Time Finance, the Bath-headquartered alternative finance provider, clocked up its best-ever monthly revenues during July and August as it continues to see the benefits of its four-year strategic growth plan.
The group, which provides asset, loan and invoice finance products to more than 11,000 UK businesses, also chalked up record net tangible assets of more than £40m at the end of August.
The landmarks were announced by the group as it gave shareholders an update on its trading during the first quarter of its financial year.
It added that its balance sheet had continued to strengthen in line with its medium-term strategy in a strong start to the year, the third since it launched its four-year medium-term plan in June 2021.
This included focusing on own-book lending, which it said had helped it achieve the two months of record revenues. Earlier this year it said the strategy had also enabled it to expand its lending book to a record milestone of £190m-plus.
In addition, it said unaudited revenues during the first quarter of the new financial year were approximately 20% higher than the prior year equivalent, when they came it at £7.6m.
This provided “significant confidence as to delivery of full year performance in line with market expectations”, it said in the statement released to the London Stock Exchange.
The group said it would give fuller detail of its first-quarter performance when it releases its posts audited results for the year ended 31 May on 25 September.
Shareholders will be further updated at its AGM on 5 November.
Last month Time Finance announced it had boosted its offering to expanding small businesses by becoming an accredited lender for the government-backed Growth Guarantee Scheme.
