Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has announced its audited final results for the year ended 31 May 2025.
Commenting on the results, Tanya Raynes, Non-executive Chair, said:
“The Group’s financial performance over the final year of our four-year strategy was particularly strong. Despite wider macro-economic headwinds, Revenue, Profit Before Tax, and Earnings Per Share all saw double-digit growth, with PBT and EPS both showing growth in excess of 30%. The Balance Sheet has also continued to strengthen with the lending book and Net Tangible Assets hitting record highs at 31 May 2025, while arrears and write-offs remain controlled. As a result, the Group remains well positioned to continue to increase shareholder value.“
Financial Highlights:
• Revenue of £37.1m (FY2324: £33.2m), an increase of 12%
• Profit Before Tax (“PBT”) of £7.9m (FY2324: £5.9m), an increase of 34%
· Earnings per share (“EPS”) (fully diluted) of 6.3pps (FY2324: 4.8pps), an increase of 31%
• Deal origination of £96.5m (FY2324: £91.6m), an increase of 5%
• Lending book of £217.4m at 31 May 2025 (31 May 2024: £201.2m), an increase of 8%
• Consolidated Net Assets at 31 May 2025 of £71.8m (31 May 2024: £66.1m), an increase of 9%
• Consolidated Net Tangible Assets at 31 May 2025 of £44.1m (31 May 2024: £38.6m), an increase of 14%
• Future visibility of earnings with unearned income of £26.6m (31 May 2024: £25.4m), an increase of 5%
• Net arrears stable at 5% of the gross lending book at 31 May 2025 (31 May 2024: 5%)
• Net Bad Debt Write-Offs stable at 1% of the average lending book (31 May 2024: 1%)
Operational Highlights:
· Strong growth in secured lending with both the ‘Hard’ subset of the Asset Finance division and the Invoice Finance division up 31% to £111m and 8% to £70m respectively year-on-year
• Supportive funding partners with available lending headroom at 31 May 2025 of over £85m
• Consistent ratio of Own-Book to Broked-On lending at 97% vs 3% during the year (97% vs 3% in the prior year)
• Largest ever client facility provided during the year of £4.5m
• Asset Finance solutions expanding into new markets with launch of specialist Materials Handling team
• Active lending under the UK Government’s Growth Guarantee Scheme (“GGS”)
• Continued focus on spread and diversification with no single industry sector making up more than 15% of the lending book, and the top ten sectors less than 35% of the book
Ed Rimmer, Chief Executive Officer, added:
“Both from a financial and operational perspective I am very pleased with the performance of the Group over the course of our four-year strategic plan which concluded with the financial year under review. During that four-year period our lending book has grown from £113m to £217m; our Revenue from £24m to £37m, PBT from £2m to £8m, and Net Tangible Assets from £29m to £44m. At the same time arrears have fallen from 12% to 5% and secured lending, namely Invoice Finance and Hard Asset Finance, has moved from 52% to 83% of the total lending book. Our brand has continued to grow amongst our key introducer base, we have a highly capable and driven team, and the business has been simplified. We can now look forward as we embark on our new, three-year plan through to May 2028 with great optimism.“
Outlook
The Board confirms that it continues to expect the Group’s trading for the current financial year ending 31 May 2026 to be at least in line with market expectations.
Notice of Investor Presentation
As previously announced, the Company will deliver a live presentation relating to these FY2425 full-year audited results and the simultaneously released Q1 2025/26 Trading Update announcement via the Group’s investor website at 1pm BST today. The presentation is open to all existing and potential shareholders who can sign up via: https://investors.timefinance.com/webinars/oPB5mr-fy-results-2024-2025-webinar.
For more information and the chance to have your questions directly answered by the management team, please head to our interactive investor hub via: https://investors.timefinance.com/s/71ba43. Here you will find all company news and additional content to further explain Time Finance’s strategy and developments.
