a 25% jump, totalling £91.6m.
Concurrently, its lending book expanded by 18%, culminating in £201.2m. The growth was also reflected in the company’s net assets, which increased by 7% to £66.1m, and net tangible assets, which rose by 13% to £38.6m.
Time Finance added that its balance sheet demonstrated further fortification, with unearned income reaching £25.4m, marking a 20% year-on-year increment.
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By GlobalDataAdditionally, the company reported a reduction in net deals in arrears to 5%, and net bad debt write-offs improved to 1% of the average lending book, a decrease from the previous year’s 2%.
On the operational front, the proportion of own-book lending rose slightly to 97%. The invoice finance division reported a 16% increase in lending to £65m while the hard asset segment within the asset finance division saw a significant 37% rise to £85m.
The company also noted the establishment of supportive funding partnerships, with lending headroom surpassing £65m at the fiscal year’s end.
Moreover, Time Finance secured accreditation as a lending partner under the UK Government’s Growth Guarantee Scheme.
Looking ahead, Time Finance’s Board anticipates that trading for the upcoming financial year ending 31 May 2025 will align with or surpass market expectations, buoyed by sustained growth and effective portfolio management.
Commenting on the performance, Time Finance CEO Ed Rimmer said: “Both from a financial and operational perspective, I am very pleased with the performance of the Group. We have made great strides in our core divisions while maintaining strong portfolio management and control.
“Our focus on recruiting high-calibre staff and enhancing our brand within the introducer base has positioned us well for future growth.”
Non-executive chair Tanya Raynes said: “Despite macro-economic headwinds, our revenue, profit, and earnings per share all showed double-digit growth, outperforming market expectations.
“The group’s balance sheet continues to strengthen, and we remain confident in achieving the targets set in our 2021 strategic plan.”
