Time Finance PLC Full Year Trading Update (2982E)
June 29 2023 - 2:00AM
UK Regulatory
TIDMTIME
RNS Number : 2982E
Time Finance PLC
29 June 2023
29 June 2023
Time Finance plc
("Time Finance", the "Group" or the "Company")
Full Year Trading Update
Strong trading momentum maintained
Significant increase in Profits and Earnings Per Share; Record
Lending Book of cGBP169m at year-end
Time Finance plc, the AIM listed independent specialist finance
provider is pleased to issue the following trading update for the
twelve months ended 31 May 2023. The results reflect the success of
the Company's continued focus on own-book lending to UK businesses,
with the Lending Book reaching an all-time high of cGBP169m as at
31 May 2023. Significant increases have also been achieved in
revenue, profit and across other key performance indicators.
Unaudited financial highlights:
-- Own-Book lending origination up 14% to GBP73.4m (FY 2021/22: GBP64.4m)
-- Revenue increased 16% to GBP27.4m (FY 2021/22: GBP23.6m)
-- 273% increase in Profit Before Tax ("PBT") to GBP4.1m (FY 2021/22: GBP1.1m)
-- 250% increase in Earnings Per Share up to 3.5 pence per share (FY 2021/22: 1.0pps)
-- Strong visibility of future earnings with unearned income up
24% to GBP20.7m as at 31 May 2023 (31 May 2022: GBP16.7m)
-- Gross lending-book up 23% to GBP168.9m as at 31 May 2023 (31 May 2022: GBP136.8m)
-- Net Arrears reduced to 6% of the gross lending book as at 31 May 2023 (31 May 2022: 7%)
-- A prudent increase in the Credit Risk Provision to GBP4.2m as
at 31 May 2023 (31 May 2022: GBP3.6m)
-- Net Tangible Assets up 11% to GBP33.9m as at 31 May 2023 (31 May 2022: GBP30.5m)
-- Supportive, long-term funding partners with unused lending
headroom of approximately GBP50m at year-end
The significant increase in revenue has been driven primarily by
growth in the Invoice Finance division and the 'Hard Asset' subset
of the Asset division. Both of these growth areas operate in the
larger-ticket, more secured lending space. The performance
highlights the effectiveness of the strategic focus on increasing
the Group's average deal size and, where appropriate, taking
greater security on lending.
The Group will publish its audited Annual Report and Financial
Statements on 26 September 2023.
Ed Rimmer, Chief Executive Officer commented:
"I am delighted to report these full-year results which
demonstrate the successful implementation of the Group's
Medium-Term Strategy. Two years in, we remain on track to achieve
our four-year plan's stated targets.
I am also very pleased to confirm that the significant growth
achieved during the year has been made whilst continuing to
generate appropriate margins, control credit and spread risk. To
have delivered such growth, despite much publicised, wide-ranging
and challenging macroeconomic factors, is testament to the hard
work of our team, the investments we have made over the last few
years which are starting to have a very positive impact, and to the
continued robust nature of demand for finance from UK
businesses.
We have built strong foundations for continued growth. The Board
is committed to further increasing shareholder value through the
delivery of its stated strategy and continues to look forward with
cautious optimism."
For further information, please contact:
Time Finance plc
Ed Rimmer, Chief Executive Officer
01225 474230
James Roberts, Chief Financial Officer
01225 474230
Cenkos (NOMAD)
Ben Jeynes / Max Gould (Corporate Finance) 0207 3978900
Michael Johnson / George Budd (Sales)
Walbrook PR
0207 9338780
Paul Vann /Joe Walker
07768 807631
paul.vann@walbrookpr.com
About Time Finance :
Time Finance's purpose is to help UK businesses thrive and
survive through the provision of flexible funding facilities. It
offers a multi-product range for SMEs concentrating on asset, loan
and invoice finance. While focussed on being an 'own-book' lender,
the Group does retain the ability to broke-on deals where
appropriate, enabling it to optimize business levels through market
and economic cycles.
More information is available on the Company website
www.timefinance.com .
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as amended by
regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations
2019/310. Upon the publication of this announcement via Regulatory
Information Service, this inside information is now considered to
be in the public domain.
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