Strong growth at Bath-based Time Finance

By Nicky Godding

25 January 2024

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Time Finance plc, the Bath-based AIM listed independent finance provider, revealed revenues up 19 per cent to £15.7 million during the six months ended November 30.

The Interims reflect continued strong demand from businesses across the UK for the range of alternative finance products offered by the Group, it said.

Financial Highlights included own-bok lending origination up 29 per cent to £47.3m during H1 2023/24 and gross lending-book up 24 per cent to a record £188.6m as at 30 November 2023.

Continued positive trading momentum continued throughout December 2023 giving significant confidence that full year trading will be at least in line with Board expectations

Tanya Raynes, Non-Executive Chair, said: "These results show that our focus on own-book lending continues to deliver a strong trading performance. This is particularly encouraging given the wider economic headwinds and demonstrates UK SMEs' robust demand for funding from a truly customer-focussed, multi-product provider of finance like ourselves. The strategic positioning of the Group within the market has enabled it to generate increasing levels of demand whilst also maintaining control of credit and spread risk. As a result, the Group is well positioned to deliver further growth and increased value to our shareholders. We look forward to being able to report on further progress at the year-end."

By Nicky Godding

Nicky Godding is editor of The Business Magazine. Before her journalism career, she worked mainly in public relations moving into writing when she was invited to launch Retail Watch, a publication covering retail and real estate across Europe.

After some years of constant travelling, she tucked away her passport and concentrated on business writing, co-founding a successful regional business magazine. She has interviewed some of the UK’s most successful entrepreneurs who have built multi-million-pound businesses and reported on many science and technology firsts.

She reports on the region’s thriving business economy from start-ups, family businesses and multi-million-pound corporations, to the professionals that support their growth and the institutions that educate the next generation of business leaders.