Bosses at Time Finance, the Bath-headquartered alternative finance provider, have said they remain “vigilant and cautious” over the economic impact of the pandemic despite a strong ending its recent half year trading period.
The group, which specialises in asset, loan and invoice finance products, closed the six months to November 30 with a gross lending book of approximately £121m, up from its level of £116m on May 31.
In a half-year trading update, the group said its balance sheet had further strengthened during the period, with unaudited net tangible assets of more than £29m, while it “continued to experience positive trading momentum” regarding lending origination on its own-book.
Deals in arrears were now at their lowest levels since the fourth quarter of 2018 with no deals remain in forbearance as a result of the impact of the pandemic.
The update added: “Notwithstanding this positive momentum, it is clear that the economic effects of the pandemic continue to overshadow many of the sectors of the economy.
“Consequently, the board remains both vigilant and cautious as to the potential impact that further economic uncertainty or additional government restrictions could have on the group.”
In September Time Finance unveiled a 3% increased in annual profits before tax, exceptional items and share-based payments, to £3.1m on revenues down 17% at £24.2m.
Last month it announce plans to grow its invoice finance lending division after renewing a £50m funding facility with RBS Invoice Finance (RBSIF).
