Own-Book Update, Notice of Results, Pres & AGM

Time Finance PLC
12 September 2023
 

12 September 2023

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Time Finance plc

("Time Finance", the "Group" or the "Company")

 

Own-Book Lending Portfolio Update

Notice of Results, Investor Presentation and AGM

 

Lending Book grows to all-time high of more than £175m

 

Time Finance plc, the AIM listed specialist finance provider, is pleased to provide the following update on the performance of its lending book portfolio. Increasing the Company's own-book lending forms a key pillar of the Group's medium-term growth strategy, announced in June 2021, which targets a more than doubling of the lending portfolio by 31 May 2025.

 

The Company also confirms key dates in the 2023 financial calendar.

 

Own-book lending growth continues in line with medium-term strategy

As at 31 August 2023, the unaudited value of the Group's lending portfolio reached a record high of £175.8m, ahead of the level expected by management at this stage of the four-year medium-term plan. The lending portfolio stands 4% higher than the 31 May 2023 financial year-end level of £168.9m and 18% up on the prior year equivalent level of £142.9m as at 31 August 2022.

 

Notice of Results, Investor Presentation and Annual General Meeting

As announced on 29 June 2023, the Group is planning to announce its audited annual results for the year ended 31 May 2023 on Tuesday 26 September 2023. The Company will also provide an update in respect of trading in Q1 2023/24 at that time.

 

Chief Executive Officer, Ed Rimmer, and Chief Financial Officer, James Roberts, will deliver a live presentation relating to the audited annual results and the Q1 trading update via the Investor Meet Company platform at 1.00pm BST on 26 September 2023. The presentation is open to all existing and potential shareholders and questions can be submitted at any time during the live presentation via the Investor Meet Company dashboard. Investors can sign up to Investor Meet Company for free and add to meet Time Finance plc via: https://www.investormeetcompany.com/time-finance-plc/register-investor. Investors who already follow Time Finance plc on the Investor Meet platform will automatically be invited.

 

The Company is also proposing to hold its Annual General Meeting on Tuesday 7 November 2023. The notice convening the AGM will be published in due course.

 

Ed Rimmer, Chief Executive Officer, commented:

"I am delighted to report continuing and consistent growth in our own-book lending portfolio, a key area of focus in achieving our medium-term strategy. Given the compounding nature of the interest associated from own-book lending, the growth in the portfolio will result in increasing income and profit streams over the life of these deals as well as a further strengthening of our balance sheet."

Change of Name of Nominated Adviser and Broker

The Company also announces that its Nominated Adviser and Sole Broker has changed its name to Cavendish Securities plc following completion of its own corporate merger.

 

For further information, please contact:


 


Time Finance plc


Ed Rimmer, Chief Executive Officer

01225 474230

James Roberts, Chief Financial Officer

01225 474230



Cavendish Securities plc (NOMAD and Broker)

  0207 220 0500

Ben Jeynes / Charlie Combe (Corporate Finance)

Michael Johnson / George Budd (Sales)




Walbrook PR

0207 933 8780

Paul Vann / Joe Walker

07768 807631


Timefinance@walbrookpr.com

 

About Time Finance:

Time Finance's core strategy is to focus on providing or arranging the finance UK SMEs require to fund their businesses. It offers a multi-product range for SMEs including asset, vehicle, loan and invoice finance. While primarily an 'own-book' lender the Group does operates a 'hybrid' lending and broking model enabling it to optimize business levels through market and economic cycles.

 

More information is available on the Company website www.timefinance.com.

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain.

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