Time Finance Reports Rise in Pretax Profit for Q1 2024
Time Finance, a specialist finance provider, has announced an increase in pretax profit for the first quarter of fiscal 2024. The company's strong performance was driven by growth in its lending book. Time Finance reported a pretax profit of £1.3 million ($1.6 million) for the three months ended August 31, representing a 44% rise compared to the same period last year. The revenue for the quarter was £7.6 million, a 21% increase year-on-year.
Strong Lending Book Growth
During the first quarter, Time Finance's lending book reached £175.8 million, showing a 3% increase from the previous quarter and a substantial 23% growth from the same period last year. The company also reported a 29% increase in its own-book lending origination, which amounted to £20.2 million for the quarter.
Fiscal 2023 Results Outperform Expectations
In addition to the Q1 results, Time Finance released its final figures for fiscal 2023. The company's pretax profit for the year reached £4.2 million, up from £1.1 million in the previous year. Revenue for the fiscal year increased by 17% to £27.6 million. Moreover, the lending book expanded by 24%, reaching £170.1 million.
Positive Outlook and Future Targets
Chief Executive Ed Rimmer expressed confidence in Time Finance's performance and its ability to achieve its strategic goals. Rimmer stated, "The financial year to 31 May 2023 marked the halfway point in our four-year, medium-term strategic plan through to the end of May 2025. Our performance to date and the steps taken throughout the year suggest we are well on track to achieve our stated targets."
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