Time Finance plc (LON:TIME), the AIM listed independent specialist finance provider, has announced that the Group’s Hard Asset lending portfolio, the focus of the Group’s Asset Finance business, has reached an all-time record high, exceeding £100 million for the first time.
The Hard Asset lending portfolio has now increased in size month-on-month for three and a half years, highlighting the Company’s commitment to driving own-book secured lending – a key pillar of the Group’s stated strategy of growing its overall lending book to over £300m in 2028.
As at 31 January 2025, the unaudited value of the Group’s Hard Asset lending portfolio reached £103 million, a 21% increase since the last financial year-end (31 May 2024: £85 million), and a 222% increase on its size at the launch of the Company’s growth strategy in June 2021 (31 May 2021: £32 million).
As a result, and reflecting the focus on secured lending, the combined Hard Asset and Invoice Finance lending books represent 80% of the Group’s total overall lending portfolio at 31 January 2025 (31 May 2024: 75%; 31 May 2021: 50%).
Notice of Q3 Trading Update
The Group is planning to publish its Q3 Trading Update, reflecting the nine-month period from 1 June 2024 to 28 February 2025, on Tuesday 25 March 2025.
Commenting on achieving this significant lending milestone Ed Rimmer, Time Finance Chief Executive, said:
“Growing our lending book is one of the core pillars of our strategic plan and Hard Asset, alongside Invoice Finance, are the two key areas expected to drive this growth. To break through the £100m milestone in Hard Asset is an achievement we are very proud of, and it sets us on a firm footing to achieve our medium-term aim of growing the combined group lending book to £300m by the end of May 2028.”
