Following several months of sustained growth, alternative finance lender, Time Finance, has announced a record lending book of £188.6m for the six months ending November 2023, representing a 23% increase on the previous 12 months.
The results reveal that own-book lending origination was up by nearly 30% to £47.3m and there was a 19% increase in total revenue, up to £15.7m. Profit before tax showed a 35% increase to £2.7m for the six-month period to 30 November 2023.
These figures come as the company continues to deliver its business strategy of focusing on own book lending and maximising the multi product offering. Over the last few years, Time Finance has invested in a highly experienced senior management team including Steve Nichols as Director of Asset Finance, Helen Wheeler as Head of Invoice Finance Operations and Sharon Bryden as Head of Group Operations.
In the latter part of 2023, Time Finance also welcomed Tracey Watkinson and Paul Hird to its board of Non-Executive Directors, bringing with them over 60 years’ experience across the UK finance industry.
The business has also strengthened its offering by adapting to the market and expanding its product offering, with the introduction of asset based lending (ABL). In November, Time Finance facilitated a management-buy-in for water waste service provider, Active Pumps, through the use of a £900K facility which comprised a £210,000 property-backed loan, £450,000 invoice finance facility and £240,000 asset finance agreement
Ed Rimmer (pictured), Chief Executive Officer reflects on the half-year trading results: “We continue to grow the business in response to the changing needs of businesses, ensuring they can access flexible and solutions-driven finance that supports their ambitions. Growing our own book-origination is important to our strategy with 98% of new business in the period funded through our own balance sheet.
“To see these figures rising quarter on quarter, year on year, is fantastic. Given the difficult trading conditions currently facing SMEs - with economic headwinds from all directions - it’s encouraging to see UK businesses adapt and seek out the right financial solutions with lenders who understand their needs and are willing to provide the flexibility that traditional lenders generally cannot.
“We are in a great position to meet our forecasted targets by year end, and we look forward to working with more businesses as we support their funding requirements as the year progresses.”