Time Finance revenue, profit reaches record levels

(Sharecast News) - Time Finance said on Thursday that full-year revenue and profit reached record levels, as its lending book grew for the 20th consecutive quarter and passed £250m. The AIM-traded specialist finance provider said own-book deal origination rose 26% to £122.0m in the year ended 31 May, while the gross lending book increased 15% to £250.9m.

Revenue rose 4% to £38.5m, profit before tax increased 6% to £8.4m, and the PBT margin improved 100 basis points to 22%.

Chief executive Ed Rimmer said the group ended the year with "all-time high revenues, improved margins and record profits", adding that the lending book milestone had been achieved "without the lowering of credit quality", with arrears and write-offs remaining stable.

At 1055 BST, shares in Time Finance were flat at 50p.

Reporting by Josh White for Sharecast.com.

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