LONDON (ShareCast) - (Sharecast News) - Specialist finance provider Time Finance said on Thursday that both revenue and profits had grown in the six months ended 30 November as the group continued to increase the size of its lending book.
Time Finance said revenues were up 16% at £18.2m, while pre-tax profits were 44% higher at £3.9m. Pre-tax margins improved by 4% to 21%.

The AIM-listed group stated its gross lending book had grown 11% to a record £209.4m, with net arrears remaining and net bad debt write-offs both remaining stable at 5% and 1% of its gross lending book value, respectively.

Time Finance added that it had continued to see "positive trading momentum" and that its FY performance would be at least in line with recently upgraded market guidance.

Chief executive Ed Rimmer said: "In line with our strategy, we have continued to increase the size of our lending book and, crucially, have done so without compromising on credit quality. This is borne out by the stable nature of both our arrears and our write-offs. This approach, combined with a renewed focus on margins, has led to significant increases in both revenues and profitability, both of which are record figures for the first half of a financial year.

"We have real confidence that the group is well placed to continue on this growth trajectory, building long-term value for our shareholders, and I look forward to updating our shareholders on our future strategy through to May 2028 in Q1 of 2025."

As of 0900 GMT, Time Finance shares were down 2.17% at 58.70p.





Reporting by Iain Gilbert at Sharecast.com

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