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Time Finance PLC on Tuesday posted higher revenue and profit in its recent financial year and said it is trading in line with market expectations.
In its financial year ended May 31, the finance provider to small & medium businesses reported that revenue rose 17% to £27.6 million from £23.6 million a year earlier. Pretax profit climbed to £4.2 million from £1.1 million.
These results came in better than expectations. In June, Time Finance had said it expected revenue to be about £27.4 million and pretax profit to be £4.1 million.
Time Finance said it will not pay out a dividend, as its lending objectives ‘remain focussed on the growth of shareholder value rather than dividend distribution.’ However, it said that this will be kept under review.
Looking ahead, Time Finance expects financial 2024 trading will be in line with market expectations. It did note, however, that the economic and political environment is ‘uncertain and challenging.’
Chief Executive Officer Ed Rimmer: ‘The group remains very well positioned to take advantage of the opportunities that the market presents, whilst our gathering trading momentum provides real optimism in our ability to increase shareholder value through the delivery of our stated four-year strategy.’
Shares in Time Finance rose 0.4% to 28.50 pence each in London on Tuesday afternoon.
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