Time Finance plc, the AIM-listed independent specialist finance provider, has announced a strong Q3 trading update for the nine-month period ended 28 February 2025, with record levels of revenue, profit before tax, and gross lending book.
The Group reported a 40% year-on-year increase in profit before tax to £5.9 million, already matching the full-year total achieved in the previous financial year. Revenue rose 14% to £27.3 million, while its gross lending book reached a record £210 million, marking the fifteenth consecutive quarter of loan book growth.
CEO Ed Rimmer hailed the results as a significant milestone for the Company. “To be able to report all-time record nine-month levels of both Revenue and Profit Before Tax is particularly pleasing,” he said.
“As is the fact that the profit generated in the first nine months of the current financial year has already surpassed the level achieved for the whole of the previous year. To have made these strides forward without compromising on credit quality, as shown by the consistent and stable nature of our arrears and our write-offs, is another key performance indicator that we are proud of.”
Time Finance attributed its performance to continued high demand from UK businesses for its multi-product funding offering, underpinned by a strategic shift towards more secured lending. Invoice Finance and ‘Hard’ Asset Finance made up 91% of new lending volume in the period and now represent 81% of the total lending book—up sharply from 52% prior to the strategy’s launch.
Other key indicators also showed resilience and discipline in lending practices. Net arrears improved to 5%, and bad debt write-offs remained stable at 1%. The company’s net tangible assets rose 14% to £43.0 million, while deferred income increased to £26.4 million, providing strong visibility of future earnings.
As the Company nears the conclusion of its current four-year strategy, it is preparing to enter a new three-year growth plan through to May 2028. With momentum continuing into the final quarter, the Board expects full-year performance to be at least in line with recently upgraded market guidance.
“The Group remains well placed to continue building long-term value for all our shareholders,” Rimmer added.
