Time Finance announces £217m gross lending for FY24/25
Time Finance has recently announced a remarkable achievement, reporting a gross lending book of £217 million for the financial year ending on May 31, 2025 (FY24/25). This milestone marks the company’s impressive growth streak, with 16 consecutive quarters of expansion. The increase in lending volumes is attributed to Time Finance’s unwavering focus on secured, own-book lending targeted at UK businesses. This strategic shift has led to an impressive 8% rise in lending activity, highlighting the success of their emphasis on invoice finance and asset finance. As businesses continue to navigate a challenging economic landscape, Time Finance is well-positioned to support their funding needs through innovative financing solutions.
Record Growth Driven by Strategic Focus
AIM-listed specialist finance provider Time Finance has demonstrated substantial growth by achieving a gross lending book of £217 million for FY24/25. This notable increase reflects the company’s dedication to supporting UK businesses through tailored financial products. The focus on secured lending has allowed Time Finance to record an 8% uptick in lending volumes during this financial year, showcasing the effectiveness of their strategic pivot toward invoice finance and core asset finance offerings.
Key Areas of Growth
The areas of invoice finance and asset finance have become pivotal for Time Finance, accounting for over 90% of the new lending volume generated during FY24/25. These segments now represent approximately 83% of the total lending portfolio, underscoring their importance in driving business performance. The company’s proactive approach has enabled it to cater effectively to the evolving needs of UK SMEs seeking reliable financing solutions.
Financial Performance Highlights
Time Finance’s financial results for FY24/25 reveal impressive metrics that reinforce its market position. Revenue increased by 11%, reaching £37 million, while profit before tax surged by an astonishing 34%, totaling £7.9 million. The improvement in profit margins was notable as well; the profit before tax margin rose by 300 basis points to reach an impressive 21%. Furthermore, net tangible assets also grew by 14%, amounting to £44.1 million.
The company’s deferred income—a key indicator providing visibility into future earnings—rose by 5%, now sitting at £26.7 million. This growth demonstrates that Time Finance is not only expanding its current operations but also ensuring sustainable income streams moving forward.
Maintaining Lending Discipline Amid Growth
Despite significant growth in its lending activities, Time Finance has maintained a disciplined approach toward credit management. Net arrears and bad debt write-offs remain stable at just 5% and 1% respectively within the gross lending book. These figures reflect the company’s commitment to upholding high credit quality standards even as it increases its loan portfolio.
Enhanced Funding Facilities for Future Expansion
To further propel its growth trajectory, Time Finance has successfully secured extended and enhanced funding facilities totaling over £90 million. This additional capital will provide essential headroom for future expansion efforts and enable continued support for UK SMEs looking for flexible financing options.
CEO’s Vision: Looking Forward
Ed Rimmer, CEO of Time Finance, expressed pride in the company’s achievements as they conclude a four-year strategic plan initiated in June 2021. He remarked that “the end of May 2025 marks not just record revenues but also improved margins alongside an ever-growing lending book.” Rimmer emphasized that this success comes without compromising credit quality—evidenced through consistent arrears and net write-offs rates.
The CEO also articulated confidence regarding the company’s new three-year growth strategy aimed at further enhancing value creation for shareholders through May 2028 and beyond.
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A Bright Future Ahead
The outlook for Time Finance remains optimistic as it enters into this new phase with clearly defined goals set out in its growth strategy. By continuing to innovate within its product offerings while ensuring robust credit practices are upheld, Time Finance is poised not only to achieve further milestones but also significantly contribute towards bolstering the UK SME sector during challenging economic times.
This ongoing commitment positions Time Finance as a key player within the landscape of business financing solutions while creating lasting value both for clients and stakeholders alike.