Time Finance delivers strong Q1 results

25th Sep 2024 10:05

(Sharecast News) - Lender Time Finance delivered strong Q1 results on Wednesday, with both revenue and pre-tax profits up double-digit percentages.

Time Finance said revenues were up 20% at £9.1m, while pre-tax profits surged 46% to £1.9m.

Own-book lending origination was up 9% at £22.1m, while Time Finance's gross lending book rose 17% to £205.3m as of 31 August and the company's net tangible assets grew 14% to £40.1m.

The AIM-listed group also said net arrears were stable at 5% of its gross lending book and stated net bad debt write-offs remained at 1% of the average lending book, unchanged from the same time a year earlier.

Chief executive Ed Rimmer said: "The continued strong performance highlights the benefits of the four-year plan we implemented in 2021. With an eye firmly on the future and building on this momentum, management is focused on establishing a new medium-term strategy that will commence from June next year and guide the company's next period of growth."

As of 1005 BST, Time Finance shares were down 2.94% at 54.55p.

Reporting by Iain Gilbert at Sharecast.com