Bosses at alternative finance provider Time Finance have raised profit expectations for a second time this year, after reporting “significant increases” in its lending book and revenues.
In a set of results for the nine months to the end of February the Aim-listed company announced growth of more than a quarter, with gross lending of £157.2m - up from £124.6m for the same period a year earlier.
The Bath-based company's own-book lending accounted for £52.9m - up more than a third on last year’s £39.5m.
The firm said the “gathering pace” of its trading performance reflected the “continued success” of streamlining the group’s focus on its own-book lending to UK businesses.
Revenue was up more than a quarter to £20m from £15.6m, while the company made pre-tax profit of £3m, almost tripling the £1.1m recorded in the third quarter of its 2021/22 financial year.
The board said the “continued positive trading momentum” meant it was now revising up its full-year profit forecast to a minimum £3.6m, ahead of the latest market expectations of £3.2m.
Chief executive Ed Rimmer said: "This is the second time since the start of the calendar year that these have been raised, bearing testament to the successful implementation of our medium-term Strategy.
"Despite the well-publicised wider macro-economic 'headwinds', the group has continued to grow at a faster rate than expected, demonstrating that demand for finance from UK businesses is robust. The group's multi-product tailored offering to UK SMEs, its own-book lending strategy and its quality of service have become ever more appreciated by our introducers and I am confident that we can deliver increasing value for our shareholders".
Time Finance will provide a full-year trading update in late June.
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