Time Finance, the AIM-listed independent specialist finance provider to UK SMEs, has reported “resilient performance” in the financial year to 31 May 2021, the company said in a statement.
The business has remained profitable throughout the pandemic with its end-of-year performance recording a 3 per cent increase in profit before tax, exceptional items and share-based payments (PBTE), despite revenues dropping by 17 per cent.
The firm said that momentum in the first quarter of the current financial year is steadily increasing as UK businesses look to source longer-term sources of finance to support their recovery.
Ed Rimmer, CEO at Time Finance, said: “Market conditions remain challenging as the overhang of government funding initiatives is still apparent; however, it is likely that demand for finance will increase again through the course of our financial year as businesses navigate their own recovery and map out their financial strategies.
“Our response will be to deliver a diverse portfolio of funding solutions that are designed to support businesses with their growth plans.”
The company pointed to several initiatives to explain its positive financial year. Among them, the business rebranded in December last year simplifying the operating structure under a single nationally recognised brand offering an extensive portfolio of funding solutions.
Its commitment to supporting more businesses during the pandemic saw the firm win approval to offer the CBILS and RLS to businesses strengthening their portfolio even further. And more recently it launched an online vehicle funding proposition to support firms looking to invest in new vehicles.
Time Finance also made several appointments recently including strengthening its senior leadership team with Ed Rimmer as CEO, Tanya Raynes as a non-executive director and Sharon Bryden as director of commercial loans & ABL.