Last checked at 9 Nov 2023 07:00
09 November 2023
Time Finance plc
("Time Finance", the "Group" or the "Company")
Trading Update
Full-year results expected to be ahead of market expectations
Time Finance plc, the AIM listed independent specialist finance provider, announces that it has continued to enjoy positive trading momentum throughout the first five months of the 2023/24 financial year and confirms that the Company will provide a scheduled trading update in respect of H1 2023/24 on 20 December 2023.
Given this positive momentum year-to-date, which includes the lending book reaching a record high of approximately £180 million as at 31 October 2023 and arrears remaining static despite the wider macro-economic environment, the Board now has increased confidence that Group performance for the 2023/24 full-year will be ahead of current market expectations1. Profit before tax for the full year is now expected to be not less than £5.4m.
1. FY2023/24 market expectations as at the date of this announcement of £30.1m of revenue and £5.0m of profit before tax.
For further information, please contact:
Time Finance plc
Ed Rimmer, Chief Executive Officer 01225 474230
James Roberts, Chief Financial Officer 01225 474230
Cavendish Securities plc (NOMAD and Broker)
Ben Jeynes / Dan Hodkinson (Corporate Finance) 0207 220 0500
Michael Johnson / George Budd / Charlie Combe (Sales and ECM)
Walbrook PR 0207 933 8780
Paul Vann / Joe Walker 07768 807631
timefinance@walbrookpr.com
This announcement contains inside information.
About Time Finance:
Time Finance's purpose is to help UK businesses thrive and survive through the provision of flexible funding facilities. It offers a multi-product range for SMEs concentrating on asset, loan and invoice finance. While focussed on being an 'own-book' lender, the Group does retain the ability to broke-on deals where appropriate, enabling it to optimize business levels through market and economic cycles.
More information is available on the Company website: www.timefinance.com.