Business
Year-end Trading Update
Year-end Trading Update.
About this update from Time Finance Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0646C\n Time Finance PLC\n 16 June 2021\n \n \n \n \n 16\n June 2021\n \n \n \n \n \n \n \n \n Time Finance plc \n \n \n (\"Time Finance\", the \"Group\" or the \"Company\")\n \n \n \n \n \n Year-end Trading Update \n \n \n and\n \n \n Strategic Update and Dividend Policy\n \n \n \n \n \n Time Finance plc, the AIM listed independent specialist finance provider, is pleased to issue the following unaudited trading update ahead of the publication of its final results for the financial year ended 31 May 2021. \n \n \n \n \n \n The Company also announces a strategic update. This sets out the Group's renewed focus on its core products, its ambition for significant organic growth, and to become a leading alternative multi-product independent SME funder helping UK businesses recover and grow post-Covid. This follows the appointment of Ed Rimmer as the Company's permanent CEO, announced on 10 June 2021.\n \n \n \n \n \n Trading update \n \n \n \n \n \n The financial year to 31 May 2021 was profitable for the Group with it continuing to demonstrate the resilience and diversification of its lending book, further strengthening its balance sheet and improving liquidity. This was achieved despite trading being severely impacted by the ongoing effect of the COVID-19 pandemic which included a further period of interruption to normal trading conditions as a result of Lockdown 3.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n Board restructured and strengthened with the appointments of Ed Rimmer and Tanya Raynes as CEO and Non-Executive Director respectively.\n \n \n · \n Rebranding to Time Finance, consolidating the Group's activities under a single national brand.\n \n \n \n · \n System enhancements, including online introductions, automated links to credit referencing agencies and to a new fraud detection service, embedded within the Group's IT infrastructure.\n \n \n \n · \n Accreditations from The British Business Bank to provide Coronavirus Business Interruption Loan Scheme (\"CBILS\") and, latterly, Recovery Loan Scheme (\"RLS\") providing Government-backed financing to UK SMEs.\n \n \n • Continued focus on diversification and spread of risk in lending, with largest sector exposure now accounting for less than 5% and to...