Time Finance plc (AIM:TIME) saw its shares rise 5% higher on Thursday morning after the AIM-listed independent specialist finance provider released a positive trading update for the 12 months ending on 31 May 2023.
The company said its focus on own-book lending to UK businesses has resulted in record-high figures, with its lending book reaching approximately £169mln, with notable increases observed across various key performance indicators, including a 14% rise in own-book lending origination, a 16% increase in revenue, and a remarkable 273% surge in pretax profit to £4.1mln.
The company also saw a substantial boost in its gross lending book, while net arrears were reduced to 6% of the gross lending book, reflecting a positive trend.
In the statement, Ed Rimmer, the CEO of Time Finance, commented: "To have delivered such growth, despite much publicised, wide-ranging and challenging macroeconomic factors, is testament to the hard work of our team, the investments we have made over the last few years which are starting to have a very positive impact, and to the continued robust nature of demand for finance from UK businesses."
He added: "We have built strong foundations for continued growth. The board is committed to further increasing shareholder value through the delivery of its stated strategy and continues to look forward with cautious optimism."
Around 9.25am, Time Finance shares were up 5.6% at 28.50p.