Time Finance reports 14 consecutive quarters of lending growth

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Profits before tax surged by 44% to £3.9m. Credit: Sutthiphong Chandaeng/Shutterstock.

Time Finance has announced that it has achieved a record revenue and profit growth in the first half (H1) of the year, with its lending book expanding for 14 consecutive quarters.

The AIM-listed specialist lender reported a 16% rise in revenue to £18.2m ($22.8m) for the six months ending 30 November 2024.

Profits before tax surged by 44% to £3.9m.

The company’s gross lending book reached a record £209.4m, marking an 11% year-on-year increase.

Time Finance shared this update ahead of its H1 2024/25 unaudited results, due 28 January 2025.

Net arrears accounted for 5% of the gross lending book, a decrease from 6% the previous year.

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Net bad debt write-offs remained stable at 1%.

Since June 2021, Time Finance has focused on expanding its lending book, primarily through invoice finance and ‘hard’ subset of asset finance.

These core areas represented approximately 85% of new deal volume during the first half of the 2024/25 financial year and comprised 77% of the total lending book by the end of November.

In 2021, invoice finance and asset finance, represented 51% of new deal volume and 52% of the total lending book.

Time Finance CEO 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.”

In November 2024, the company opened an office at The Square, Birchwood Boulevard, UK, to expand asset finance services for small business owners nationwide.