Alternative finance specialist Time Finance has reported continued revenue and profit growth after seeing lending reach a record high.
The Aim-listed firm, which has its head office in Bath, posted a pre-tax profit of £1.3m during the first quarter of its new financial year, a 44% rise on Q1 of 2022/23.
Revenue rose by around a fifth to £7.6m from £6.3m as its lending book continued to grow, increasing 3% to a record £175.8m since the end of its previous financial year.
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Bosses at the firm said the growth had been driven by its invoice finance division and the 'Hard' subset of its wider asset division, which they said operate in “more secured” lending arenas with larger average deal sizes.
Chief executive Ed Rimmer said: "As we enter the second half of our four-year medium-term strategic plan, I am very encouraged that the first quarter of the new financial year has delivered continued growth in both revenue and profits. These results are driven by the increasing size of our lending book, which has now grown consistently for over twenty-four months.
“Such growth reflects both the demand for our multi-product offering; the value placed on our excellent customer service, and also the robust nature and resilience of small and medium sized businesses across the Ƶ. The Board has real confidence that the Group remains well positioned to continue on its growth trajectory and to build long-term value for its shareholders".
Time Finance currently provides financial support to more than 11,000 SMEs across the Ƶ. As well as its Bath HQ, the company also has offices in Manchester, Reading and Warrington.
