Time Finance PLC Own Book Lending Portfolio reaches record GBP145m (3826D)

TIDMTIME

RNS Number : 3826D

Time Finance PLC

19 October 2022

Time Finance plc

("Time Finance", the "Group" or the "Company")

Own-Book Lending Portfolio reaches all-time record high of over GBP145m

Key Performance Indicator to help drive profitable growth

Time Finance plc, the AIM listed specialist finance provider, is pleased to give the following update on the performance of its unaudited lending book portfolio. Increasing the Company's own-book lending forms a key pillar of its medium-term growth strategy, announced in June 2021, which targeted a doubling of the lending portfolio by 31 May 2025.

Own book growth continues

The Company has recorded a fifteenth consecutive month of growth in its own-book lending portfolio. As at 30 September 2022 the value of the lending portfolio had reached a Group historic high of GBP145.1m. This compares with the previous Group high of GBP144.1m recorded in February 2020, immediately prior to the onset of the pandemic, and demonstrates the strength of its recovery from a pandemic induced low of GBP115.7m in May 2021. The current lending portfolio value is 6% higher than the 31 May 2022 year-end level of GBP136.8m and is a further 2% up on the 31 August 2022 level of GBP142.8m, announced in the Group's Q1 Trading Update.

The average own-book deal size is also continuing to increase. It currently stands at approximately GBP25,000, compared with GBP14,000 when the medium-term strategy was launched.

Arrears continue to fall

As the lending portfolio continues to grow, total net arrears have continued to fall. As at 30 September 2022 net deals in arrears stood at GBP8.8m, down a further 4% from the 31 August 2022 level of GBP9.2m announced in the Q1 Trading Update; down 5% from the 31 May 2022 year-end balance of GBP9.3m; and down 38% on the pandemic induced GBP14.3m as at 31 May 2021. The arrears balance is now 6% by value of the total lending portfolio, compared to 7% at the 31 May 2022 financial year-end and 12% at 31 May 2021, having now remained consistently below pre-pandemic levels since September 2021.

Ed Rimmer, Chief Executive Officer, commented:

"Our Medium-Term Strategy has a clear focus on substantially increasing own-book lending and strengthening the Group's balance sheet. I am therefore delighted to see real traction being gained in both areas over the last half year. This has resulted in the Group's own-book lending portfolio now standing at record-high levels; marks the portfolio's full recovery, and more, from the COVID pandemic, and should result in growing income and profit streams for the Group over the life of these deals.

"Equally pleasing is that the increase in the portfolio continues to be driven by both the Group's Invoice Finance and 'Hard' part of the Asset Finance divisions. This is very much In line with our strategy as both of these areas operate in the more secured lending space."

 
 
 
 
   For further information, please 
   contact: 
 
 Time Finance plc 
 Ed Rimmer, Chief Executive Officer                        01225 474230 
 James Roberts, Chief Financial Officer                    01225 474230 
 
 Cenkos Securities plc (NOMAD and 
  Broker)                                                 0207 397 8900 
 Ben Jeynes / Max Gould (Corporate 
  Finance) 
  Michael Johnson / George Budd (Sales) 
 
 Walbrook PR                                              0207 933 8780 
 Paul Vann / Joe Walker                                    07768 807631 
                                             Timefinance@walbrookpr.com

About Time Finance:

Time Finance's core strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, vehicle, loan and invoice finance. While primarily an 'own-book' lender the Group does operates a 'hybrid' lending and broking model enabling it to optimize business levels through market and economic cycles.

More information is available on the Company website www.timefinance.com .

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

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October 19, 2022 02:00 ET (06:00 GMT)

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