Time Finance plc (LON:TIME), the AIM listed specialist finance provider, has provided the following update on the performance of its lending book portfolio. Increasing the Company’s own-book lending forms a key pillar of the Group’s medium-term growth strategy, announced in June 2021, which targets a more than doubling of the lending portfolio by 31 May 2025.
Time Finance also confirms key dates in the 2023 financial calendar.
Own-book lending growth continues in line with medium-term strategy
As at 31 August 2023, the unaudited value of the Group’s lending portfolio reached a record high of £175.8m, ahead of the level expected by management at this stage of the four-year medium-term plan. The lending portfolio stands 4% higher than the 31 May 2023 financial year-end level of £168.9m and 18% up on the prior year equivalent level of £142.9m as at 31 August 2022.
Notice of Results and Annual General Meeting
As announced on 29 June 2023, the Group is planning to announce its audited annual results for the year ended 31 May 2023 on Tuesday 26 September 2023. The Company will also provide an update in respect of trading in Q1 2023/24 at that time.
Ed Rimmer, Chief Executive Officer, commented:
“I am delighted to report continuing and consistent growth in our own-book lending portfolio, a key area of focus in achieving our medium-term strategy. Given the compounding nature of the interest associated from own-book lending, the growth in the portfolio will result in increasing income and profit streams over the life of these deals as well as a further strengthening of our balance sheet.”
Change of Name of Nominated Adviser and Broker
Time Finance also announced that its Nominated Adviser and Sole Broker has changed its name to Cavendish Securities plc following completion of its own corporate merger.
Time Finance’s core strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, vehicle, loan and invoice finance. While primarily an ‘own-book’ lender the Group does operates a ‘hybrid’ lending and broking model enabling it to optimize business levels through market and economic cycles.
