Alternative SME lender Time Finance has announced record-breaking annual trading results, with its gross lending book reaching a historic high of £169m and profits witnessing a dramatic 273% increase.
The aim-listed company, specialising in asset finance, invoice finance, business loans, vehicle finance, and asset-based lending, currently supports around 10,000 UK businesses.
Underpinning the firm’s successful strategy, Time Finance announced a 16% increase in total revenue, amounting to £27.4m.
Additionally, the company reported a significant rise in profit before tax, which jumped 273% to hit £4.1m. Amidst a renewed focus on new business, own-book lending origination increased by 14% to £73.4m.
Ed Rimmer, chief executive officer at Time Finance, reflected on the firm’s robust performance. He said: “It’s been a rewarding year for the business as we announce a record lending book and a significant increase in our revenue and profits.
“I’m very pleased to be ending the year with such positive results and two years into our Medium-Term Strategy, we remain on track to achieve our four-year plan’s stated targets.”
Over the past year, Time Finance has continued to broaden its reach to UK SMEs with a substantial recruitment drive, bringing in valuable appointments across the firm.
In particular, the company’s invoice finance division is expected to double its sales team size by the end of 2023.
Rimmer added: “I believe that our success over the past 12 months is thanks to our flexible service, people-led approach, and the hard work of our dedicated teams across the business.
“By continuing to focus on increasing own book lending, growing the respective teams across the business, and building on the relationships we hold across the sector, we’ve been able to demonstrate our extensive expertise.”
He continued: “Building upon our relationships with brokers, stakeholders and partners is also vital for us to be able to deliver the very best service for our SMEs.
“That’s why our strategy this year has included investing in our partnerships, systems, and processes, and we look forward to seeing the positive impact this will make on the performance of our business.”
Time Finance is scheduled to publish its audited Annual Results and Financial Statements on 26th September 2023.
