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Time Finance plc announced that its Hard Asset lending portfolio reached an unaudited value of £103 million as of 31 January 2025, exceeding £100 million for the first time and representing a 21% increase since 31 May 2024. This portfolio has increased for 41 consecutive months, contributing to the combined Hard Asset and Invoice Finance lending books representing 80% of the Group's total lending portfolio at 31 January 2025. The company also plans to publish its Q3 Trading Update, covering the period from 1 June 2024 to 28 February 2025, on 25 March 2025.
| Date | 11 Feb 2025 |
| Time | 07:00:01 |
| Category | Miscellaneous |
| ID | 5559W |
11 February 2025
Time Finance plc
(the "Group" or the "Company")
Lending Portfolio Update
Notice of Q3 Trading Update
Hard Asset lending book breaks £100m milestone following 41 consecutive months of growth
Time Finance plc, the AIM listed independent specialist finance provider, is pleased to announce that the Group's Hard Asset lending portfolio, the focus of the Group's Asset Finance business, has reached an all-time record high, exceeding £100 million for the first time.
The Hard Asset lending portfolio has now increased in size month-on-month for three and a half years, highlighting the Company's commitment to driving own-book secured lending - a key pillar of the Group's stated strategy of growing its overall lending book to over £300m in 2028.
As at 31 January 2025, the unaudited value of the Group's Hard Asset lending portfolio reached £103 million, a 21% increase since the last financial year-end (31 May 2024: £85 million), and a 222% increase on its size at the launch of the Company's growth strategy in June 2021 (31 May 2021: £32 million).
As a result, and reflecting the focus on secured lending, the combined Hard Asset and Invoice Finance lending books represent 80% of the Group's total overall lending portfolio at 31 January 2025 (31 May 2024: 75%; 31 May 2021: 50%).
Notice of Q3 Trading Update
The Group is planning to publish its Q3 Trading Update, reflecting the nine-month period from 1 June 2024 to 28 February 2025, on Tuesday 25 March 2025.
Commenting on achieving this significant lending milestone Ed Rimmer, Chief Executive, said:
"Growing our lending book is one of the core pillars of our strategic plan and Hard Asset, alongside Invoice Finance, are the two key areas expected to drive this growth. To break through the £100m milestone in Hard Asset is an achievement we are very proud of, and it sets us on a firm footing to achieve our medium-term aim of growing the combined group lending book to £300m by the end of May 2028."
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For further information, please contact: |
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Time Finance plc |
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Ed Rimmer, Chief Executive Officer |
01225 474230 |
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James Roberts, Chief Financial Officer |
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Cavendish Capital Markets (NOMAD and Broker) |
0207 220 0500 |
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Ben Jeynes / Dan Hodkinson (Corporate Finance) Michael Johnson / George Budd / Charlie Combe (Sales and ECM) |
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Walbrook PR |
0207 933 8780 |
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Nick Rome / Joe Walker |
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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