Time Finance PLC’s share price (AIM: TIME) was flat today after the specialist finance provider, reported record-breaking financial results for the six months ended 30 November 2024, demonstrating strong growth across key metrics.
Key Financial Highlights (Unaudited)
- Revenue: Up 16% to £18.2m (H1 2023/24: £15.7m).
- Profit Before Tax (PBT): Up 44% to £3.9m (H1 2023/24: £2.7m).
- PBT Margin: Improved to 21% (H1 2023/24: 17%).
- Net Tangible Assets: Increased 14% to £41.5m (30 November 2023: £36.4m).
- Gross Lending Book: Reached a record £209.4m, up 11% (30 November 2023: £188.6m).
- Arrears & Write-Offs:
- Net Arrears: Stable at 5% of the gross lending book (H1 2023/24: 6%).
- Net Bad Debt Write-Offs: Stable at 1% of the average lending book.
Strategic Progress
- Continued focus on Invoice Finance and “Hard” Asset Finance, representing:
- 85% of new deal volume in H1 2024/25.
- 77% of the total lending book (up from 52% at the start of the strategic plan in June 2021).
- Strategy aligned with quality lending and improved margins, enabling sustainable growth.
CEO Commentary
Ed Rimmer, Chief Executive Officer, stated:
“Our record-breaking H1 results underscore the success of our strategic focus on scaling the lending book while maintaining credit quality. With stable arrears and write-offs, and robust financial performance, we are well-positioned to continue our growth trajectory and deliver long-term value for shareholders.”
Rimmer added that a refreshed strategy for 2025–2028 would be outlined in early 2025, signaling continued confidence in sustained growth.
Investor Presentation
- Date: Tuesday, 28 January 2025.
- Time: 1 PM (GMT).
- Platform: Investor Meet Company.
- Details: Open to all shareholders. Questions can be submitted in advance or during the event.
- Registration Link: Investor Meet Company.
Contact Information
- CEO: Ed Rimmer – 01225 474230.
- CFO: James Roberts – 01225 474230.
- NOMAD and Broker: Cavendish Capital Markets – 0207 220 0500.
- PR Contact: Walbrook PR – 0207 933 8780, Timefinance@walbrookpr.com.
Conclusion
Time Finance PLC continues to deliver on its strategic goals, achieving record revenues and profits in H1 2024/25, driven by its focus on high-quality lending and operational efficiency. With positive trading momentum, the Group is poised to meet or exceed market guidance for the full year.
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