Trading Update

Time Finance PLC

09 November 2023

 

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

[e-mail]

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.

 

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