Business
Q3 Trading Update
Q3 Trading Update.
About this update from Time Finance Plc
[{"type":"text","content":"\n\nThe 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.\n \n25 March 2025\n\n \nTime Finance plc\n(\"Time Finance\", the \"Group\" or the \"Company\")\n \nQ3 TRADING UPDATE\n \nRecord Lending Book and Record Nine-Month Revenues and Profits Before Tax\n \n40% increase in Profit Before Tax over corresponding period; already equal to previous full-year total\n \nTime Finance plc, the AIM listed independent specialist finance provider, is pleased to provide a trading update for the nine-month period ended 28 February 2025 (\"9M 2024/25\"). The Group's strong performance in the first half of the current financial year has been maintained throughout the third quarter. Continued strong demand from UK businesses for the Group's multi-product funding offering has driven further growth in the gross lending book which stands at a record high of more than £210m at the end of February 2025. This is the fifteenth consecutive quarter of loan book growth for the Company.\n \nUnaudited Nine Month 2024/25 Highlights\n· Own-Book lending origination up 5% to £69.3m (9M 2023/24: £66.0m)\n· Revenue up 14% to £27.3m (9M 2023/24: £24.0m)\n· Profit before Tax up 40% to £5.9m (9M 2023/24: £4.2m)\n· PBT margin improved by 200 bps to 21% (9M 2023/24: 19%)\n· Net Tangible Assets up 14% to £43.0m at 28 February 2025 (29 February 2024: £37.7m)\n· Gross lending-book up 11% to a record £210m at 28 February 2025 (29 February 2024: £190m)\n· Deferred income up 7% to £26.4m at 28 February 2025 (29 February 2024: £24.6m) providing strong visibility of future earnings\n· Net Arrears improved to 5% of the gross lending book at 28 February 2025 (29 February 2024: 6%)\n· Net Bad Debt Write-Offs unchanged at 1% of the average lending book at 28 February 2025 (29 February 2024: 1%)\n· Continuing positiv...