Bath-based alternative finance specialist Time Finance has reported that trading is "expected to be ahead of the latest market expectations" for the full financial year.

Earlier this year, the AIM-listed company claimed a robust performance was due to the continued success of streamlining the group to focus on core, own-book lending to Ƶ businesses.

Time Finance said that after 11 months of continued positive trading momentum, it is confident that revenue and profit before tax for 2023 will now be no less than £26.7m and £4.0m respectively.

The firm will provide a full trading update for the year on June 29 2023, prior to publication of the full, audited financial statements on September 26 2023.

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Earlier this year, in March, the firm raised profit expectations for a second time in 2023, after reporting “significant increases” in its lending book and revenues.

In a set of results for the nine months to the end of February the AIM-listed company announced growth of more than a quarter, with gross lending of £157.2m - up from £124.6m for the same period a year earlier.

Time Finance's core strategy is to provide the finance that Ƶ SMEs require to fund their businesses. It offers a multi-product range concentrating on asset, loan and invoice finance. While focussed on being an own-book lender, the firm does retain the ability to broke-on deals where appropriate, enabling it to optimize business levels through market and economic cycles.

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