Following several months of sustained growth, alternative finance lender Time Finance reported a record lending book of £188.6m for the six months ending November 2023.
This was a 23% increase on the previous 12 months.
Time Finance supports around 11,000 firms with business funding solutions, including asset finance, invoice finance, business loans and asset-backed lending.
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 30th November 2023.
The firm confirmed its strategy of focusing on own-book lending and maximising its multi-product offering.
Over the past few years, Time Finance has invested in its senior management team, which includes 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 welcomed Tracey Watkinson and Paul Hird to its board of non-executive directors.
The business also expanded its product offering with the introduction of asset-based lending (ABL).
Ed Rimmer, chief executive officer at Time Finance, said: “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.”
