Bath-based alternative finance specialist Time Finance has reported record levels of lending and announced two senior appointments.
In an update ahead of its half-year financial results, the AIM-listed company said continued 鈥減ositive trading momentum鈥 had seen its lending book reach a record high of around 拢180m as of the end of October. Bosses said they now expected the group鈥檚 full-year performance to be ahead of market expectations, which had projected revenue of 拢30.1m and pre-tax profits of 拢5m. The board told investors they now expected pre-tax profit to be 鈥渘ot less than鈥 拢5.4m.
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The update came as the business added to its senior leadership team. Experienced finance boss Paul Hird has joined as a non-executive director to support the delivery of the group鈥檚 long-term growth strategy. Mr Hird most recently co-founded and led Leumi ABL as chief executive, an asset-based lender that provides over 拢500m of facilities to SMEs.
Mr Hird said: 鈥淚t鈥檚 a privilege to be joining the Time Finance board; the business is on an ambitious journey and I look forward to bringing new ideas and perspective to offer innovative ways to deliver growth.鈥
Meanwhile Laura Dun has also been appointed as Time Finance鈥檚 new HR manager, having previously worked with KPMG and the HR Dept. Ms Dun said: 鈥淚鈥檓 delighted to be joining the team. In my short time with the business, I can already see a strong desire to foster a culture that encourages employees to reach their full potential and thrive in their careers with us. It鈥檚 great to be a part of. I look forward to building upon the foundations of our exciting people strategy further and introducing new initiatives to improve our team鈥檚 people experience with us.鈥
Time Finance has now provided funding solutions to more than 11,000 businesses across the 海角视频. In its last set of full-year financial results Time Finance recorded lending of 拢169m - an 18% increase over the previous 12 months.
