The information contained within
this announcement is deemed by the Company to constitute inside
information as stipulated under the Market Abuse Regulations (EU)
No. 596/2014 as amended by regulation 11 of the Market Abuse
(Amendment) (EU Exit) Regulations 2019/310. Upon the publication of
this announcement via Regulatory Information Service, this inside
information is now considered to be in the public
domain.
25 September 2024
Time
Finance plc
("Time
Finance", the "Group" or the "Company")
Q1
Trading Update
Record
Quarterly Revenues, Net Tangible Assets and Lending Book
Time Finance plc, the AIM listed
independent specialist finance provider is pleased to announce the
following update on the Group's trading performance for the first
quarter of the current financial year covering the three months to
31 August 2024.
Unaudited Q1 financial
highlights:
·
Own-Book lending origination up 9% to £22.1m
(Prior Year Q1: £20.2m)
·
Revenue up 20% to £9.1m (Prior Year Q1:
£7.6m)
·
Profit before Tax up 46% to £1.9m (Prior Year Q1:
£1.3m)
·
Net Tangible Assets up 14% to £40.1 at 31 August
2024 (31 August 2023: £35.2m)
·
Gross lending-book up 17% to £205.3 at 31 August
2024 (31 August 2023: £175.8m)
·
Net Arrears are stable at 5% of the gross lending
book at 31 August 2024 (31 August 2023: 6%)
·
Net Bad Debt Write-Offs remain at 1% of the
average lending book, unchanged from the same date one year
prior
As targeted in the Company's
four-year strategic plan (announced in June 2021), lending book
growth has continued to be driven by both the Invoice Finance
division and the 'Hard' subset of the wider Asset division. Both of
these products are in the secured lending arena and provide scope
for larger average deal sizes.
Ed Rimmer, Chief Executive Officer
commented:
"As we enter the final year of our
four-year medium-term strategic plan, I am very encouraged that the
first quarter of the new financial year continues to deliver
increased growth in our lending book, our Net Tangible Assets, our
Revenues and our Profit Before Tax. The lending book has now seen
consistent increases for thirteen consecutive quarters, reflecting
the demand for our multi-product offering and the value placed on
our first-class customer service by UK businesses seeking access to
finance. Pleasingly, our net arrears and net bad debt write-offs
are well within our target ranges and underline our commitment to
responsible and sustainable lending. The Board, therefore, retains
real confidence that the Group is positioned for further growth and
will build increased value for its shareholders over
time.
"The continued strong performance
highlights the benefits of the four-year plan we implemented in
2021. With an eye firmly on the future and building on this
momentum, management is focused on establishing a new medium-term
strategy that will commence from June next year and guide the
Company's next period of growth. I look forward to updating our
shareholders on that plan towards the end of this calendar
year."
The Company will deliver a live
presentation relating to this trading update and the simultaneously
released 2024 Results announcement via the Investor Meet Company
platform at 1pm BST today. Existing and potential shareholders can
sign up to Investor Meet Company for free and add to meet Time
Finance plc via:
https://www.investormeetcompany.com/time-finance-plc/registerinvestor
For further information, please
contact:
Time Finance plc
Ed Rimmer, Chief Executive Officer
01225 474230
James Roberts, Chief Financial
Officer
01225 474230
Cavendish Capital Markets (NOMAD and
Broker)
Ben Jeynes / Dan Hodkinson
(Corporate Finance)
0207 220
0500
Michael Johnson / George Budd /
Charlie Combe (Sales and ECM)
Walbrook PR
0207
9338780
Nick Rome / Joe Walker
Timefinance@walbrookpr.com
About Time
Finance:
Time Finance's purpose is to help UK
businesses thrive and survive through the provision of flexible
funding facilities. It offers a multi-product range for SMEs
concentrating on Asset, Loan and Invoice Finance. While focussed on
being an 'own-book' lender, the Group does retain the ability to
broke-on deals where appro-priate, enabling it to optimize business
levels through market and economic cycles.
More information is available on the
Company website: www.timefinance.com.
