Time Finance has remained resilient in the face of pandemic disruption, revealing a steady set of results with revenues and profits largely in line with last-year’s interim report.
The specialist consumer lender has revealed revenues are up one per cent, rising to £58.8m, while gross profits have grown three per cent to £7.6m.
Profits before tax have increased by one per cent to £1.2m, while the blended cost of borrowings has been maintained at approximately four per cent.
Meanwhile, the gross lending portfolio increased to £120.5m from £115.7m in the last interim report, while net assets increased to £58.2m.
Operational highlights over the past six months include the group’s accreditation from the British Business Bank to provide the Recovery Loan Scheme to small and medium sized enterprises (SMEs)
It has also agreed a £50m three-year funding facility with the group’s corporate bankers.
Time Finance currently has a strong cash position with £9.6m of cash, cash equivalents and convertible ‘paper’ at period end.
It believes this leaves the business well placed to capitalise on future opportunities.