Time Finance Reports Progress Against Strategic Plan | South West Economic News
Time Finance believes it is well placed to capitalize on opportunities in its market after reporting “significant progress” against its strategic plan.
In its final results for the financial year ending May 31, 2022, the AIM-listed finance provider reported a loan portfolio of £136.8m, which was up 18% on the previous year.
Its own pound origination also rose from £47.2m to £64.4m.
Despite this, revenue fell slightly from £23.7m to £23.6m, with pre-tax profits also dropping from £2m to £1m.
Chief Executive Ed Rimmer said: “The financial year to May 2022 was the first of our four-year medium-term strategic plan, and the results are satisfactory. Despite significant macroeconomic challenges, when discontinued operations are removed , PBTE is on par with the previous year at £3.1m.
“It is particularly gratifying to see the significant progress made during the period against plan. The group is now well positioned to take advantage of the opportunities that the market will present, and approaches the new financial year with increased dynamism and optimism. “
The group’s medium-term strategic plan was launched in June 2021 and, speaking in the results, non-executive chairman Tanya Raynes said she was “very positive about delivering strong and sustained results over the coming years”.
Going into its current fiscal year, the company reported a strong first quarter as demand grew.
Revenue jumped 12% to £6.3m, driven by growth in the loan portfolio, particularly the invoice finance division, while proprietary loan origination grew 26% to £15.7million.
Pre-tax profit also rose from £400,000 to £900,000.
Rimmer added: “The first three months of the new financial year have seen the group continue to experience increasing levels of demand for funding from across the UK SME sector. This continued the momentum seen over the last quarter of the last fiscal year to May 31, 2022.
“The trend shows that the proprietary lending strategy is becoming more embedded within the group, understood by our business introducers and appreciated by UK businesses. The unaudited first quarter results give the Board of Directors assurance that the group is well positioned to create value for its shareholders.”