Time Finance H1 trading in line with expectations

Finance provider Time Finance said on Wednesday that its first-half trading performance was in line with internal budget expectations as the group continued to strengthen month-on-month.

Time Finance said since the low-point of trading activity caused by the Covid-19 pandemic in the three months ended 30 June, it had experienced steadily increasing new business origination levels, lending book and revenue growth and profit generation in each of the following months.

The AIM-listed group said over the period, its balance sheet and lending book had both "remained robust" and continued to "demonstrate their resilience", with its net lending book now "steadily growing" and expected to stand in excess of £105.0m as of 30 November.

Chief executive Ian Smith said: "The past six months have shown the strength and resilience of the group during what has been a very challenging time for the entire country. Our proposition - market positioning, multi-product offering, sector spread and flexibility to either fund on our own balance sheet or to broke-on - has stood us in good stead through these challenges and I am pleased with the group's performance so far this financial year.

"The group is extremely well-placed to not only withstand any further impact of the pandemic, but also to take advantage of new opportunities and ultimately return to strong growth as the country emerges from the pandemic over the coming months."

As of 1045 GMT, Time Finance shares were down 2.08% at 23.50p.