11th Feb 2025 15:23
(Alliance News) - Time Finance PLC on Tuesday said its Hard Asset lending portfolio, the focus of its Asset Finance business, has reached an "all-time record high" of more than GBP100 million.
The Bath, England-based asset, loan and finance provider for small and medium enterprises said its Hard Asset lending portfolio reached GBP103 million at January 31, a 21% increase from the GBP85 million value at its financial year-end on May 31.
The portfolio's value has also more than tripled from GBP32 million at the launch of the company's growth strategy in June 2021.
Time Finance is due to release its third-quarter trading update on March 25.
Chief Executive Ed Rimmer said: "Growing our lending book is one of the core pillars of our strategic plan and Hard Asset, alongside Invoice Finance, are the two key areas expected to drive this growth.
"To break through the GBP100 million milestone in Hard Asset is an achievement we are very proud of, and it sets us on a firm footing to achieve our medium-term aim of growing the combined group lending book to GBP300 million by the end of May 2028."
The combined Hard Asset and Invoice Finance lending books represented 80% of the group's total portfolio on January 31, up from 75% at May 31, 2024, and 50% at May 31, 2021.
Shares in Time Finance were down 0.6% at 59.67 pence in London on Tuesday afternoon.
By Emily Parsons, Alliance News reporter
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