Time Finance, headquartered in Bath, has experienced a substantial 24% increase in gross lending, achieving a new peak of £188 million. The company, which offers financial services to over 10,000 small and medium-sized enterprises (SMEs), has reported a third consecutive increase in first-half pre-tax profit and earnings per share (EPS), reaching £2.7 million and 2.33p, respectively.
In the past six months, Time Finance has witnessed a 29% rise in the origination of its lending book, leading to the record-high gross lending. Notably, the company has maintained a strong credit quality, with 70% of its lending portfolio consisting of invoice and hard asset finance, a significant increase from 50% in 2021. The company’s ability to manage fewer inquiries from established and creditworthy businesses, as well as a doubling of the average deal size, has contributed to maintaining delinquency levels at a steady 6%.
It is noteworthy that all lending activities are carried out using the company’s own balance sheet or through brokering on business that does not meet its rigorous lending parameters. This robust approach has enabled Time Finance to maintain its credit quality while achieving substantial growth.
The company’s success in the SME lending market reflects its dedication to providing customized financial solutions to businesses, allowing them to fuel their growth and success. As many SMEs continue to seek flexible and reliable financing options, Time Finance’s position as an alternative finance provider has become increasingly attractive.
This notable growth in SME lending highlights the company’s ability to adapt and thrive in the dynamic financial landscape. With its record-high gross lending and strong credit quality, Time Finance is proving to be a valuable partner for small and medium-sized enterprises, empowering them to seize opportunities and drive their businesses forward.
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