Bath-based alternative finance specialist Time Finance has reported that trading is "expected to be ahead of the latest market expectations" for the full financial year.
Earlier this year, the AIM-listed company claimed a robust performance was due to the continued success of streamlining the group to focus on core, own-book lending to UK businesses.
Time Finance said that after 11 months of continued positive trading momentum, it is confident that revenue and profit before tax for 2023 will now be no less than £26.7m and £4.0m respectively.
The firm will provide a full trading update for the year on June 29 2023, prior to publication of the full, audited financial statements on September 26 2023.
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Earlier this year, in March, the firm raised profit expectations for a second time in 2023, 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.
Time Finance's core strategy is to provide the finance that UK SMEs require to fund their businesses. It offers a multi-product range concentrating on asset, loan and invoice finance. While focussed on being an own-book lender, the firm does retain the ability to broke-on deals where appropriate, enabling it to optimize business levels through market and economic cycles.
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