Time Finance has reported document income and revenue progress for the primary half of the 12 months, whereas its lending ebook has seen 14 consecutive quarters of progress.
The AIM-listed specialist lender noticed its income rise by 16 per cent to £18.2m within the six months ending 30 November 2024. Income earlier than tax have been up by 44 per cent to £3.9m.
In the meantime, the corporate’s gross lending ebook rose to a document £209.4m – an 11 per cent 12 months on 12 months improve.
Internet arrears accounted for 5 per cent of the gross lending ebook, down from six per cent a 12 months beforehand. Internet unhealthy debt write-offs have been steady at one per cent.
“The board are very inspired by the efficiency within the first half of the present monetary 12 months,” mentioned Ed Rimmer, chief govt of Time Finance.
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“Consistent with our technique, we’ve got continued to extend the dimensions of our lending ebook and, crucially, have executed so with out compromising on credit score high quality.
“That is borne out by the steady nature of each our arrears and our write-offs. This method, mixed with a renewed deal with margins, has led to important will increase in each revenues and profitability, each of that are document figures for the primary half of a monetary 12 months.
“We now have actual confidence that the group is properly positioned to proceed on this progress trajectory, constructing long-term worth for our shareholders.”
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Since June 2021, Time Finance has been centered on rising the dimensions of its lending ebook by primarily specializing in bill finance and the ‘laborious’ subset of asset finance.
The agency shared that these core areas accounted for roughly 85 per cent of recent deal quantity in the course of the first half of its 2024/25 company 12 months, and made up 77 per cent of the overall lending ebook by the tip of November. This compares with 51 per cent of recent deal quantity origination and 52 per cent of the overall lending ebook in 2021.
Rimmer mentioned that he’ll replace shareholders on the agency’s future technique via to Might 2028 within the first quarter of subsequent 12 months.
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