Time Finance PLC
LSE:TIME
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Time Finance PLC
Time Finance Plc engages in the provision of leasing and finance solutions. The firm finances a range of business assets to small and medium sized enterprises (SMEs). The company operates through four trading divisions, which includes Asset Finance, Vehicle Finance, Loan Finance and Invoice Finance. Its Asset Finance division, finances across various assets, such as construction, manufacturing and engineering machinery, printing equipment, agricultural and forestry equipment, office furniture, software, audio visual and information technology (IT) hardware, commercial kitchens and shop fit-outs. Its Invoice Finance division provides funding and optional credit control service, and also it offers bad debt protection product. Its Vehicle Finance division offers fleet and vehicle funding solutions. Its Loan Finance division offers business loan, property loan, coronavirus business interruption loan (CBILS) and recovery loan scheme.
Time Finance Plc engages in the provision of leasing and finance solutions. The firm finances a range of business assets to small and medium sized enterprises (SMEs). The company operates through four trading divisions, which includes Asset Finance, Vehicle Finance, Loan Finance and Invoice Finance. Its Asset Finance division, finances across various assets, such as construction, manufacturing and engineering machinery, printing equipment, agricultural and forestry equipment, office furniture, software, audio visual and information technology (IT) hardware, commercial kitchens and shop fit-outs. Its Invoice Finance division provides funding and optional credit control service, and also it offers bad debt protection product. Its Vehicle Finance division offers fleet and vehicle funding solutions. Its Loan Finance division offers business loan, property loan, coronavirus business interruption loan (CBILS) and recovery loan scheme.
Lending Book Growth: Time Finance reported 18 consecutive quarters of lending book growth, reaching an all-time high of just over £235 million, up 12% from the prior year.
Strong Profitability: Revenue hit a record £18.8 million for H1, an increase of 4%, while profit before tax rose 10% to £4.3 million.
Margin Expansion: Lending margin increased by 100 basis points to 23% year-on-year, with management targeting further operational leverage.
Credit Quality: Arrears and write-offs both fell, with arrears at 4.5% (lowest since COVID) and write-offs down to 1%, indicating strong credit controls.
Funding Readiness: The company has £265 million of funding in place and around £94 million of headroom to support further growth ambitions.
Strategic Focus: Management is executing a new three-year plan centered on lending book growth, operational efficiency, resilient lending, and leveraging the brand.
No Dividend Policy: The board reaffirmed its strategy to retain profits for growth, opting to remain a non-dividend paying stock.
Competitive Landscape: Competition remains strong, but management believes their service and flexibility provide a clear edge.
