Time Finance reports 40% surge in pre-tax profit

UK-based specializer concern supplier Time Finance has posted a 40% summation successful nett earlier taxation (PBT) for the 9 months ending 28 February 2025, reaching £5.9m ($7.6m).

The emergence is driven by continued beardown request for its divers backing solutions crossed the UK, with nett earlier taxation already matching the full recorded for the erstwhile afloat fiscal year.

In its trading update, the institution revealed that its gross grew by 14% to £27.3m.

Time Finance said its pre-tax nett borderline during the play improved by 200 ground points to 21%.

The gross lending publication reached a grounds precocious of much than £210m, marking an 11% summation from £190m.

The AIM-listed radical stated that this marks the 15th consecutive 4th of maturation successful its indebtedness book.

Own-book lending origination accrued by 5% to £69.3m.

Net tangible assets roseate by 14% to £43.0m arsenic of 28 February 2025, compared to £37.7m a twelvemonth earlier. Deferred income besides grew by 7% to £26.4m.

Operational show showed improvement, with nett arrears decreasing to 5% of the gross lending book, down from 6% a twelvemonth earlier. Net atrocious indebtedness write-offs remained unchangeable astatine 1% of the mean lending book.

The institution expects its full-year fiscal show to align with the precocious upgraded marketplace guidance.

A cardinal absorption of Time Finance's four-year strategical plan, ending 31 May 2025, has been connected secured lending, chiefly done invoice concern and the ‘hard’ constituent of plus finance.

These areas accounted for 91% of caller lending measurement successful the 9 months to 28 February 2025, present comprising 81% of the full lending book.

Time Finance CEO Ed Rimmer said: “With 3 quarters of the existent fiscal twelvemonth present delivered, the committee is precise encouraged by the group’s fiscal performance. To beryllium capable to study all-time grounds nine-month levels of some gross and nett earlier taxation is peculiarly pleasing.

“To person made these strides guardant without compromising connected recognition quality, arsenic shown by the accordant and unchangeable quality of our arrears and our write-offs, is different cardinal show indicator that we are arrogant of.

“As a effect of each these factors, arsenic we adjacent retired the existent four-year strategy and participate our caller three-year maturation trajectory done to May 2028, the committee has existent assurance that the radical remains good placed to proceed gathering semipermanent worth for each our shareholders.”

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