Time Finance reports 14 consecutive quarters of growth

AIM-listed specialist finance provider Time Finance has reported a stellar performance in its half-year trading statement for the six months ended 30 November 2024. The Group announced record-breaking results in revenue, profits, and lending book growth, marking 14 consecutive quarters of expansion.

Time Finance achieved impressive growth in the first half of the year, with revenue surging 16% to £18.2 million (H1 2023/24: £15.7 million) and Profit Before Tax (PBT) jumping 44% to £3.9 million (H1 2023/24: £2.7 million). The PBT margin improved significantly to 21%, compared to 17% in the prior year. The company’s gross lending book reached a record high of £209.4 million, reflecting an 11% year-on-year increase, while net tangible assets grew by 14% to £41.5 million. Credit quality remained stable, with net arrears and bad debt write-offs holding steady at 5% and 1%, respectively, of the lending book.

The Company attributes its robust growth to its strategic focus on Invoice Finance and the “Hard” subset of Asset Finance, which now represent approximately 77% of the total lending book—up significantly from 52% at the start of its four-year strategic plan in June 2021. These areas accounted for 85% of new deal volumes in the first half of FY2024/25.

“In line with our strategy, we have continued to increase the size of our lending book and, crucially, have done so without compromising on credit quality. This is borne out by the stable nature of both our arrears and our write-offs. This approach, combined with a renewed focus on margins, has led to significant increases in both revenues and profitability, both of which are record figures for the first half of a financial year.

“We have real confidence that the Group is well placed to continue on this growth trajectory, building long-term value for our shareholders, and I look forward to updating our shareholders on our future strategy through to May 2028 in Q1 of 2025,” he added.