20th Jan 2022 14:53
Time Finance PLC - Bath, England-based finance provider to UK small & medium businesses - Reports that its pretax profit in the six months to November 30 fell 14% to GBP1.2 million from GBP1.4 million a year before.
This can be put down to administrative expenses that increased by 6.9% to GBP6.2 million from GBP5.8 million. Furthermore, there was a "significant" contribution of GBP165,000 to other income from government grants in the comparable period that was not repeated in this half-year period.
Revenue amounted to GBP11.8 million, marginally increased from GBP11.7 million a year ago. Attributes this to growth in its loan book.
Remains optimistic it will return to "significant organic growth" in due course.
"Given the continued impact of the Covid-19 pandemic on our business sector and the wider UK economy, it is pleasing that momentum is again building in our core product offerings and that our loan book is also growing. This gives us confidence in our strategy for the medium-term," Non-Executive Chair Tanya Raynes says.
Current stock price: 26.25 pence; up 4.0% on Thursday in London
12-month change: up 4.0%
By Abby Amoakuh; [email protected]
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