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PRIVACY
Professional Services

Aim-listed Time Finance announces 'all-time high' lending levels

The Bath-based firm said it is aiming to double its lending portfolio over the next two years

Ed Rimmer is the chief executive of Time Finance(Image: Time Finance)

Alternative finance provider Time Finance has announced it has seen its lending reach record highs of £175m.

The Aim-listed firm published an update on the performance on its lending book portfolio on Tuesday (September 12). Bosses revealed that they have plans of more than doubling the group's lending portfolio by May 31 2025.

As of August 31 2023, the unaudited value of the Time Finance's lending portfolio reached £175.8m, ahead of the level expected by management at this stage of the four-year medium-term plan.

The group's lending portfolio stands 4% higher than the May 31 2023 financial year-end level of £168.9m and 18% up on the previous year.

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Earlier this year, the company announced it had delivered a “milestone” asset-based loan facility. Bosses confirmed a £1.1m package to a growing engineering firm in the South East, which specialised in steelwork, manufacturing and installation.

The facility will be used to provide core working capital for its client to take on new contracts and increase its turnover to £10m this year. The package comprises a £650,000 invoice finance facility and £450,000 property loan.

Time Finance also announced that is planning to announce its audited annual results for the year end on September 26, when it will also provide an update in respect of trading in the first quarter of 2023/24.