Time Finance, the AIM-listed alternative finance specialist to UK SMEs, is pleased to announce its financial year end results to 31 May 2022, with 10,000 UK business owners supported with over £137million of funding throughout the year.
UK businesses and their financial intermediaries benefit from a broad portfolio of financial solutions, comprising: Asset Finance, Invoice Finance, Business Loans and Vehicle Finance, as well as a relationship-driven, flexible and common-sense approach to finance.
Demonstrating a strong and resilient performance for the year, Time Finance has reported a total revenue of £23.6 million. Throughout the year, the alternative finance provider invested in its people, bringing in well-known and highly experienced leaders to its senior management team, including Sharon Bryden as Director of Commercial Loans & ABL, Steve Nichols as Director of Asset Finance, Louise Ikonomides as Head of Business Improvements and Helen Wheeler as Head of Invoice Finance Operations. With a renewed strategy in place, its newly bolstered team aims to build on the excellent service levels and provide UK SMEs with the tools they need to thrive.
The continued expansion of its national business development team led to further growth in its own book lending, with deal origination at £64.4 million, up 36% on the previous year. Furthermore, its combined lending book stood at £137 million at the end of May - an increase of 18% on the previous year with growth continuing in the new financial year.
Alongside expanding its team and UK presence, Time Finance introduced new and innovative products to its existing offering such as ‘Fast Track’. As a solution designed to accelerate its soft asset finance offering to brokers and their SMEs clients, its success has made finance more accessible and contributed to a 28% growth in asset finance deal origination for the year. Time Finance also doubled its Secured Loan offering from £250,000 to £500,000 to aid larger investments to support SME growth.
Ed Rimmer, Chief Executive Officer at Time Finance commented: “We’re pleased to head into our new financial year with such positive momentum and our continued commitment to create confidence in the market and encourage economic growth. We have a clear objective to grow our lending book to £250m as part of a medium term plan, combined with maximising our multiproduct offering and focusing on our core proposition of Asset Finance, Invoice Finance and Business Loans.
“It’s the drive, enthusiasm and passion within our teams that allows us to look forward with optimism, despite the many economic challenges currently facing our clients and customers.”